According to data, supportive legislation, and the Nigerian ecosystem’s easy-to-do business environment, the unbundling of the country’s fintech sector has undoubtedly grown exponentially over time..
However, In every evolving economy like Nigeria, concerns must be observed and have been observed in the digital FinTech Space.
Among them are challenges with trust and regulations. Security, the lack of a physical place where clients may go in to resolve urgent issues, and unsuccessful FinTech transactions are some issues that PalmPay faces.
In addition to speaking extensively on regulatory impediments, Mr. Chika Nwosu, the Managing Director of PalmPay Nigeria, provided insightful expert opinions regarding the FinTech ecosystem during his appearance on Channels TV Business Roundtable.
He addressed certain inquiries and outlined some of the most important problems with the regulator’s attempts to create regulations that will direct the FinTech industry.
In his own words: “Any regulation that is implemented is beneficial to Nigeria’s fintech industry as a whole.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 further emphasized the unwavering support PalmPay has for regulators in regulating the FinTech ecosystem, underscoring the fact that all the regulator wants to do is to make the services of strong players , such as PalmPay , better.
When probed further, on the ease of doing business, the Managing Director stressed how it affects PalmPay as a payment platform.
He said; ” Business engagement in Nigeria for us is not easy but Nigerians are embrasing our App digital payment”.
When quizzef about the problem of failed transactions he stressed further;
” Every institution has its business strategy and infrastructure , for us and the majority of FinTechs, we have a structure that makes transactions seamless”.
On the recent onboarding policy by the regulator, he stated that PalmPay agreed with the regulator on some grey areas that need to be put in place.
” Reassuring customers that there was no issue with using PalmPay, he emphasized ,”If PalmPay completes their own today, we will start onboarding today”.
Addressing the issue about PalmPay not having a walk- in Physical location for customers to go to and resolve some pressing customer concerns, he answered ;
There are locations in Ikeja GRA and Opebi to lay complaints”.
PS: Note that PalmPay also has a walk-in ofices in Nigeria. Find a link to access some of PalmPay’s walk -in offices across locations in 25 States in the country.
PS: Complaints can also be resolved via social media channels or call +2342018886888 and email Support@palmpay.com and will be attended to.
On the issue of trust and security of the PalmPay App , he said;
” There is no day you will not see on our App boldly written that we are licensed by the Central Bank of Nigeria (CBN) and our deposits are insured by the Nigerian Deposit Insurance Corporation (NDIC) .
PalmPay is here to stay”.
