The occasion was the launch of the Youth Data Protection Awareness and Training (YDPAT) program, a bold, transformative initiative spearheaded by PalmPay in partnership with the Federal Ministry of Youth Development.

For PalmPay, this wasn’t just another tech partnership. It was a mission: to equip over one million Nigerian youths in three years with the tools and knowledge to thrive, and stay safe, in the digital age.

Standing before a crowd of passionate young Nigerians and digital innovators, the Minister of Youth Development, Comrade Ayodele Olawande, declared the initiative a “bold step” toward building a privacy-first, digitally literate generation.

He didn’t hold back, pointing to the sobering reality that despite over 500,000 data controllers operating in Nigeria, awareness of the Nigerian Data Protection Act (NDPA) 2023 remains alarmingly low, and certified Data Protection Officers (DPOs) are far too scarce.

PalmPay’s Managing Director, Mr. Chika Nwosu, echoed these concerns. For him, protecting data isn’t optional, it’s fundamental.

“We don’t just innovate,” he said, “we embed privacy into every stage of our product development.”

His message was clear: as digital access expands, so must digital responsibility.

But PalmPay’s vision goes beyond just training. YDPAT is also about empowerment. Top-performing participants will gain access to mentorship and internship placements, opening doors to careers in cybersecurity, data governance, and beyond.

This follows PalmPay’s consistent track record of community-focused initiatives, from the Purple Woman Campaign to Passing the Baton CSR, which have impacted thousands of young women and underserved communities.

Already, the YDPAT train is rolling through Northern Nigeria, with more state-by-state activations in the pipeline. For PalmPay, every classroom reached, every young mind enlightened, is a step closer to a nation of informed, digitally-savvy citizens.

In a world where data is power, PalmPay and the Federal Ministry of Youth Development are making sure Nigerian youths are not just connected, but protected.

It’s not a policy wrapped in confusing paperwork or unreachable terms. It’s simple. It’s affordable. It’s right in her pocket.

That’s the future PalmPay is building, and it’s happening now.

The digital banking giant, already a household name in Nigeria’s fintech landscape, has taken a bold new step by partnering with top-tier insurance providers to offer seamless insurance coverage directly within its app.

From health and life insurance to device protection, this rollout marks a significant leap toward democratizing financial security for millions.

A New Chapter in Financial Inclusion

Nigeria, Africa’s largest economy, still grapples with a stark reality, less than 9% of its population is covered by health insurance. For years, barriers like low awareness, affordability, and mistrust have made insurance seem like a luxury for the few.

PalmPay wants to change that narrative.

“Insurance is often seen as complicated or out of reach, especially by underserved communities,” said Habib Kowontan, Head of Wealth Product at PalmPay. “We’re changing that by making insurance as easy to buy and manage as airtime or electricity on the app. This is inclusion in action.”

Technology Meets Humanity

With over 35 million users, PalmPay is more than just a platform—it’s part of everyday life for Nigerians from cities to rural towns.

Its latest insurance feature is designed to strip away the complexity of traditional insurance. Through intuitive design and clear options, users can now protect their health, lives, and phones with just a few taps; no agents, no jargon, no hidden fees.

The feature complements PalmPay’s growing ecosystem that already includes money transfers, bill payments, savings, and debit cards, making it one of the most holistic digital financial services platforms on the continent.

A Mission Rooted in Empowerment

“This isn’t just a feature, it’s a movement,” said Chika Nwosu, managing director of PalmPay. “We’re building a digital platform that empowers people not just to spend and save, but to live with greater peace of mind. With insurance now part of that journey, we’re redefining what financial access truly means.”

It’s a vision that’s as ambitious as it is human: to put protection in the hands of everyday Nigerians, no matter where they live or what they earn.

The Road Ahead

For PalmPay, this is just the beginning. The integration of insurance marks a key milestone in its journey to become a trusted financial partner, not just a payments app, but a tool for life, growth, and resilience.

As the country moves towards a more inclusive digital economy, PalmPay is ensuring that no one is left behind, not the roadside vendor, not the student, not the farmer. Because everyone deserves a safety net. And now, thanks to PalmPay, they can carry it in their hands.

The grand launch event, held at the newly inaugurated office, featured a guided tour of the facility along with goodwill messages from partners and customers.

Located in Opebi, Ikeja, the new PalmPay office will provide a dedicated space for real-time customer assistance.

The center will serve as a hub for seamless issue resolution, product education, and swift customer service.

Customers can already access PalmPay’s customer service through multiple support channels including live chat within the app, phone calls, social media and email.

With the introduction of the experience center, PalmPay is taking customer service a step further by offering users a physical touchpoint where they can receive personalized support.

This milestone marks a significant step in PalmPay’s expansion strategy in Nigeria, with plans to launch additional customer experience centers in key states across the country, bringing PalmPay even closer to its users nationwide.

“At PalmPay, our customers are at the core of everything we do,” said Chika Nwosu, managing director at PalmPay. “The launch of our experience center reflects our commitment to deliver more support, more convenience, and more innovation to our customers. This office will ensure that every user has access to personalised support and a deeper understanding of our platform’s offerings.”

PalmPay was recently ranked among the top three fintech brands in customer experience, earning a score of 81.6 in KPMG’s 2024 West Africa Banking Industry Customer Experience Survey. This recognition further reinforces PalmPay’s position as a leader in the fintech industry.

PalmPay remains committed to fostering financial inclusion by ensuring its users enjoy secure, fast, and convenient financial services.

The launch of the office is a step towards strengthening customer relationships and driving digital adoption across Nigeria.

This integration with Zone’s regulated blockchain network for payment enables PalmPay to fortify its payment capabilities, ensuring reliable, secure, and compliant transactions across its extensive network of 1,200,000 agents and merchants.

By joining Zone’s regulated blockchain network, PalmPay is positioned to redefine the payment experience for its over 35 million users, delivering superior capabilities that set a new standard for point of sale payments and a new benchmark for the payment industry as a whole.

The partnership empowers PalmPay to streamline its operations, eliminate points of failure and provide its customers with the assurance of fast and frictionless payments.

Obi Emetarom, co-founder and CEO of Zone, remarked on the partnership:

“We are thrilled to welcome PalmPay to our payment network. Their hugely successful approach of becoming a market leader by delivering superior payment experiences aligns nicely with Zone’s focus on providing a reliable, and frictionless yet secure and compliant payment network. With our infrastructure, PalmPay is set to boost its value proposition to its customers and expand its lead in the market.”

With over 35 million users, PalmPay is committed to consistently enhancing the quality of its payment services.

By integrating with Zone’s regulated blockchain network, PalmPay automatically gains key advantages that set it apart in the industry.

These advantages include:

1. Direct Transaction Routing: Zone’s network eliminates the need for intermediaries, eliminating unnecessary points of failure and allowing for more reliable and secure transaction processing.

This ensures that PalmPay’s users experience uninterrupted transactions along with a seamless payment journey that meets the demands of a rapidly growing customer base.

2. End-to-End Transparency: Zone’s infrastructure offers full transaction visibility, supporting automatic reconciliation that effectively eliminates chargebacks and protects against chargeback fraud.

For PalmPay, this means a more secure and trustworthy system for its users, who can transact with greater confidence knowing that their payments are protected from potential disputes and fraud.

3. Same-Day Settlement: With Zone’s same-day settlement capabilities, PalmPay can deliver quicker value from successful transactions directly to its customers.

This expedited settlement process unlocks liquidity, as customers benefit from faster access to their funds, solidifying PalmPay’s reputation for efficiency and reliability.

In addition, PalmPay will remain fully compliant with regulatory guidelines for POS transaction processing. This compliance is enabled by the recent partnership between Zone and NIBSS to perform PTSA functions using blockchain technology and reinforced by CBN’s endorsement of the new arrangement —

With this foundation, PalmPay strengthens its commitment to reliable and frictionless payments while remaining fully compliant with all relevant regulations.

This move is a natural progression in PalmPay’s journey as it continues to solidify its leadership and prepare for an ambitious phase of growth.

By integrating with Zone’s network, PalmPay gains a powerful competitive edge, positioning itself at the forefront of the industry and setting the stage for the next wave of expansion.

Forward-thinking decisions like these have fueled PalmPay’s remarkable rise, and integrating with Zone further strengthens its commitment to staying ahead; leading the way in reliable, and compliant payments for millions across Africa.

“Our partnership with Zone marks an exciting step in our mission to deliver exceptional financial solutions. By leveraging Zone’s blockchain-powered infrastructure, we’re reinforcing the reliability and speed of our transactions success rate of 99.5%, allowing us to better serve our customers and set a new standard in digital finance.”

Running from December 11th to 28th, 2024, this holiday campaign is set to reward shoppers who use the new “Pay with PalmPay” feature on Jumia with cash prizes.

Every purchase made using the direct payment method automatically enters participants into a draw, giving them a chance to win exciting cash rewards while enjoying the seamless shopping and payment process.

A Strategic Partnership to Enhance Digital Payments

The integration of the “Pay with PalmPay Wallet” feature on Jumia marks a major milestone in the partnership between the two industry leaders.

Speaking at the media announcement, Mr. Chika Nwosu, managing director of PalmPay, highlighted the broader mission driving this collaboration:

“We are thrilled to join forces with Jumia to redefine convenience for shoppers. At PalmPay, our mission has always been to drive economic empowerment through accessible and user-friendly financial services. This partnership is a natural step forward in achieving that goal.”

Beyond the holidays, this partnership with Jumia is a signal of bigger things to come.

Mr. Chika added: “This is more than just about payments—it’s about creating value for our customers. We are excited about the opportunities this partnership will unlock in 2025, including campaigns and innovative initiatives that will further transform the online shopping landscape.”

Sunil Natraj, CEO of Jumia Nigeria, highlighted the shared vision between both companies, stating: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience. This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”

How to Join the Holiday Fun

Participating in the campaign is simple. When shopping on Jumia, select the “Pay with PalmPay” option at checkout, and your entry into the draw is automatic. It’s that easy!

Bonus Entry: Share a screenshot of your purchase on X (formerly Twitter) using the hashtag #PalmPayXJumia to increase your chances of winning.

Additional winners will be selected from participants engaging with the campaign on Twitter.

Whether you are shopping for gifts, or gadgets this festive season, PalmPay and Jumia are making sure your experience is not only seamless but also rewarding.

To learn more about the campaign, stay tuned to the official  X accounts (formerly Twitter) of @palmpay_ng and @JumiaNigeria for updates, announcements, and more chances to win.

In Q2 2024 alone, over 11,500 fraud cases were reported, involving ₦56.3 billion, marking a 1,784.94% increase in the total amount involved compared to Q1, according to the Financial Institutions Training Centre (FITC).

Total losses increased to ₦42.6 billion, an 8,993.04% increase from the preceding quarter.

Mobile, web, and POS-related fraud remain the most prevalent types, with cybercriminal activities involving external actors increasing by 5.20% and staff involvement in fraud cases rising sharply by 23.40% from Q1 to Q2 2024. 

But PalmPay is not sitting back on this. The fintech platform is rising to raise awareness of the urgent need for collective action to fight fraud and secure Nigeria’s financial systems.

PalmPay’s Initiative Against Fraud

In commemoration of the 2024 International Fraud Awareness Week, PalmPay, a leading digital financial platform in Nigeria, organised a community walk on 22 November in Lagos.

Themed “United Against Fraud: Building a Safer Future”, the initiative aimed to educate the public on fraud prevention and digital security.

Addressing participants, PalmPay’s managing director, Chika Nwosu, noted the importance of tackling fraud collaboratively:

“Fraud is more than just a crime—it is a systemic threat that undermines trust, compromises security, and disrupts progress. Its effects are far-reaching, impacting personal livelihoods and the integrity of businesses.”

He further highlighted the growing sophistication of fraudsters, leveraging vulnerabilities in digital payment platforms:

“Recent statistics from the Financial Institutions Training Centre (FITC) reveal that over 11,500 fraud cases were reported in Q2 2024—a stark reminder of the growing sophistication and persistence of these threats. These figures are more than numbers; they represent real people whose trust has been broken and whose finances have been compromised.”

Educating the Public on Fraud Prevention

During the event, PalmPay reiterated the lessons for fraud prevention, including safeguarding personal information, verifying suspicious emails, and refraining from disclosing sensitive information, even to close family members.

He stated: “You don’t need to open suspicious links. Verify them first. Once you have a suspicious email, report it and ask questions. We have built a robust system that cannot be penetrated by fraudsters, but the public must also avoid compromising their identity.”

PalmPay also stressed the importance of educating underserved communities where ATMs are frequently unavailable. According to a recent survey by the NDIC, 70% of ATMs in urban areas experience cash shortages, with rural areas facing even higher challenges.

“POS agents play a necessary role in bridging the gap in financial inclusion. While ATMs are limited by cost and location, agency banking ensures that financial services are accessible, even in remote villages.”

PalmPay Emphasises Collaboration with Stakeholders

PalmPay reiterated its focus on fraud prevention through strong collaboration with law enforcement agencies such as the EFCC and the Nigerian Police Force.

“We maintain a close relationship with all security agencies. Whenever there is an issue, we provide them with the necessary information promptly to address fraudulent activities,” Nwosu explained.

“Together, we can create an environment where individuals and businesses can thrive without fear, knowing that trust and security are at the heart of our digital world.”

PalmPay affirmed its intention to extend such campaigns nationwide, strengthening its mission to build a safer and more inclusive financial ecosystem.

Mixed reactions trailed the regulators’ directive that FinTech companies, particularly, PalmPay, Opay, Moniepoint and Kuda, should suspend their customer onboarding process, following moves by the Nigerian government to clampdown on cryptocurrency traders.

However, while appearing as a guest of the Channels TV Business Roundtable, Mr. Nwosu, gave valuable expert insights on regulatory concerns surrounding the FinTech ecosystem.

In his words:

“Whatever that is happening with regulation is for the good of the FinTech space in Nigeria. Initially, when we started, there was an issue of trust. However, I can tell you now that the last 1 year after the cashless policy, has seen the trust start to grow”.

The Managing Director of PalmPay emphasized the unwavering support the Fintech company has for regulators in regulating the FinTech ecosystem, underscoring the fact that all the regulators want to do is make the services of strong players in the FinTech space, such as PalmPay, better.

On the ease of doing business and how it affects PalmPay, he said:

“Doing business in Nigeria for us is not easy but Nigerians are embracing our App and digital payment”.

When quizzed about the problem of failed transfers, 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”.

Reemphasizing 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.

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

Addressing the question about PalmPay not having a walk-in physical location for customers to go to and resolve some pressing customer concerns, he answered,

“There are locations in Ikeja GRA and Opebi to lay complaints”.

Techeconomy recalled that PalmPay had disclosed its walk-in offices in locations across 25 states in Nigeria while some customer complaints are been addressed via their social media channels.

On the issue of trust and the security of the PalmPay app, the MD said; “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”.

Techeconomy gathered that as of the time of this interview, no fintech platform has completed any of the requirements set out by the regulators as no onboarding took place then in the entire ecosystem.

Watch the interview on YouTube:

In a statement issued on March 1, PalmPay said the unlimited free transfer would empower its users to perform transactions without worrying about bank charges.

Chika Nwosu, the managing director, PalmPay, said the update underscores PalmPay’s commitment to providing accessible and affordable financial services to its users.

“We are excited to introduce unlimited free transfers to our users. This aligns with our mission to provide inclusive financial services that meet the needs of our diverse user base. We believe that everyone should have access to affordable financial services, and this update is a significant step towards that goal,” Mr Nwosu said.

PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa by offering top-tier products such as money transfers, bill payments, credit services, and savings on its app and mobile money agents.

Users of PalmPay can send and receive money seamlessly, pay bills effortlessly, shop with ease and earn discounts and cashback while performing these transactions.

By removing transfer fees to all banks on its app, PalmPay has now empowered its millions of customers to enjoy endless fund transfers to family and friends, pay their bills seamlessly, and manage their finances more effectively.

[SC]

According to the 2023 Report on Access to Financial Services in Nigeria, financial inclusion continues to expand and has so far been fueled by marginal growth among the country’s banked population and major gains in non-bank formal adoption.

Although approximately 40 million adult Nigerians remain formally excluded, formal financial inclusion was said to have grown from 56% in 2020 to 64% in 2023.

In the last four years, fintech companies in Nigeria have played a vital role in closing this gap, bringing financial services to the country’s unbanked and driving economic growth. Their successes, however, have not come without challenges.

Following the penetration of digital payment platforms in Africa, a fraud epidemic has plagued the fintech ecosystem in Nigeria, with Mobile, Web and POS being the most exploited channels by fraudsters in the country in 2023.

According to the 2023 NIBSS Annual Fraud Landscape report, incidents of “Fraud loss via Internet Banking increased by 325% between 2022 and 2023.”

The rise of digital payment platforms in Nigeria has increased the potential for cyber fraud, with fintech companies now forced to balance between making payment apps user-friendly and prioritising users’ safety to stem increased cyber fraud.

Fintech Side of the Coin

To address the fraud epidemic, the Fintech Association of Nigeria (FintechNGR) plans to unveil a fraud reporting framework sometime this year, while fintech platforms such as PalmPay continue to take the initiative to reevaluate their in-app safety features to protect their users from the activities of fraudsters.

Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) licence by CBN, PalmPay has grown to over 30 million users as part of its payment ecosystem.

In building a user-friendly app, PalmPay has also sought to foster a secure financial ecosystem by integrating safety features into its app so that the millions of users who transact with the app do so in a safe and trusted environment.

In general, PalmPay employs a closed-loop risk management system that involves continuous monitoring, analysis, and response to fraud threats and allows it to detect and prevent security risks in real-time and reduce the potential impact of fraud.

In particular, to reduce incidents of fraud, protect their users from fraudsters, and provide a safe banking environment, PalmPay binds their users’ phones to the app and has an auto-logout and biometrics feature to confirm users’ identity.

PalmPay Safety Features

Chika Nwosu, managing director, PalmPay, said the reason why the fintech platform has witnessed astonishing growth in four years was because “We prioritise the safety and security of our users.” He said they’ve been able to achieve this by “marrying security and safety with the customer experience to create a balance.”

Because it understands that curtailing fraud is a two-way street, PalmPay runs a Wallet Safety Workshop to teach users of its app and POS machines various security topics covering payment security and common security issues in daily life, such as password management, fraud detection, phishing and risk identification.

The safety workshop underscores PalmPay’s understanding of user security as an important part of curtailing fraud and encourages its users to ensure that they always secure their wallets using the several built-in safety features in its app.

A recent example was a series of campaigns encouraging its users to link their wallets with their BVN or NIN, following the directive by the Central Bank of Nigeria (CBN) for users of fintech platforms to link their wallets with their BVN or NIN.

To encourage the users to meet the CBN deadline of January 31, 2024, PalmPay introduced an incentive payment system where up to N500 was paid to users who got ahead of the deadline and validated their wallet information.

PalmPay users have several options for protecting themselves against fraudsters such as the two-factor verification process that makes it difficult for fraudsters to gain access to users’ apps without spooking them.

In the first half of 2023, millions of users linked their secure email addresses to their PalmPay app. With this feature, PalmPay users effortlessly receive OTPs for their in-app login.

The PalmPay app has a device management feature that allows users to manage trusted devices and remove untrusted devices. When logging in on an untrusted device, users complete a comprehensive security verification process that involves inputting an OTP and their PIN to ensure security.

Role of PalmPay Users

While fintech companies play a role in protecting users from cyber fraud, the rising fraud incidents in Nigeria can sometimes be due to poor digital and financial literacy, but most especially the failure of many victims to report an attack.

In a report last year, Temitayo Oduwole, head of IT and Payments, PalmPay, observed that customers do not take prompt action in incidents of fraud and that “Only 33 per cent report the same day or take the necessary right action on the same day.”

Effective investigation into incidents of fraud begins when the user reports to their bank that fraud has occurred. However, fraud, if not reported within the hour the crime occurred, allows criminals to move the stolen funds to ‘safe’ places.

Precaution remains the best remedy to protect oneself from cyber fraud. Anti-fraud expert Tosin Adenekan warned fintech users against trusting strangers with their personal information when performing digital transactions.

According to Mrs Adenekan, “Users of fintech platforms owe it to themselves to follow standard safety precautions to avoid being defrauded by cyber criminals.

“Do not allow strangers such as POS operators to handle personal ATM cards. This is because cybercriminals often posing as helpful POS operators can exploit this to observe PIN entries and distract card owners, ultimately swapping ATM cards.”

She urged fintech users to “take steps to reduce incidents of fraud on their wallets by creating strong passwords, enabling the two-factor authentication features on their fintech app, monitoring their wallets for unauthorised transactions, and protecting their personal login information when in public from prying eyes.”

Other steps to take include “regularly updating their apps, setting limits for their wallets, staying alert for phishing attempts, getting the proper financial education, using secure internet connection, being aware of pop-ups and fraudulent emails, and ensuring that operating systems and internet connections are up to date.”

To prevent falling victim to cyber fraud, Mrs Adenekan urged fintech users to adhere to these safety guidelines and “don’t trust everything on the internet.”

Since the introduction of the directive last December, PalmPay has launched a new onboarding flow on the app which mandates all Tier 1 users to validate their NIN or BVN.

Failure to do so means that the user would not be able to complete their registration on the wallet.

All existing users must also validate their BVN or NIN as follows:

1. Existing users who have validated their NIN or BVN previously must revalidate their KYC information by January 31, 2024.
2. Existing users who have not yet validated their NIN or BVN must do so by March 31, 2024.

Defaulting wallets will be frozen by January 31 and March 31, 2024 respectively.

According to Chika Nwosu, PalmPay Nigeria managing director, “We are committed to doing our part to foster a secure financial ecosystem. We urge all PalmPay users to update their KYC information on the app as soon as possible in order to ensure smooth continuation of service for their wallets.”

The company has introduced an incentive payment of up to N500 for users who get ahead of the deadline and validate their information. Also, support operations have been beefed up to help its customers through the process.

PalmPay customers can contact customer support via phone number on 01-8886888, email via support@palmpay.com and by visiting any of the fintech’s 36 state offices across Nigeria, the addresses for which can be found on https://h5.palmpay.app/lego-h5/index?id=marketing-activities/agent-service-office.

[SC]