Table of Contents
Key Points:
- PalmPay calls for increased collaboration between banks and fintechs to enhance financial inclusion in Nigeria.
- The company highlights its success using data-driven insights to create tailored solutions for customers.
- PalmPay urges continued innovation to reach unbanked populations and build trust in open banking systems.
PalmPay, an Africa-focused fintech platform led by Nigerian executive Chika Nwosu, has emphasized the need for greater collaboration and innovation between banks and fintech companies to advance financial inclusion in Nigeria.
This call was made by the Head of Partnerships at PalmPay, Chibuzor Melah, during the recent Nigeria Fintech Forum held in Lagos.
The forum, themed ‘Building the Next Frontiers for Nigeria’s Fintech,’ brought together key stakeholders from both the public and private sectors, including regulators, to discuss the ongoing evolution of Nigeria’s financial technology landscape.
During a panel session titled ‘Rewriting the rules: Building an open, innovative and collaborative bank of the future,’ Melah highlighted PalmPay’s commitment to technology-driven solutions that prioritize collaboration and innovation.
“PalmPay is a technology-driven company that believes in collaborating and innovating to deliver value to customers,” Melah stated, showcasing the importance of partnerships in the company’s strategy.
Importance of collaboration for financial inclusion
Melah further elaborated on the success factors that have propelled PalmPay over the past five years, particularly its investment in data analytics.
By leveraging insights into customer behavior, PalmPay has been able to develop customized solutions that cater to the needs of its diverse user base. This data-driven approach has been instrumental in reaching the unbanked population and fostering trust in open banking systems.
“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 said, stressing the ongoing need for cooperative efforts in the industry.
The conversation at the forum also touched on the broader impact of fintech in Nigeria, where formal financial inclusion has seen significant growth.
According to the 2023 EFInA Access to Finance Survey, formal financial inclusion in Nigeria increased from 56 percent in 2020 to 64 percent in 2023. This growth reflects the positive outcomes of the collaborative efforts between banks and fintech companies, but Melah noted that there is still considerable potential for further innovation and partnership.
“The challenges we face today have opened opportunities to collaborate to gain new markets and deliver new products to benefit the economy,” Melah concluded, calling for continued efforts to deepen financial inclusion through enhanced collaboration between traditional financial institutions and fintech firms.
