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Why PalmPay Is Playing Big in the Digital Banking Space- Chika Nwosu

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6 months ago

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Chika Nwosu, CEO Palmpay
Chika Nwosu, CEO of Palmpay

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.

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Finance

AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC

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2 days ago

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April 27, 2024

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The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid by the immediate past governor of Kogi state, Yahaya Bello, for his children attending the school.

In response to a letter addressed to the Lagos zonal commander of the EFCC, the school said $845,852 was paid in tuition “since the 7th of September 2021 to date”.

AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.

“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.

Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty-Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.

We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).

No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”

In a chat with The Cable, the spokesperson of the EFCC, Dele Oyewale, confirmed that the school has refunded the money.

‘’The money has been paid into public account,” Dele Oyewale was quoted as saying

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Finance

Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge

Published

5 days ago

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April 23, 2024

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The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.

EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.

EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu

Counts one to four of the charge, read,

“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

This and three other charges were stated against him. They read;

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

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Finance

Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him

Published

1 week ago

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April 19, 2024

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The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.

The order for the withdrawal was contained in a police wireless message. The document with reference number:

“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.

Please, above, for your information and strict compliance.”

Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.

This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.

From EFCC

In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.

From National Immigration Office

And read;

“I am directed to inform you that the above-named person has been placed on the watch list.

Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.

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