PalmPay - Afrikan Heroes

PalmPay Reinforces Commitment to Educate Users through Monthly Wallet Safety Workshops

September 6, 2023

As electronic payment platforms gain traction, the need for consumers to be conscious of their online security becomes paramount. Recent data highlights a surge in Nigerians adopting electronic platforms for day-to-day transactions. According to a recent report by the Financial Institutions Training Centre (FITC) on Fraud and Forgeries in Nigerian banks for Q2, 2023, fraud cases have jumped to a whopping 276.98%.

According to Chika Nwosu, MD/CEO of PalmPay, “With the growing use of digital payment platforms, new risks and concerns emerge for operators and users.”

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

In the past year, PalmPay has been educating users and the general public on various aspects of cybersecurity knowledge, such as password and devices management, risk identification, phishing, fraud detection, and payment security.

Internally, PalmPay has significantly fortified its security features, aiming to empower users in account protection. The Fintech has taken action against fraudulent accounts through an investigation of internal accounts and has banned thousands of problematic accounts to enhance user account security.

The introduction of device management feature allows users to control trusted devices and remove untrusted ones. When accessing the PalmPay app from an untrusted device, a comprehensive security verification process is required, combining OTP and PIN, to ensure top-tier security.

Additionally, an automatic logout feature has been implemented, allowing users to set a time limit for inactivity, followed by PIN entry upon re-entry. PalmPay also offers fingerprint and facial ID login options to enhance account access. In 2023, millions of users have linked secure email addresses for seamless receipt of in-app OTPs and future security-related notifications.

PalmPay is taking its commitment to user security to the next level by integrating liveness detection and facial recognition capabilities into its transaction scenarios, particularly during withdrawals. This security measure ensures a more accurate identification of potential fraudulent activities and unauthorized access, further safeguarding customer accounts.

Recently, PalmPay unveiled the new PalmPay Business App, featuring a comprehensive security upgrade. It now integrates advanced features such as liveness detection and facial recognition. The upgraded system verifies if the user’s actions are performed by the genuine account holder. 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.

According to Mr Nwosu, “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.” He urged Nigerians who have not embraced e-wallet to do so because it is secure, convenient and accessible.

The brand commits to keep educating users and the general public on security guidelines both on online and offline channels.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigerians Fintech Company, PalmPay Makes Big User Milestone

September 3, 2022

Lagos Nigeria-based fintech PalmPay has announced that it has reached 10 million users in Nigeria.

The company says that this represents a doubling in its user base within just six months and only 3 years after the company launched in the market. Nigeria is widely known as Africa’s most populous country, with a population of over 206 million individuals according to World Bank and other sources.

PalmPay’s latest milestone in users could roughly represent a 4.89% market share, however, not all Nigerians have access to cellphones or other methods to use fintech such as PalmPay.

The fintech company which operates under a Mobile Money Operator license from the Central Bank of Nigeria, says it has gained significant traction with its payment app and nationwide agency banking network

PalmPay says it processes millions of transactions a day, and around 20% of the company’s customer base report that the PalmPay app was their first financial account. If accurate, then this is a boon for financial inclusion in Nigeria, where 36% of the population remains unbanked.

“We are delighted to be able to celebrate this growth milestone and are proud of PalmPay’s track record of making cutting-edge financial services accessible to every Nigerian – including the unbanked,” said Chika Nwosu, MD, PalmPay Nigeria.

“The pandemic has accelerated the shift from cash to digital payments and we are looking forward to continuing to work together with regulators and our partners to innovate to meet the financial needs of consumers.”

“Our significant growth in Nigeria demonstrates PalmPay’s ability to innovate to meet the financial needs of consumers, and we are looking forward to replicating this success as we scale in more markets across Africa,” said Sofia Zab, PalmPay Global CMO.

As recently as last week, PalmPay launched the Wallet Safe Workshop, a monthly campaign for payment security awareness training to help customers improve their overall security knowledge, and learn about how to spot and avoid e-scammers.

Mobile fraud attempts jumped 330% year over year in Nigeria, while web and POS fraud attempts rose 173% and 215% respectively. PalmPay says that it has now become a top priority for financial institutions to guarantee the security of user transactions.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigeria’s PalmPay Launches Workshop to Improve Payment Security Awareness

August 19, 2022

Chika Nwosu, Managing Director of PalmPay

One of Nigeria’s leading fintech innovator PalmPay with the objective to make digital payment more accessible and flexible, has announced the launch of Wallet Safe Workshop, a monthly campaign for payment security awareness training to help customers improve their overall security knowledge, and learn about how to spot and avoid e-scammers.

The penetration of the internet and digital payment in Africa has significantly increased in recent years. A number of potential issues, including fake news, leakage of personal information and financial scams, have emerged as a result of this rapid expansion in connectivity.

According to the NIBSS (Nigeria Inter-Bank Settlement System) report (https://bit.ly/3dGSbyS), the total number of fraud attempts in Nigeria has grown by 186% from 2019 to 2020. Mobile fraud attempts jumped 330% year over year, while web and POS fraud attempts rose 173% and 215% respectively. It has become a top priority for financial institutions to guarantee the security of user transactions.

With the launch of the Wallet Safe Workshop, PalmPay will use both online and offline channels, including the app, social media, official websites, and printed materials, to publicise and expose examples of social media and telecom fraud, as well as how to spot fraudulent behaviour. In particular, the company will improve anti-fraud warning education for vulnerable groups such as students and senior citizens, and promote legal provisions related to the proper use of mobile wallet accounts, to effectively raise people’s awareness of combating and managing telecom fraud and cybersecurity.

“The expanding use of digital payments brings new risk and security concerns.” said Chika Nwosu, Managing Director of PalmPay, “PalmPay committed to delivering users with a secure and trustworthy digital payment experience. We will continue to optimise our risk control procedures, and look forward to collaborating with law enforcement and cybersecurity partners to prevent fraud and ensure payment security.”

Keeping users safe from fraudsters is not an easy task. The right fraud monitoring and know your customer (KYC) approaches are key to the current rise in fraud attempts. With robust anti-fraud and KYC systems, PalmPay protects the users from fraud and unauthorized use with various protective measures, including real-time risk control and abnormal behaviour detection, which automatically monitors, flags, and freezes high-risk transactions and accounts.

If a person suspects that they or someone else has been a victim of fraudulent activities, they should contact PalmPay customer service via in-app chat, email, social media, or call centre. PalmPay will investigate and freeze accounts to avoid additional loss due to fraudulent activities and to maximise the chances of tracing and retrieving funds.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigeria-based Startup PalmPay Launches A $260k COVID-19 Support Fund

April 19, 2020

At a time when most startups are looking for ways to conserve cash, pan-African fintech start-up, PalmPay, has announced the launch of PalmPay CARES, an N100 million ($260k) humanitarian response plan to support the fight against the deadly Coronavirus in Nigeria.

“The PalmPay CARES, support funds will also be used to directly support PalmPay customers that contract the virus with an N100,000 cover,” the company said in a release.

Here Is All You Need To Know

Part of the N100 million support fund, PalmPay says, will be deployed to strengthen the efforts of the healthcare workers in the frontline by providing relief materials and care facilities as they help prevent, detect, and manage the spread of COVID-19.
On the criteria to qualify for the N100,000 insurance cover, Palmpay explained that vulnerable communities trying to recover from the economic impact of the virus would be beneficiaries of the humanitarian response plan.

“In addition to the N100 million support funds, PalmPay is proposing a lot of relief and incentives through their product offering to ease the burden during these uncertain times,” the fintech start-up said.

As part of Palmpay’s support to bend the coronavirus curve in Nigeria, the payment service provider said it has made money transfer transactions across Nigeria free on their Payment app.

“This means you can send money to any Nigerian bank for free. This no-fee service encourages the use of fund transfer to move money and avoid physical contact with other people or handling of physical cash, which can potentially spread the virus,” the company said.

PalmPay has also incentivised the usage of the payment app to help users get up to N10,000 monthly in form of cashback
According to PalmPay, more details on the N100 million support fund will publish on its social network @palmpayapp in the coming days.
Backed by Chinese mobile-phone maker Transsion started its life on a platter of gold in 2019 after raising a $40 million seed-round from Transsion.

A Look At What PalmPay Does

The UK headquartered venture — that was also founded with Chinese seed investment — PalmPay offers a package of mobile based financial services, including no fee payment options, bill pay, rewards programs, and discounted airtime. In Nigeria, PalmPay will offer 10% cashback on airtime purchases and bank transfer rates as low as 10 Naira ($.02).

With its payments focus, the startup enters Africa’s most promising digital sector, but also one that has become notably competitive and crowded — particularly in the continent’s largest economy and most populous nation of Nigeria.
By a number of estimates, Africa’s 1.2 billion people represent the largest share of the world’s unbanked and underbanked population.
An improving smartphone and mobile-connectivity profile for Africa (see GSMA) turns this scenario into an opportunity for mobile-based financial products.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer