Relying on one market can make you violatile- Palmpay MD advises Fintech leaders

Managing Director, PalmPay Nigeria, Chika Nwosu has urged players in Afeica’s fintch space to avoid focusing on oke market.

The Palmpay MD made this known at the recently concluded 2024 Nigeria Fintech Week in Lagos.

Nwosu, who participated in a high-profile panel discussion themed “Safeguarding the Funding Pipeline for Fintech in Africa”, stated that founders can mitigate these challenges by diversifying their revenue streams and expanding into multiple geographical regions.

Giving reasons for his advice, he said, “We have seen that most of the currencies of sub-Saharan Africa have plummeted against the US dollar, including the Egyptian pound, Naira, Rand, Cedi, Congolese franc, and Kenyan shilling. This devaluation is impacting the value of investments, which in turn, lowers investor confidence and makes it difficult for fintech startups to secure funding.”

He noted that relying solely on one market can expose companies to regional economic volatility.

“By entering diverse markets, fintechs can spread their risk and minimize the impact of instability in any single region,” he said.

The panel session also weighed in on the need for founders to continuously engage with policy makers and regulators to stay informed.