PalmPay, a leading fintech company fostering financial inclusion in Nigeria through technology, has called for improvement in the security and safety of fintech apps to address the upsurge in fraud cases in Nigeria’s financial services sector.
At the third Africa Tech Alliance Forum (AfriTECH) on Wednesday, November 8, in Lagos, Temitayo Oduwole, Head of IT and Payments, PalmPay, emphasised the critical importance of prioritising app security and safety in the fintech ecosystem.
Speaking on ‘The Future of Money, Security/Safety, and Customer Experience,’ Oduwole highlighted several features built into the PalmPay app to ensure its over 30 million users transact under 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.
“We’ve integrated several security and safety features on the PalmPay app to protect our users from fraud, such as binding their phone to the app, an auto-logout and biometrics features to confirm our users’ identity,” Oduwole said.
He added; “Also, there is an inbuilt safety feature in the PalmPay app that uses Artificial Intelligence (AI) to understand users’ transaction patterns to cater for incidents of fake accounts, fraud, cyberattacks, to ensure account protection.”
PalmPay employs a closed-loop risk management system that involves continuous monitoring, analysis, and response to security threats. It allows us to detect and prevent risks in real time, reducing the potential impact of security incidents.
Attendees at the event included industry regulators and stakeholders from the Nigerian Communications Commission (NCC); the Nigeria Computer Society (NCS); Association of Licensed Telecom Operators of Nigeria (ALTON).
