A leading Africa-focused fintech platform, PalmPay, has called for collaboration and innovation among banks and fintechs to drive financial inclusion at the last mile.
The call came from the Head of Partnerships, PalmPay, Chibuzor
Melah, who made this known during the Nigeria Fintech Forum held recently in
Lagos.
The event themed - Building the Next Frontiers for Nigeria’s
Fintech, brought together key stakeholders from both the public and private
sectors, including regulators to discuss the rapid advancements in Nigeria's
financial technology industry.
Speaking on a panel session themed: Rewriting the rules:
Building an open, innovative and collaborative bank of the future, Melah noted
that “PalmPay is a technology driven company that believes in collaborating and
innovating to deliver value to customers.”
“What has given us success in the past 5 years of operation is
our investment in data which gives us insights into customer behavior. This
enables us to create tailor-made solutions suitable for our customers. Our
insight-driven strategy has helped us reach out to the unbanked thereby
building trust in open banking,” he said.
“We have succeeded by collaborating with other players in the
financial sector. We believe that there’s still a lot more to do in building
trust, driving financial inclusion in the last mile,” he added.
The financial sector has undergone incredible changes.
According to the EFInA , access to Finance (A2F) Survey 2023 report, the formal
financial inclusion in Nigeria has grown significantly from 56% in 2020 to 64%
in 2023.
Melah said “This success can be attributed to collaborative
efforts between banks and fintechs but more collaboration can take place.
Interestingly, the challenges we face today have opened opportunities to
collaborate to gain new markets, and deliver new products to benefit the
economy,”.
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| [L-R] Venkatesh Ratham, Group CIO, Access Bank; Adewale Alami Chief Technology Officer, First Bank; Chibuzor Melah, Head Partnership, PalmPay Nigeria; Yinka Edu, Partner, Banking & Finance Team, UUBO; Olutoyin Ogunmola, Head, Data & Analytics, Stanbic IBTC; and Ifeoma Abidoye, Fintech Practitioner, Hazel & Hooreb Consultant; at the recently concluded Nigeria Fintech Forum in Lagos |
About PalmPay
PalmPay is a leading Africa-focused fintech platform committed
to driving economic empowerment in Africa. Through its secure, user-friendly,
and inclusive suite of financial services, PalmPay brings top-tier products
into the pockets of everyday Nigerians. With this, we can drive financial
inclusion.
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 over 30 million app users as part of its cashless payment
ecosystem.
For more information, visit our social media platforms or
website www.palmpay.com
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