Infostride News, a prominent fintech company dedicated to enhancing financial inclusion in Nigeria through technological advancements, has issued a call for an enhancement in the security and safety measures of fintech applications to counteract the surge in fraud cases within Nigeria’s financial services sector.
The plea for improved security measures was made during the third Africa Tech Alliance Forum (AfriTECH) on November 8 in Lagos by Temitayo Oduwole, the Head of IT and Payments at PalmPay. In the forum’s discussion on ‘The Future of Money, Security/Safety, and Customer Experience,’ Oduwole underscored the crucial importance of giving top priority to app security and safety within the fintech ecosystem.
Highlighting the features embedded in the PalmPay app, which boasts over 30 million users, Oduwole emphasized the platform’s commitment to providing a secure and trusted environment for transactions. Over the four years of PalmPay’s existence, user growth has been substantial, attributed to the app’s user-friendly interface and the harmonious integration of security, safety, and customer experience.

“We’ve integrated several security and safety features on the PalmPay app to protect our users from fraud, such as binding their phone to the app, an auto-logout and biometrics features to confirm our users’ identity,” stated Oduwole. Additionally, an inbuilt safety feature utilizes Artificial Intelligence (AI) to analyze users’ transaction patterns, addressing issues such as fake accounts, fraud, and cyberattacks to ensure comprehensive account protection.
PalmPay implements a closed-loop risk management system, which involves continuous monitoring, analysis, and rapid response to security threats. This system enables the detection and prevention of risks in real-time, ultimately minimizing the potential impact of security incidents. The company also conducts a Wallet Safety Workshop to educate users on safeguarding their wallets, providing valuable safety tips to mitigate the occurrence of financial fraud.
A notable moment during the AfriTECH forum was the presentation of the 2023 Africa Tech Alliance Excellence (ATAEX) Awards for ‘Fastest Growing Fintech of the Year’ to PalmPay. The award recognized the fintech company’s excellence and innovation in utilizing IT in financial services.
The event saw the participation of key industry regulators and stakeholders, including the Nigerian Communications Commission (NCC), the Nigeria Computer Society (NCS), Association of Licensed Telecoms Operators of Nigeria (ALTON), the Association of Telecommunications Companies of Nigeria (ATCON), Information Technology Association of Nigeria (ITAN), InnovationBed Africa, and the Institute of Software Practitioners of Nigeria (ISPON), among others.
PalmPay, as a leading Africa-focused fintech platform, is steadfast in its commitment to drive economic empowerment across the continent. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay delivers top-tier products to the fingertips of ordinary Nigerians.
The array of financial services provided by PalmPay includes money transfers, bill payments, credit services, and savings, accessible through its app and mobile money agents. Since its launch in Nigeria in 2019 under a Mobile Money Operator license, PalmPay has experienced remarkable growth, accumulating 30 million users. Within its cashless payment ecosystem, the platform boasts 1.1 million businesses, including 600,000 merchants and 500,000 agents.
Having secured USD 140 million in funding, PalmPay’s app is available on both Google Play Store and the iOS App Store in Nigeria and Ghana, with plans to expand into additional markets in 2023.
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