Collaboration key to advancing financial inclusion — PalmPay

By Esther Agbo

PalmPay, a leading Africa-focused fintech platform, is urging stronger collaboration between banks and fintech companies to accelerate financial inclusion in Nigeria. At the recent Nigeria Fintech Forum themed, ‘Building the Next Frontiers for Nigeria’s Fintech’ in Lagos, Head of Partnerships at PalmPay, Chibuzor Melah, emphasised the need for synergy and innovation to tackle the remaining gaps in financial access across the country.

During the forum, which gathered key players from both public and private sectors, Melah highlighted PalmPay’s success over the past five years, attributing it to the company’s data-driven approach.

“What has given us success in the past five years of operation is our investment in data, which gives us insights into customer behaviour. This enables us to create tailor-made solutions suitable for our customers. Our insight-driven strategy has helped us reach out to the unbanked, thereby building trust in open banking.

“We have succeeded by collaborating with other players in the financial sector. We believe that there’s still a lot more to do in building trust, driving financial inclusion in the last mile.”

Melah also pointed out that the challenges faced by the industry present new opportunities for collaboration, particularly in exploring untapped markets and delivering innovative products that can stimulate economic growth.

The recent EFInA Access to Finance Survey 2023 underscores the progress made in financial inclusion, with formal financial access in Nigeria increasing from 56 percent in 2020 to 64 percent in 2023. However, PalmPay believes that enhanced collaboration between traditional banks and fintech companies is essential to sustaining this momentum and reaching the remaining underserved populations.