How Palmpay overcame trust deficit in 12 months- MD Nwosu

Nigerians’ trust in Palmpay, a Central Bank of Nigeria’s fintech licensed bank, has grown tremendously in the last 12 months.

The Managing Director of Palmpay Nigeria, Chika Nwosu, disclosed this recently when he appeared on  Channels TV Business Roundtable.

Recall that the CBN recently restricted Palmpay and four fintech banks from onboarding new customers.

However, Nwosu gave insights into regulatory concerns surrounding the FinTech ecosystem and said that Palmpay has come to stay within Nigeria’s banking sector.

“Whatever happens with regulation is for the good of the FinTech space in Nigeria. Initially, when we started, there was an issue of trust. However, I can tell you now that the last 1 year after the cashless policy has seen the trust start to grow”.

The Managing Director emphasized PalmPay’s unwavering support for regulators in regulating the FinTech ecosystem, underscoring that regulators want to improve the services of strong players in the FinTech space, such as PalmPay.

On the ease of doing business and how it affects PalmPay, he said:

“Doing business in Nigeria for us is difficult, but Nigerians are embracing our App and digital payment”.

When asked about the problem of failed transfers, he stressed,

“Every institution has its business strategy and infrastructure. For us and most fintechs, we have a structure that makes transactions seamless”.

Regarding the regulator’s recent onboarding policy, he stated that PalmPay agreed with the regulators on some grey areas that must be addressed.

Reassuring customers that there was no issue with using PalmPay, he emphasized, “If PalmPay completes their own today, we will start onboarding today”.

On the issue of trust and the security of the PalmPay app, he said,

“There is no day you won’t see on our app boldly written that we are licensed by the Central Bank of Nigeria (CBN) and our deposits are insured by the Nigeria Deposits Insurance Corporation (NDIC). PalmPay is here to stay”.