PalmPay, an African-focused fintech company, has underscored the need for founders within the fintech ecosystem to boost investors’ confidence to drive more investment across the continent, saying that working closely with investors is vital to creating value.

Speaking at the recently concluded 2024 Nigeria Fintech Week in Lagos, Nigeria, held on October 8th and 10th, 2024, Managing Director, PalmPay Nigeria, Chika Nwosu stated that “The fintech ecosystem is not saturated but founders need to be mindful of building investor’s confidence amid currency devaluation and rising interest rates.

“We have seen that most of the currencies of sub-Saharan Africa have plummeted against the US dollar, including the Egyptian pound, Naira, Rand, Cedi, Congolese franc, and Kenyan shilling. This devaluation is impacting the value of investments, which in turn, lowers investor confidence and makes it difficult for fintech startups to secure funding.

Nwosu, who participated in a high-profile panel discussion themed “Safeguarding the Funding Pipeline for Fintech in Africa”, stated that founders can mitigate these challenges by diversifying their revenue streams and expanding into multiple geographical regions.

He noted that relying solely on one market can expose companies to regional economic volatility.

“By entering diverse markets, fintechs can spread their risk and minimize the impact of instability in any single region,” he said.

He gave the example of Palmpay being operational not only in Nigeria but also in Tanzania, Ghana, and other markets.

The 2024 Nigeria Fintech Week held under the overarching theme “Positioning Africa’s Fintech Ecosystem to Accelerate Growth,”  with a key focus on seeking more investors who see the long-term value of investing in Africa. The conference brought together industry leaders, policymakers, investors, and innovators to chart the future of Africa’s financial technology landscape.

According to the President of FintechNGR, Ade Bajomo, “Investments in the fintech sector in Africa declined significantly, dropping 77% to US$186 million from US$826 million in H1 2023. The number of deals decreased 30% year-on-year and average deal size fell to US$4 million in H1 2024 from US$10.5 million in H1 2023. However, we still have many growth opportunities in the continent.”

The panel session also weighed in on the need for founders to continuously engage with policy makers and regulators to stay informed.

9 Payment Service Bank (9PSB), Nigeria’s leading digital payment service bank dedicated to advancing financial inclusion, celebrated the 2024 Customer Service Week, themed: “Above and Beyond.”

The celebration featured recognition of top performing Service Location Partners, an informative webinar for staff and partners, alongside cultural activities that underscored the bank’s dedication to exceptional customer service.

The week-long celebration, which took place from October 7th to 11th, united organizations worldwide to recognize the essential role of customers and partners in driving business success.

At the closing ceremony held at the bank’s headquarters in Lagos, Chief Executive Officer and Managing Director Branka Mracajac highlighted the significance of this year’s theme, which aligns with 9PSB’s mission to provide outstanding banking services.

“We are proud to join organizations around the world in expressing our heartfelt gratitude to our customers and Service Location Partners for their steadfast support and loyalty,” Mracajac stated.

“Our commitment to going ‘above and beyond’ is reflected in our innovative and tailored banking solutions. Our customer experience team is dedicated to ensuring that every interaction is positive and fulfilling.

Mracajac further remarked, “Today, we honour our customers and recognize our exceptional partners whose contributions have been integral to our success. Your efforts are invaluable, and we remain committed to delivering quality and outstanding service as we collectively strive to bridge the financial inclusion gap through our mission to Bank9ja.’”

Polaris Bank, in a robust display of its commitment to environmental sustainability, has expanded its nationwide tree-planting initiative in collaboration with the Nigerian Conservation Foundation (NCF).

The latest exercise took place at Government Secondary School, Gwagwalada, in the Federal Capital Territory (FCT) on October 14, 2024, following a similar event at Chukwuemeka Odumegwu Ojukwu University in Anambra State just days earlier and Professor K.K Nwozor commended the Bank for its conservation efforts.

The initiative is part of a broader strategy by Polaris Bank to align its operations with the United Nations Decade on Ecosystem Restoration (2021–2030), which stresses the urgent need for land restoration and resilience against desertification and drought.

The theme resonates with the 2024 World Environment Day, underscoring the bank’s proactive stance in promoting sustainable practices aimed at restoring degraded lands and enhancing biodiversity across Nigeria.

Osazuwa Igbinoba, Directorate Head for Abuja, articulated the bank’s ethos, stating, “Sustainability is embedded in our business strategy and actions at Polaris Bank.”

He noted that the tree-planting efforts not only aim to restore natural ecosystems but also focus on planting economic trees to ensure a sustainable environment for future generations.

Chiwetalu Nwatu, Directorate Head for the South East, echoed this sentiment by emphasizing that sustainability is at the heart of the Bank’s operations, encompassing more than just financial services.

He noted that Polaris Bank’s approach integrates responsible banking with societal empowerment and environmental responsibility, all grounded in Environmental, Social, and Governance (ESG) principles.

The significance of tree planting as a countermeasure against climate change cannot be overstated. Thus, the initiative addresses critical issues such as soil erosion, air quality improvement, and climate regulation through carbon dioxide absorption.

The bank’s efforts are not isolated; they form part of a nationwide campaign that has seen similar initiatives executed at various educational institutions and community reserves across Nigeria.

The Bank’s nationwide Tree planting exercises were held recently at Tai Solarin University, Ijebu Ode in Ogun State on July 1st; Ajingi Community Reserve, Kunkurawa in Kano State on August 30th; and University of Ibadan, Oyo State on October 3rd.These events illustrate Polaris Bank’s commitment to sustainable development and environmental restoration.

This project not only enhances local ecosystems but also serves as a public call to action on the importance of environmental preservation. Through collaborative efforts like these, Polaris Bank seeks to inspire individuals, communities and organizations to engage in environmental restoration and contribute to a sustainable future for all.

Polaris Bank, in collaboration with the NCF, remains steadfast in its commitment to environmental stewardship, community well-being and corporate responsibility, as demonstrated through these impactful tree-planting activities.

Through this project, the Bank aims to inspire individuals, communities and organizations to foster a culture of sustainability throughout Nigeria.