Speaking during the 21st Edition of the NDIC Workshop for Business Editors and the Finance Correspondents Association of Nigeria (FICAN), he said:

“I am particularly delighted to be among this esteemed group of professionals who have consistently shown an unwavering commitment to educating the public on financial matters, especially the critical role of the Nigeria Deposit Insurance Corporation (NDIC) in ensuring the stability of our financial system.

“The theme of this year’s workshop: “Strengthening Nigeria’s Financial Safety-Net – The Role of Deposit Insurance,” is timely and highly relevant, especially in the light of the ever-evolving dynamics of the global financial system and its implications for Nigeria.

“As our financial system continues to evolve and face new challenges, the NDIC remains steadfast in its mission to protect depositors and collaborate with the Central Bank of Nigeria (CBN) in ensuring the stability of the banking sector, which is critical to the growth and development of the economy.

“Over the next two days, we will engage in deep discussions on key aspects of Nigeria’s deposit insurance system, its evolution, innovations and future prospects. This workshop is designed to enrich your understanding of the NDIC’s role in maintaining financial stability and protecting depositors, with presentations covering key issues that shape the Corporation’s activities and consumer protection.

“As you maybe aware, the NDIC was established over three decades ago to protect depositors, especially the most vulnerable, and to contribute to the stability of the financial system. Our core mandate includes providing deposit insurance cover to depositors of licensed banks, supervising insured financial institutions, resolving distressed banks, and ensuring orderly resolution in the event of bank failure.”

This call to action was reinforced during the 2023 annual conference of the Finance Correspondent Association of Nigeria (FICAN) under the theme ‘Strengthening Digital Infrastructure for an Efficient Innovative Payment System in Nigeria,’ held this Saturday in Lagos.

Foluso Aduloju, the Head of Operations at PalmPay, stressed the imperative for industry regulators and players to join forces in driving financial inclusion.

“Regulatory bodies such as CBN, NIBSS, and NCC have made substantial contributions through policies and regulations, fostering growth in the financial sector. The introduction of fintech in the last five (5) to six (6) years has helped bridge the gap, actualizing what the banks had been striving to achieve over the years. However, more can be achieved through enhanced collaboration since the banks laid the foundation upon which fintechs are now building,” Aduloju said.

Also present at the event was Engr Anthony Ikemefuna, the Nigeria Communication Commission (NCC) representative, who highlighted that;

“Strengthening digital infrastructure for efficient and innovative payment systems in Nigeria is a long-term endeavour that requires collaboration, investment, and adaptability. By comprehensively and proactively addressing these strategies, Nigeria can build a robust and inclusive digital payment ecosystem that benefits its citizens and drives economic growth.”

He emphasized the need to improve collaborative efforts for proper coordination of policies and regulations related to digital payments and telecommunications.

He further stressed the importance of encouraging partnerships between financial institutions, telecom operators, and fintech companies to develop and deliver innovative digital payment solutions.

In today’s rapidly evolving financial landscape, collaboration is pivotal to addressing the complex challenges and opportunities presented by digital advancements and changing consumer demands.

PalmPay advocates for financial institutions, fintechs, regulatory bodies, and other stakeholders to unite and work towards shared goals that benefit both the industry and its consumers.

“We firmly believe that collaboration is the cornerstone of sustainable growth and innovation in the financial sector,” said Foluso Aduloju. 

“By joining forces, we can create a positive impact on the industry and, ultimately, the lives of the people we serve.”

PalmPay encourages industry stakeholders to engage in open dialogue, share best practices, and collaborate on initiatives that align with the collective goal of fostering a more inclusive and innovative financial ecosystem.

FACTS 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.

PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its network of 500,000 mobile money agents.

Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 25 million users, and over 400,000 merchants are part of its cashless payment ecosystem.

The company has raised USD 140m. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.