Finance
Why PalmPay Is Playing Big in the Digital Banking Space- Chika Nwosu
PalmPay, a leading Africa-focused fintech platform, has said that the future of money is now; therefore, the company has put in place adequate infrastructure, and the right measures to ensure that its millions of customers are guaranteed adequate security.
Speaking while making a presentation titled “Future of Money, Security, Customer Experience (CX)” at the Africa Tech Alliance (AfriTECH 3.0) held at The Providence Hotel, Ikeja GRA, last week, Mr. Chika Nwosu, the Managing Director of PalmPay, said that besides the operator putting the right things in place, the consumers also must the aware of how to protect themselves.
Nwosu who was represented at the Forum by Temitayo Oduwole, Head of IT and Payments at PalmPay, recounted the origin of money and its evolution to this moment and said that people are gradually moving away from paper money, where physical cash transactions are made, to what is today known as digital money where online and digital transactions now hold sway.
“All the services that we need are driven by technology, even the medium of exchange is also driven by technology. And the future of money right now is digital. If you look at the before and the now, right now because money has gone digital, we are experiencing a kind of transformation in the digital space. In terms of convenience, in terms of the ease of payment, that is what the future of money holds and that’s what we’re getting right now.
“I’m sure most people don’t even go around with cash again. Any transaction that you want to do, you can easily do that transaction on your phone, using your mobile wallet, using your card. So that is how money has transformed from being a cash-oriented medium to a digital medium right now,” he said.
Nwosu said PalmPay was prepared for this new regime of money and put a lot of robust infrastructure in place for risk management aimed at balancing the user experience with security in its app, adding that it has ensured that at any point in time, it puts measures in place that forestall a customer’s account being compromised.
“We have an AI in place, a logic that understands the pattern of your account, the pattern of your transaction. If it sees that somebody is doing something irrational or something out of the ordinary that you do on a normal day, because of the pattern that we’ve been able to build, we can block that transaction.
“And because we’re also going to have to look at technology-as-a-service, rather than having our infrastructure on prep, we’re having our infrastructure on the cloud. These are things that speak to infrastructure as a service, and technology-as-a-service, and are driving our reliability and sustainability today,” Nwosu said.
Nwosu admitted that though digital money is essential due to its speed, convenience, and accessibility, it also comes with its own threats and its own security challenges, especially in the face of nefarious activities around cybercrime.
“There are different channels by which people can access their money. However, in accessing this money, there is a potential challenge of having your funds being taken over by some people that you don’t want them to have access to it. There are lots of things happening around the future of money in terms of safety and in terms of security.
“We have online fraud. We have a local simulation. Identity theft is on the rise. We are being infused into devices, into servers. We have phishing in which e-mails are sent to deceive you to believe that the e-mails are coming from a genuine source. These are things that can affect or impact the digital money currency.
“The most important thing, again, is that at any point in time, as much as we are creating the environment to make sure that fraud is actually reduced in terms of cyber security, we are addressing all the things that need to be addressed so that from a digital money perspective, we are able to access the money without any fear. We can do a transaction without any fear.
“It’s also very important to understand that any time a fraud happens, a notification is very important. Next slide, please. Lack of security awareness is top of the reasons why consumers are scammed or defrauded. And what we try to do in PalmPay is to raise that awareness, to let our customers know that their personal information is only personal to them,” he said.
The Managing Director stated that lack of knowledge to protect personal information, patronizing fake sites and social media pages, and attempts or pivots on unofficial channels, are some of the things that could lead to customers being scammed or defrauded.
On PalmPay’s approach to enhancing customer security on its app, Nwosu said over the past four years it has been in the Nigerian market, it has been able to marry security with customer experience, which has remained the attraction to its brand.
“What we’ve done is binding. Your phone is bound such that even if you change your phone, you put in your credentials, and there’s an OTP that has been sent to revalidate and authorize the customer who is trying to do that transaction. One of the other things that we’ve also done to make sure that our customers are well protected is to have an inactive session set up.
“An inactive session has to do with if you’re not doing anything on your app, then it’s time out. It doesn’t give room for people to have access to that phone or your mobile app and try to do something. Because if you keep the mobile app up, anybody could actually have access to it, and they could do any transaction. Not to forget the fact that for every transaction that you do as well, it’s been enabled. We have a metric just to make sure that it is the right person that is accessing your account at any point in time,” Nwosu concluded.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
Finance
Stanbic IBTC Capital leads Presco PLC’s ₦82.9 Billion Bond Issuance to drive West African market growth
Reporter: SANDRA ANI
Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme (the “Transaction”) with the Securities and Exchange Commission (“SEC”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.
Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco PLC commented:
“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).
This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”
Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:
“Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.
Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.
Flutterwave, Africa’s leading payments technology company, has announced today that its online merchants in Nigeria can now accept American Express payments.
American Express Card Members – with consumer, business, or corporate cards – will be able to make payments directly to e-commerce businesses using Flutterwave in Nigeria.
This service will also be available to Flutterwave merchants in other countries including Tanzania, Rwanda, Ghana and Uganda in the near future.
This collaboration facilitates online transactions and offers a range of benefits for both merchants and online shoppers:
- Flutterwave merchants can attract business from a new customer base of American Express Card Members in Africa and around the world. This includes consumers with personal cards and spenders with business or corporate products. Terms and conditions apply.
- For shoppers, there is more choice when it comes to being able to select their preferred method of payment when transacting with Flutterwave merchants. This collaboration strengthens the American Express global network and increases the number of locations across Africa that can be used by American Express Card Members to purchase a range of different goods and services.
Speaking on the development, Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave, said:“At Flutterwave, we’re always looking for ways to connect the world to Africa through payments. This is one of our initiatives to ensure that more people across the world can pay using Flutterwave in Africa. We understand the value of providing shoppers with payment methods that work for them, as well as helping businesses to expand their customer bases. This collaboration also provides more options of where to shop and what to buy to American Express card holders across the globe. By offering American Express as a method of payment, Flutterwave will make the payment process faster and simpler for American Express card holders, and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally.”
On his part, Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, said: “American Express continues to expand in Africa to enable greater payment choice for businesses and consumers. Through the agreement with Flutterwave, a trusted payment provider, we are giving e-commerce merchants in Nigeria the opportunity to reach American Express Card Members around the world. The collaboration is a win-win because it also increases the number of places where our Card Members can use their Cards in Nigeria.”
Flutterwave and American Express share similar visions; to enable businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 630M transactions in excess of USD $31B, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries. On the other hand, American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.
Breaking: ‘Welcome home,’ Gov Mbah Receives Edeoga Back to PDP
NUJ at 70: Private Broadcast Members Congratulate Union
MTN Go MAD Campaign Inspires Aba’s Entrepreneurial Spirit
LASG Acquires New Outboard Engines For Optimum Boat Performance
Elon Musk builds Hotel in Mars, Sets to launch soon at $5million per night – Photos
