‘Govt, Fintech Must Partner To Tackle Financial Fraud ‘

The managing director of PalmPay Limited, Chika Nwosu, has said there is a need for robust collaboration between fintech companies and government agencies to tackle financial fraud and achieve a secure financial ecosystem in the country.

Nwosu, who stated this during a high-level courtesy visit by the company’s management team to the Nigerian Financial Intelligence Unit (NFIU), highlighted the significant rise in electronic payment transactions across Nigeria’s financial system, underscoring the importance of proactive measures to address emerging threats.

While reaffirming its support for the NFIU’s mission to safeguard the country’s financial infrastructure, he outlined plans for close collaboration with the agency, including knowledge-sharing initiatives, stakeholder training programmes, and developing innovative solutions to combat fraud in the digital space.
“At PalmPay, we believe that a secure financial ecosystem is the foundation for a thriving digital economy.
“Our partnership with the NFIU underscores our dedication to supporting Nigeria’s anti-fraud and anti-money laundering (AML) efforts. Together, we aim to ensure a safer digital experience for all Nigerians,” he said.

On her part, the chief executive officer of the NFIU, Hafsat Abubakar Bakari, commended PalmPay for its proactive approach to financial security and its commitment to aligning with national and international regulatory frameworks.

She emphasised the importance of continuous collaboration between private sector players and government institutions in the fight against financial crimes.