PalmPay Nigeria’s Managing Director, Mr. Chika Nwosu, recently addressed concerns about regulations in the fintech space.
He emphasized that regulatory interventions are designed to strengthen the industry and build trust among users.
“Initially, there was an issue of trust,” Mr. Nwosu acknowledged, referring to the early days of PalmPay’s operations.
However, he credits the recent cashless policy implementation with fostering a more trusting environment in the financial services sector.
Mr. Nwosu expressed PalmPay’s full support for regulatory efforts. He believes these measures ultimately improve the user experience by ensuring strong players like PalmPay operate effectively.
While acknowledging the general business challenges in Nigeria, he highlighted the positive user reception of PalmPay’s platform. “Doing business in Nigeria for us is not easy,” he admitted, “but Nigerians are embracing our app and digital payment.”
This user adoption serves as a source of encouragement for the company.
He pointed out that the company invests heavily in infrastructure and business strategies to ensure smooth transactions on their app. “We have a structure that makes transactions seamless,” he stated.
Why this matters?
Regarding the recent onboarding policy changes by regulators, Mr. Nwosu emphasized ongoing collaboration between PalmPay and regulators. He assured customers that no onboarding is currently happening across the fintech ecosystem as compliance requirements are being addressed.
He also clarified concerns about the lack of physical branches for customer service. He explained that while walk-in offices for complaints exist in specific locations, PalmPay offers support across 25 states in Nigeria. He encouraged users to access the link provided for a comprehensive list of walk-in locations.
Bottom Line
Security and trust remain paramount for PalmPay. Mr Nwosu reiterated that the app clearly displays its Central Bank of Nigeria (CBN) license and Nigeria Deposits Insurance Corporation (NDIC) deposit insurance coverage. He concluded by assuring users that “PalmPay is here to stay.”
