Digital banking platform PalmPay has reaffirmed its commitment to supporting the financial inclusion initiative of the federal government to ensure that banking services are extended to every Nigerian in the country’s hinterland.

Mr. Chika Nwosu, the Managing Director of PalmPay Nigeria, stated this when he appeared as a guest on the Channels TV Business Roundtable programme recently. He said, PalmPay supports the government’s financial inclusion initiatives through its Agency banking system that is located in almost all the local government areas of the country.

“In addition, PalmPay has walk-in offices in locations across 25 states in Nigeria. We also add value to the economy through our payment system as well as our offer to Nigerians of 20% interest on their savings with our platform,” Mr. Nwosu said.

On building trust in Nigeria’s digital banking ecosystem, he added: “Initially when we started, there was an issue of trust. However, I can tell you now that in the last one year after the cashless policy, has seen the trust start to grow.

“There is no day you won’t see on our app boldly written that we are licensed by the Central Bank of Nigeria (CBN) and our deposits are insured by the Nigeria Deposits Insurance Corporation (NDIC). PalmPay is here to stay,” Mr. Nwosu said, adding that Nigerians are massively embracing the PalmPay App and digital payment services.

He reiterated his company’s support to regulators of the industry aimed at making their operations better and to offer more services to Nigerians. “Whatever that is happening with regulation is for the good of the FinTech space in Nigeria. All the regulators want to do is make the services of strong players in the FinTech space, such as PalmPay, better”.

On the recent onboarding policy by the regulator, he stated that PalmPay agreed with the regulators on some grey areas that need to be put in place.

He reassured customers that there was no issue with using PalmPay, and emphasized, “If PalmPay completes their own today, we will start onboarding today”.

He noted that: “As of the time of this interview, no fintech platform has completed any of the requirements set out by the regulators. So, no onboarding is currently taking place in the entire ecosystem”.

Responding to the question of failed transactions, an issue that is more prevalent with money deposit banks than with digital banking platforms, Mr. Nwosu said: “Every institution has its business strategy and infrastructure. For us and the majority of Fintechs, we have a structure that makes transactions seamless”.

Securities and Exchange Commission (SEC) and Economic and Financial Crimes Commission (EFCC) have announced collaboration to minimise trade manipulations in the virtual sphere.

Emomotimi Agama, acting director-general, SEC,  said that his the organisation was ready to collaborate with the EFCC to accomplish the national goal of ensuring that criminal activity is prevented from flourishing.

Agama stated this when he received a team from the EFCC led by Ola Olukoyede, executive chairman, in Abuja.

“We believe this form of cooperation is in the best interest of Nigerians. Only last week, we met the fintech community, and we made it clear to them that the SEC will not condone illegal trading on any platform, especially P2P. It’s a dangerous trend, and we cannot allow it to continue. This collaboration is very necessary for us to get out of this forex crisis.

According to Agama, the commission is preparing an economic regulatory centre to upload requests and have other sister agencies respond immediately, adding that the commission was implementing the Revised Capital Market Master Plan, intended to boost the economy and draw in FDIs.

“The opportunities in the capital market are enormous, and we are yet to tap the full potential for economic growth. The economy has a lot of issues, and the capital market is one of the avenues that can lead to economic emancipation. The President has said he wants to re-engage the youth, and that is why we are making efforts to ensure that our markets have the right products that can attract them,” he asserted.

According to the EFCC chairman, it is necessary to investigate the role virtual traders are playing in undermining the Nigerian economy.

He noted that the commission was prepared to use its authority to boost the economy and characterised the SEC as crucial to regulatory compliance.

“We are enforcers and not regulators, and that is why we need the SEC to ensure people play by the rules. We have done a lot to discourage people from forex malpractices,” he remarked.

Olukoyede emphasised that other agencies must cooperate with the EFCC in its fight against corruption, saying that it was a team effort.

World Bank has blacklisted 58 Nigerian companies and individuals for engaging in corrupt practices, a move which comes as part of the institution’s ongoing efforts to uphold integrity and transparency in its projects and operations.

Among those affected are 39 Nigerian companies previously debarred by the African Development Bank (AfDB), along with 19 individuals identified by the World Bank under the cross-debarment policy.

The total number of debarments now stands at 58, rendering the implicated entities ineligible to participate in projects and operations financed by institutions of the World Bank Group.

The list which the World Bank updates every three hours, contains a total of 1,210 companies and individuals globally at the time of this report.

A debarment renders firms/individuals ineligible to participate in projects and operations financed by institutions of the World Bank Group.

According to the World Bank report, the sanctions were imposed following an administrative process conducted by the Bank, which allowed the accused firms and individuals to respond to the allegations. This process adhered to the Bank’s procedures for sanctions proceedings and settlements in bank-financed projects.

“Through July 2007, this process was conducted in accordance with the Sanctions Committee Procedures adopted on August 2, 2001. The process is currently conducted in accordance with Bank Procedure: Sanctions Proceedings and Settlements in Bank Financed Projects. For more information on the two-tier sanctions process go to Sanctions,” it stated in the report.

Cross-debarment, as per the Agreement for Mutual Enforcement of Debarment Decisions, was enforced in accordance with the agreement dated 9 April 2010.

This agreement has been made effective by several international financial institutions, including the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.

Cross-debarment in accordance with the Agreement for Mutual Enforcement of Debarment Decisions dated 9 April 2010, which, as of July 1, 2011, has been made effective by the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.”

In addition to debarment, the Bank reserves the right to apply other actions to firms and individuals found in violation of its policies, which may not necessarily result in debarment.

The prohibited conduct leading to debarment is defined in the applicable Procurement or Consultant Guidelines, as well as in the World Bank Procurement Regulations for Investment Project Financing Borrowers. The specific guidelines may vary depending on the nature of the project in question.

The World Bank’s actions underscore its commitment to combating corruption and promoting accountability in development projects, ensuring that funds are used effectively for the benefit of the people.