PalmPay, a leading African fintech platform, has emphasized the critical role of collaboration and innovation in driving financial inclusion to the last mile.
Speaking at the recent Nigeria Fintech Forum, Chibuzor Melah, Head of Partnerships at PalmPay, highlighted the need for banks and fintechs to work together to expand financial access. Melah attributed PalmPay’s success to its data-driven approach and partnerships within the financial sector.
“By leveraging data insights, we’ve been able to create tailored solutions for our customers, including those traditionally underserved by the financial system,” said Melah. “Collaboration is key to building trust and expanding financial inclusion to the last mile.”
Nigeria has made significant strides in financial inclusion, with formal financial inclusion rising from 56% in 2020 to 64% in 2023, according to the EFInA Access to Finance Survey. Melah emphasized that while this progress is commendable, there’s still room for improvement through increased collaboration.
“The challenges we face today present opportunities for banks and fintechs to join forces and develop innovative solutions that benefit the entire economy,” Melah added.
PalmPay’s call for collaboration echoes the growing consensus among industry stakeholders that a united front is essential to achieving greater financial inclusion in Nigeria and across Africa.