By Martin Ekpeke
The Managing Director of PalmPay Nigeria, Mr. Chika Nwosu, has argued that regulations, while potentially creating initial hurdles, ultimately benefit the Fintech space.
Mr. Nwosu emphasised this recently when he appeared on Channels TV’s Business Roundtable to discuss the state of the Fintech industry in Nigeria, particularly regarding recent regulatory actions.
“The regulations we’re seeing are positive for the long-term health of Fintech in Nigeria. Initially, trust was a major issue. But since the cashless policy implementation last year, we’ve seen trust begin to grow,” he said.
He highlighted PalmPay’s strong support for regulators, acknowledging their desire to create a robust and trustworthy Fintech ecosystem where reputable players like PalmPay can thrive.
The interview covered various topics, including:
- Ease of Doing Business: While acknowledging challenges, Nwosu pointed to Nigerians’ growing embrace of digital payments and PalmPay’s app.
- Failed Transfers: Nwosu emphasized PalmPay’s infrastructure designed for seamless transactions, but acknowledged that some institutions might have limitations.
- Onboarding Policy: Nwosu confirmed PalmPay’s agreement with regulators on necessary improvements to the onboarding process. He reassured customers that PalmPay would resume onboarding as soon as they meet all regulatory requirements. (Currently, no Fintech platform is onboarding new users.)
Meanwhile, addressing concerns about the lack of physical branches, Nwosu clarified that PalmPay has offices in Ikeja GRA, Opebi, and across 25 other Nigerian states. Customers can also address issues via social media, phone (+2342018886888), or email (support@palmpay.com).
“Security remains a top priority for PalmPay. We prominently display our licenses from the Central Bank of Nigeria (CBN) and deposit insurance by the Nigeria Deposits Insurance Corporation (NDIC),” Nwosu said, assuring that PalmPay is here for the long haul.
Nwosu’s interview highlights the evolving relationship between Fintech companies and regulators in Nigeria. Collaboration seems to be the key to building a secure and trusted digital payment landscape for Nigerian consumers.
For a full interview with Mr. Chika Nwosu, visit: https://www.youtube.com/watch?v=X4ivHAtJliA