Safeguarding users: PalmPay advocates enhanced security measures in fintech apps

PalmPay, a prominent fintech company championing financial inclusion in Nigeria through technology, has urged the enhancement of security and safety features in fintech apps to combat the surge in fraud cases within Nigeria’s financial services sector.

During the third Africa Tech Alliance Forum (AfriTECH) held on November 8 in Lagos, Temitayo Oduwole, Head of IT and Payments at PalmPay, emphasized the crucial need to prioritize app security and safety in the fintech ecosystem.

Speaking on ‘The Future of Money, Security/Safety, and Customer Experience,’ Oduwole highlighted various features integrated into the PalmPay app, ensuring that its 30 million users transact within a secure and trusted environment.

“For the four years that PalmPay has been in business, we’ve increased our users to over 30 million because of how user-friendly our app is; while also marrying security and safety with customer experience to create a balance,” stated Oduwole.

PalmPay has incorporated several security measures, such as binding users’ phones to the app, an auto-logout, and biometrics features to confirm users’ identity. Additionally, the app utilizes Artificial Intelligence (AI) for an inbuilt safety feature, analyzing users’ transaction patterns to detect and prevent incidents of fake accounts, fraud, and cyberattacks.

Oduwole emphasized the closed-loop risk management system employed by PalmPay, involving continuous monitoring, analysis, and real-time response to security threats. The platform also conducts a Wallet Safety Workshop to educate users on safeguarding their wallets and applying safety tips to mitigate financial fraud.

The event saw PalmPay receiving the 2023 Africa Tech Alliance Excellence (ATAEX) Award for ‘Fastest Growing Fintech of the Year,’ recognizing the company’s excellence and innovation in using IT in financial services.

Notable attendees at the event included industry regulators and stakeholders from organizations such as the Nigerian Communications Commission (NCC), Nigeria Computer Society (NCS), Association of Licensed Telecoms Operators of Nigeria (ALTON), Association of Telecommunications Companies of Nigeria (ATCON), Information Technology Association of Nigeria (ITAN), InnovationBed Africa, and Institute of Software Practitioners of Nigeria (ISPON).

PalmPay, a leading Africa-focused fintech platform, aims to drive economic empowerment in Africa through its secure, user-friendly suite of financial services. The platform offers money transfers, bill payments, credit services, and savings, reaching 30 million users since its 2019 launch in Nigeria. The company has secured USD 140 million in funding and continues to expand its presence in Nigeria, Ghana, and upcoming markets in 2023.