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PalmPay to Lead “Future of Money, Security and CX” Discussions at AfriTECH 3.0

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PalmPay, a leading African-focused fintech company committed to driving financial inclusion through technology, will lead the discussions on future of money, Fintech app security/safety and customer experience (CX), at the third Africa Tech Alliance Forum (AfriTECH 3.0).

AfriTECH 3.0 is scheduled to hold this Wednesday, November 08 2023 at The Providence Hotel, Oba Akinjobi Street, GRA, Ikeja-Lagos, under the theme: “Technology-as-a-Service (TaaS) in Emerging Economy.

PalmPay, a leading Africa-focused fintech platform committed to driving economic empowerment in Africa has been on the forefront promoting customer safety in the Fintech sub-sector.

Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians.

PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents.

Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to 30 million users, and 1.1 million businesses including 600,000 merchants and 500,000 agents are part of its cashless payment ecosystem.

The company has disclosed USD$140m of funding. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.

Speaking ahead of the session on Future of Money, Security and CX session at AfriTECH 3.0, Chika Nwosu, Managing Director, PalmPay, said that in building solutions to bring more customers from the informal into the formal sector, players in the fintech ecosystem should work on building customers’ trust as this is a key factor because customers have a lot of panic due to past experiences of failed banks.

“At PalmPay, we are centred on balancing security and user experience. We employ a closed-loop risk management system that involves continuous monitoring, analysis, and response to security threats. It allows us to detect and prevent risks in real time, reducing the potential impact of security incidents”, he said.

Speaking on the sidelines of the AfriTECH 3.0, Adeloju added, “In PalmPay we are happy with the opportunity to educate our users on how to safeguard their wallets, educate them on fraud issues and proffer safety tips to apply to limit fraudulent incidents.

He reiterated PalmPay’s commitment to strict adherence to regulations by government agencies like the CBN and NDIC which gives PalmPay users the confidence to trust that their money is safe.

Hosted by TechCastle Foundation in collaboration with Techeconomy and partners, AfriTECH 3.0 is a unique engagement platform for global thought leaders, regulators, and other stakeholders to discuss and collaborate on contemporary strategies for accelerating technology ecosystem in the African continent and globally.

Speaking ahead of the Forum on Wednesday, Mr. Chike Onwuegbuchi, co-convener of AfriTECH, said that other key topics to be explored include TaaS-driven last mile solutions, leveraging big data and artificial intelligence, inclusive product innovation, Driving ‘TaaS’ Model through infrastructure deployment, leveraging subscription model to survive tough economic times, cloud computing, omnichannel communications for improved CX, Consumer protection, fraud and data privacy, etc”.

The past editions of AfriTECH were well attended by C-Suite executives, investors, innovators, senior government officials from within and outside the Continent. With over 1,500 participants and feedback on the events overwhelmingly positive, the 2023 edition is much anticipated.

AfriTECH 3.0 is sponsored by PalmPay, Zoho Nigeria, the Nigerian Communications Commission (NCC), Digital Encode Limited, Inq.Digital, Notion Technologies, and Comercio Limited.

Others are, Africa Data Centres (ADC), Open Access Data Centres (OADC), Reliance Infosystem, Digital Realty, ActivEdge Technologies, WTES, ESET and a host of others.

Techeconomy, Nigeria CommunicationsWeek, RaveNewsOnline.com, ITPulse.com.ng, ITNews Nigeria, Swift Reporters, TechBuild.Africa, TechTrends.Africa, BusinessMetricsng.com, BusinessRemarks, DigitalTimesng.com, ITRealms.com.ng, GrassRoots.ng, TechTv, TechLifeWithUgo, DigiVation Network; TechnologyMirror, TechandBiz News; APNews, CyberEra, have demonstrated their support towards AfriTECH 3.0 actualization as media partners.

AfriTECH 3.0 is also backed by leading industry associations such as the Nigeria Computer Society (NCS); Association of Licensed Telecoms Operators of Nigeria (ALTON); Association of Telecommunications Companies of Nigeria (ATCON); Information Technology Association of Nigeria (ITAN); InnovationBed Africa; Institute of Software Practitioners of Nigeria (ISPON), amongst others. 

Register: https://africatechallianceforum.africa/ to Attend AfriTECH 3.0 FREE.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Fraud: FCCPC Delists 47 Loan apps, 88 on Watchlist

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Federal Competition and Consumer Protection Commission (FCCPC) has delisted 47 unregistered loan apps, Google playstore as at May 2024, in a renewed crackdown on such platforms.

Fraud: FCCPC Delists 47 Loan apps, 88 on Watchlist

This is coming after it was discovered that despite the efforts of the agency, the proliferation of unregistered loan apps continues, with many operating through Android Package Kit (APK) files, circumventing official app store regulations.

According to a statement from the FCCPC, as of May 2024, the number of registered loan apps in Nigeria has risen to 284, comprising 232 companies with full approval and 11 others licensed by the Central Bank of Nigeria (CBN).

It also noted that it has placed 88 others on a watchlist amid a surge in the number of unregistered and potentially predatory loan apps, which have been causing considerable distress among Nigerians.

Despite these advancements, the ongoing challenges posed by unregistered apps continue to impact Nigerian borrowers adversely.

Dr. Adams Abdullahi, chief executive officer, FCCPC, said infractions have been on the rise as more Nigerians are now taking loans from the various loan apps.

Despite these advancements, the ongoing challenges posed by unregistered apps continue to impact Nigerian borrowers adversely.

Abdullahi said the commission would now involve law enforcement agents in tackling the menace in addition to regulatory prohibition and consequences.

He noted that this is in line with the FCCPC’s Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, established in 2022,  which is aimed at promoting ethical lending practices and protect consumer rights.

The situation, according to financial analysts, underscores the need for stronger regulatory frameworks and consumer protection measures in Nigeria’s digital finance sector.

According to them, the gloomy state of the Nigerian economy has led to the rise of loans taken by its citizens.

 

 


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Enterprise Life Insurance Boss Seeks Adoption of Digital Systems to Accelerate Insurance Penetration

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Funmi Omo, Managing Director and Chief Executive Officer, Enterprise Life Insurance has advised insurance operators to embrace digital adoption across the insurance industry to enhance financial inclusion and education for Nigerians.

In a recent virtual question and answer session with the theme, “Digital Transformation in Africa Insurance,” Omo highlighted the critical role of digital technologies in reshaping the insurance landscape.

Omo noted that digital platforms, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), data analytics, and blockchain technology were disrupting traditional insurance models.

Addressing the specific needs of the African market, she underscored the importance of developing user-friendly insurance apps optimised for low-bandwidth connections and offline capabilities, offering flexible payment options, and providing 24/7 customer support.

She emphasised the role of innovative products like AdvantageConnect, the company’s digital insurance platform leveraging geolocation technology to enhance customer interactions and efficiency.

“Prospective and existing customers can now connect with any of our LifePlanners closest to them, to access a range of services, and receive a tailored policy in less than five minutes,” Omo explained.

Omo also acknowledged the challenges traditional insurers face during digital transformation, such as integrating legacy systems, overcoming cultural resistance, securing the right talent, navigating regulatory hurdles, and ensuring data privacy and security, adding that modernising legacy systems is complex and costly, but it is essential for a more efficient and responsive service.


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Bayelsa Partners BOI on Economic Development

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Bayelsa State Government and the Bank of Industry have announced their partnership to drive sustainable industrial and economic development in the state.

Governor Douye Diri gave the assurance on Tuesday when he received a four-man team from the South-South and South-East divisions of the Bank of Industry in Government House, Yenagoa.

Diri who was represented by his deputy, Lawrence Ewhrudjakpo, said his administration would do everything within its power for the immediate and smooth take-off of the bank’s operations in the state.

He disclosed the state government had already provided a temporary operational office for the bank to immediately commence its operations in the state.

The governor said Bayelsa was in a hurry to catch up with other states in terms of industrial development and maintained that his administration would harness opportunities created by the bank to promote the growth of local industries in the state.

He called on the bank to disclose the list of Bayelsans who had already applied for loans and other facilities but could not meet the bank’s requirements for the state government consideration and necessary action.

His words: “Clearly, before now Bayelsa had not taken advantage of the opportunities created for us as a state by the Bank of Industry. However, this time we are ready to seize the opportunity you are going to create to drive the growth of our local industries.

“We want to establish a relationship with the BOI that would be fruitful and run very fast. We, as a government, have an emergency in our hands; while you have urgency in your hands.

“The state government had already provided three places for you to choose one and start to use it as a take-off operational office for the BOI in Bayelsa. The Deputy Chief of Staff to the Governor will take you there immediately after this meeting.

“We are ready for your operations even this month because the role of your bank is even more important than that of the mainstream commercial banks to the growth of local industries.”

Earlier in his presentation, the Divisional Head of the Bank of Industry, South-South and South-East, Kings Jack, pointed out that Bayelsa was the only state in the entire South-South in which the BOI was not fully operational.

Jack said the BOI team was in Bayelsa to seek collaboration with the state government on how to commence the bank’s services to stimulate industrial development of the oil-rich state.

He further disclosed that many corporate organisations and individuals from Bayelsa could not access the over one billion Nair BOI loan facility on account of the inability to procure certificates of occupancy and other requirements.

Jack expressed the readiness of the bank to advise the government on the right policies to stimulate the industrial and economic development of the state.

The visiting BOI team also had its Group Head, Strategic Communications, Seun Olagunju; the Regional Manager, South-South, Irabor Pacqueens, and the State Manager, Ojiegbe Uchechukeu.


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