Palmpay Boss Backs Regulators on Policies to Strengthen FinTech Space

The Managing Director of Palmpay Nigeria, Mr. Chika Nwosu, has restated the support of the leading fintech firm for regulators in their efforts to strengthen the space.

He stated this while he appeared as a guest of the Channels TV Business Roundtable to answered questions and give valuable expert insights on regulatory concerns surrounding the FinTech ecosystem.

On 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.

Nwosu said that as against beliefs in some quarters, the wind of regulatory changes currently blowing in the digital payment sector is meant to strengthen the fintech space the space.

He said: “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 one year after the cashless policy, has seen the trust start to grow”.

The Managing Director emphasized the unwavering support PalmPay 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 admitted that doing business in Nigeria is not without challenges, adding however that this has not stopped Nigerians from embracing the Palmpay App and digital payment system.

He further addressed the problem of failed transfers which often lead frustration for customers, saying that Palmpay has put structure in place to make transaction seemless for its users.

He said: “Every institution has its business strategy and infrastructure, for us and the majority of fintechs, we have a structure that makes transactions seamless”.

Addressing trust and security of the Palmpay App, he 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”.

He also corrected that notion that PalmPay does not have a walk-in physical location for customers to go to and resolve some pressing customer concerns.

According to him, “There are locations in Ikeja GRA and Opebi to lay complaints. PalmPay also has walk-in offices in locations across 25 states in Nigeria.”