PalmPay recovers over $677mn for users in 7 months


PalmPay, a leading Nigerian Africa-focused fintech platform providing user-friendly and inclusive suite of financial services to users across the continent, has reported the recovery of over $677 million for more than 853,000 users from January to July this year.

The company’s Managing Director, Chika Nwosu, who disclosed this attributed the feat to the management’s commitment to safeguarding the fintech firm customers’ financial interests and assets through deployment of world-class Apps.

He said: “It’s impressive that these efforts have led to remarkable financial recovery. In the first seven months of 2023, over $677 million has been successfully recovered for more than 853,000 users. This achievement highlights our commitment to safeguarding our customers’ financial interests and assets.”

Nwosu, who recalled that a recent report by the Financial Institutions Training Centre (FITC) on Fraud and Forgeries in Nigerian banks for Q2, 2023, indicated that fraud cases jumped to 276.98%, pointed out that “with the growing use of digital payment platforms, new risks and concerns emerge for operators and users.”
He, therefore, advised Nigerians who have not embraced e-wallet to do so because it is secure, convenient and accessible.

It would be recalled that PalmPay recently unveiled the new PalmPay Business App, which features a comprehensive security upgrade and now integrates advanced features such as liveness detection and facial recognition.

According to the company, the upgraded system verifies if the user’s actions are performed by the genuine account holder.

PalmPay maintained that even in cases of telecom fraud where sensitive information like OTP/PIN might have been compromised, the system can use facial recognition to confirm the user’s identity, thereby safeguarding customer accounts and financial assets.

In 2022, PalmPay introduced the Wallet Safety Workshop to ensure the security of user transaction privacy and stable and reliable transactions.

The monthly campaign for payment security awareness helps customers improve their overall security knowledge, manage their personal information online, and learn how to spot and avoid e-scammers and fake news.

Since the launch of the workshop, PalmPay has been using online and offline channels, including the app, social media, official website, and printed materials, to publicise and expose examples of social media and telecom fraud, as well as how to spot fraudulent behaviour and necessary steps to take to avoid being trapped.

Techrectory Business

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