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By Chinenye Anuforo
PalmPay is pushing for stronger and more strategic partnerships among stakeholders in the Fintech space to boost financial inclusion and ensure that underserved communities can be brought into the financial net.
The company made the push at a recent Fintech Forum in Lagos.
During a panel discussion titled “Rewriting the Rules: Building an Open, Innovative, and Collaborative Bank of the Future,” Chibuzor Melah, Head of Partnerships at PalmPay, emphasised the necessity of synergy between banks and fintech companies to advance financial inclusion. He highlighted that the key to PalmPay’s success over the past five years lies in its commitment to data-driven strategies that offer deep insights into customer behavior, enabling the creation of tailor-made solutions that resonate with their needs.
“PalmPay is a technology-driven company that thrives on collaboration and innovation to deliver exceptional value to our customers,” Melah noted.
“Our focus on data has allowed us to gain a profound understanding of customer behavior, which in turn has empowered us to design solutions that cater specifically to their needs. This insight-driven approach has been instrumental in building trust in open banking and reaching the unbanked.”
Melah further acknowledged the tremendous strides made in the financial sector, pointing to the EFInA Access to Finance (A2F) Survey 2023, which revealed a significant increase in formal financial inclusion in Nigeria, rising from 56% in 2020 to 64% in 2023.
However, he stressed that there remains much work to be done.
“Our success has been built on the foundation of collaboration with other stakeholders in the financial sector, but the journey is far from over,” he added. “There is a vast potential for further partnerships to strengthen trust, drive financial inclusion to the last mile, and unlock new markets. The challenges we face today present unique opportunities for collaboration that can yield significant benefits for the economy.”
The event, themed “Building the Next Frontiers for Nigeria’s Fintech,” brought together key players from both the public and private sectors, including regulators, to discuss the rapid advancements shaping Nigeria’s financial technology landscape.
