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PalmPay Releases 5 Financial Safety Tips to Master Before the Holiday Season

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As the holiday draws near, fraudsters are on the prowl for whom to defraud using dubious shopping websites and posing on social media platforms as customer support agents of legitimate businesses to steal your identity.

While activities of online fraudsters are more sophisticated and are posed to spike during the holiday season, according to reports, other types of frauds that fraudsters are likely to use in defrauding you include digital loan scams, one-time password (OTP) scams, giveaway campaign scams, and free gift or voucher scams.

Aside from the security measures put in place by businesses such as banks, fintechs and online shopping stores, you owe it to yourself to take some safety precautions when conducting financial transactions during this holiday season.

In an interview in Lagos recently, Kevin Olumese, Senior Marketing Manager, PalmPay, rolled out financial safety tips everyone should master before the holiday season beckons.

Mr Olumese noted that as the holiday draws near, fraudsters would be on the prowl seeking whom to defraud using dubious shopping websites and posing on social media platforms as customer support agents of legitimate businesses to steal your identity.

“Aside from security measures put in place by businesses such as banks, fintechs and online shopping stores, you owe it to yourself to take some safety precautions when conducting financial transactions during this holiday season,” Mr Olumese cautioned.

He listed some easy safety tips to save yourself from fraudsters this holiday including but not limited to the following:

Shop from secure retail outlets

Shoppers this holiday season will see an increase in dubious shopping websites, with some of them offering ridiculous discounts to attract unsuspecting shoppers to input their debit card details which would be stolen by fraudsters.

Do not shop on an online retail store that you don’t trust or haven’t used before, it doesn’t matter whether they are offering the best discount. Moreso, if the discounts they are offering look too good to be true, it’s probably because it is not true.

Shop using verified online websites or payment apps that are secure and seamless. Payment apps like PalmPay have been integrated with different business outlets, allowing you to pay your bills and utilities securely and with ease.

Use only trusted POS machines

Whether you want to withdraw cash to spend this holiday season or make payments using a point of sale (POS), it is good that you thread carefully and only patronise POS agents that have terminals of fintech brands that you can trust.

Stay vigilant and watch out for possible irregularities while patronizing POS agents. To ensure that the details of your card are not stolen, hide them and do not input your personal identification number (PIN) in the presence of other people.

Using POS terminals of trusted fintech companies cannot be emphasised enough. For ease of transaction, use POS terminals that offer a good network, a reliable system with less than one percent failure rate, an option to know banks’ network updates in real-time, and 24/7 quick customer dispute resolution.

Be wary of unsolicited calls, emails and texts

Expect to receive several unsolicited phone calls, emails and text messages from scammers claiming to be from businesses that you know. Some of these calls, emails and texts would claim that you’ve won a discount or holiday giveaway from a trusted business and would ask you to pay some money to enjoy the discount or giveaway.

Do not fall for this trick. Legitimate businesses will not ask you to pay money to enjoy a giveaway promotion or require that you send sensitive bank details to be granted access to a discount. Beware! No staff or agents of PalmPay will call or text you to ask for money or sensitive information in exchange for a coupon or a discount.

Research discounts, giveaways

This brings us to the next and one of the most important safety tips to always apply during this holiday season and after. Always do your research on purported discounts and giveaway challenges supposedly coming from trusted brands.

During the holiday, whenever you come across an ongoing giveaway promotion, go to the official social media accounts and websites of the brand to verify. Any discount or giveaway challenge that is not communicated to the public through the official social media channels of a legitimate business should be viewed cautiously.

Every discount and giveaway by PalmPay is usually posted on the company’s social media pages. Follow the right handles on Instagram, Facebook, X (formerly Twitter), TikTok and LinkedIn, and always look out for the verified check marks.

Avoid fraudulent fintech apps

Do not give out your personal information and bank details to fintech platforms that you do not trust. It is important that we repeat this safety warning. Do not download fintech apps that are not regulated by the government.

Loan or fintech apps that are not regulated by the Central Bank of Nigeria (CBN) and whose deposits are not insured by the Nigeria Deposit Insurance Corporation (NDIC) should be avoided completely. Before downloading any fintech or loan app, conduct your research to ensure that they boldly carry the CBN and NDIC badges.

Aside from being regulated by the CBN and insured by NDIC, at PalmPay we go the extra mile to ensure that our over 30 million users and the more than 1.1 million businesses that are part of our payment ecosystem are safe from fraudsters. Follow our social media handles to stay up-to-date on safety guidelines.

 


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E-Financial

Unity Bank Customers Win Over N4 Million in Cashtoken Rewards Promo

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Unity Bank customers have claimed over N4 million in cash rewards in its ongoing loyalty programme recently rolled out with Cashtoken, a Cash Reward-as-a-Service company.

The winners included no fewer than 40 customers who adopted and transacted on the Bank’s digital banking platforms, including the UniFi mobile banking application, the *7799# USSD platform or activated their Unity Bank Verve Card to transact on e-payment terminals across Nigeria.

Beginning from onboarding in our customer lifecycle journey, the Unity Bank Cashtoken Partnership commenced as a loyalty and reward scheme to reinforce the benefits of e-banking platforms.

To begin, Customer transactions earn cash tokens, which are then redeemed to qualify for the monthly Cashtoken Rewards draw. Consequently, winners emerge from the draws to claim the cash prizes.

Recall that the retail lender announced the ongoing Cashtoken Rewards loyalty programme in December 2023 in partnership with Cashtoken Rewards Africa to empower customers and improve customer satisfaction.

The partnership with Cashtoken Rewards also provided an opportunity for the Bank to migrate customers—old and new—to a platform that will continually create exciting rewards and appreciation for loyalty.

Eghomware Iyamu, Unity Bank’s Head of E-Business, commenting on the success of the Cashtoken Rewards loyalty program, stated: “We are excited to see our customers win over N4 million in cash rewards through our partnership with Cashtoken.

“This initiative demonstrates our commitment to recognizing and rewarding the loyalty of our customers”.

“By leveraging our digital banking platforms, including the Unifi mobile banking application and the *7799# USSD platform, we are not only enhancing customer experience but also providing life-changing opportunities.

“The Cashtoken Rewards program is a testament to our dedication to improving customer satisfaction and creating meaningful rewards along our customer lifecycle journey.

“We look forward to seeing more of our customers benefit from this exciting program as we continue to innovate and deliver exceptional value to them.”

Unity Bank has robust electronic banking products which include mobile and digital banking channels, including ATM, PoS, or any digital payment channels which support retail product transactions across the country. New-to-Bank customers are invited to open a Unity Bank account, onboard onto the digital platforms and begin transacting on the various platforms to earn cash token rewards and cash prizes while existing customers are encouraged to onboard and transact to win even more rewards and cash prizes.


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FXTM Academy Concludes Successful Event in PHC, Hosts Next Event in Lagos

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FXTM, a global online trading company is hosting an exclusive training for traders where participants can discover the strategies used by the world’s top traders to gain mastery of the market.

L-R: Oluwafumbi Ogedengbe, Specialist Client Education, FXTM Nigeria; Adaeze Uzochukwu, Education Coordinator, FXTM Nigeria; Mathew Anthony, Manager, Market Analysis, FXTM Nigeria; Destiny Ikeakanam, Education Coordinator, FXTM Nigeria and Pius Ogbu, Specialist, Client Education, FXTM Nigeria.

FXTM Academy is dedicated to helping traders and trainees achieve exceptional results in the global markets.

According to Mathew Anthony, Educator at FXTM Academy “We are a global online trading platform that offers stocks, commodities, and other financial instruments, providing traders with access to various markets, competitive pricing, and advanced trading tools.

“Our goal is to empower traders to Learn, Trade and Earn from the global markets.”

This Academy will provide free tutorials through webinars, workshops, video presentations, online courses, market analysis, insights, professional mentorship, and support.

“By offering education and training, FXTM Academy aims to help traders improve their trading skills, make informed trade decisions, and achieve their financial goals.”

Abiola Akinyele, Executive Director of FXTM Nigeria said the registration of the training has opened on the FXTM website and event will take place on the 17th of August.

He said it will be quite exciting and will provide great opportunities for participants to grow the skills to unprecedented heights and to join the ranks of the elite.


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Nova Bank Will Make Great Impact – Oduoza

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Phillips Oduoza, chairman of Nova Bank Plc, has said that the new commercial bank is poised to create jobs and make a great impact.

Nova Bank Will Make Great Impact – Oduoza

Oduoza who spoke at the launching of Nova Bank’s first branch as a national commercial bank in Lagos, said that the bank’s foray into commercial banking and upgrade to National Banking Licence were part of a long-term goal to make an impact.

He said, “We are not here just to maximise profit, but we are here as Nova to have the greatest impact in the society. And this is one of the reasons why we decided to extend to commercial banking business.

“We have been very, very successful, as testified by our customers in the wholesale banking space. And we felt it is just necessary to extend the service to the retail end of the market, which is where you will have the largest population of banking customers.

“Therefore, we want to transfer that success story to the retail end of the market. We want to impact the Nigerian economy as a whole. We want to assist in job creation, stability of the country, which Mr President has been working on. So, by going commercial, it gives us a platform for more job creation in the country.”

Governor Babajide Sanwo-Olu, who performed the ribbon cutting for the inauguration of the first branch, commended the board and management of Nova Bank for taking the decision to invest more into commercial banking not minding the various challenges and uncertainties in the economy.

He said, “We need to encourage them; we need to stay in touch with them because they have a choice.

“They could as well have remained as a nimble wholesale bank or as a merchant bank as a matter. But they felt they need to take it further, and this means they need to dip their hands into their pockets and bring additional resources that would make it possible for them to be able to compete on a larger scale.”

 

 


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