At the recent Nigeria Fintech Forum, PalmPay, a prominent fintech platform focused on Africa, emphasized the need for enhanced collaboration and innovation between banks and fintech companies to improve financial inclusion, particularly at the last mile.
Chibuzor Melah, PalmPay’s Head of Partnerships, delivered this message during a panel discussion titled “Rewriting the Rules: Building an Open, Innovative, and Collaborative Bank of the Future.” The forum, which took place in Lagos, attracted key figures from both the public and private sectors, including regulators, to explore the rapid developments in Nigeria’s financial technology sector.
Melah highlighted PalmPay’s commitment to leveraging technology to create value for customers through strategic collaboration. “Our success over the past five years can be attributed to our investment in data, which provides insights into customer behavior and allows us to develop tailored solutions,” Melah said. He noted that this approach has helped PalmPay extend its reach to the unbanked population and build trust in open banking.
Despite notable progress, Melah stressed that more work is needed to foster trust and enhance financial inclusion. He referenced the EFInA Access to Finance (A2F) Survey 2023, which shows a significant rise in formal financial inclusion in Nigeria from 56% in 2020 to 64% in 2023. “This progress is largely due to collaborative efforts between banks and fintechs, but there is still much potential for further cooperation,” he added.
Melah concluded by emphasizing that current challenges present opportunities for partnerships that can unlock new markets and deliver innovative products, ultimately benefiting the economy.
