To commemorate the upcoming International Anti-Fraud Awareness Week, PalmPay, a leading financial institution in Nigeria, is launching a series of community-focused initiatives to educate the public on fraud prevention and digital security.

The highlight of this initiative is a community walk themed “United Against Fraud: Building a Safer Future”, set to take place across Lagos on November 22, 2024. This walk will gather key stakeholders from various sectors, PalmPay staff, and members of the public, reinforcing a collective commitment to a safer digital finance ecosystem in Nigeria.

The walk will commence at designated PalmPay offices, moving towards the vibrantIkeja tech hub, Computer village. Along the route, participants will distribute informative materials and engage with local residents and passersby, sharing tips on fraud prevention and encouraging safe digital practices. The event is open to all who are interested in standing against fraud and learning about ways to protect themselves in today’s digital landscape.

Fraud continues to be a significant challenge within Nigeria’s growing digital financial ecosystem. Recent data has shown a staggering increase in fraud related cases , making it imperative for both businesses and consumers to be proactive in safeguarding themselves.

PalmPay, committed to promoting a secure and trustworthy digital finance landscape, will be spearheading an awareness campaign throughout Anti-Fraud Awareness Week to support financial literacy among its customers. The goal is to encourage its users to adopt safe digital practices, such as setting strong passwords, recognizing phishing attempts, and reporting any suspicious activity promptly.

“At PalmPay, we are deeply committed to safeguarding our users from fraud by providing the tools and knowledge they need to protect themselves,” said Adenekan Oluwatosin, Anti-Fraud Officer at PalmPay. “As digital finance becomes more integral to everyday life, it’s crucial to stay vigilant and informed about potential risks. Our Anti-Fraud Awareness Week reaffirms our commitment to proactive security measures and financial literacy.”

Chika Nwosu, Managing Director of PalmPay, added,  “This initiative aligns with PalmPay’s mission to foster a secure and trustworthy financial landscape for Nigerians. We believe that collaboration with the public and industry stakeholders is vital to tackle fraud effectively.”

PalmPay encourages the public to participate in this awareness walk to stand against fraud, learn essential self-protection strategies, and contribute to building a safer, more secure digital financial landscape for all Nigerians.

United Bank for Africa (UBA) Plc, Africa’s Global Bank, has collaborated with Mastercard to launch a commemorative debit card in celebration of UBA’s 75th anniversary.

L-R: Olusola Olakanmi , Vice President, Account Management, Nigeria, Mastercard; Kari Tukur, Vice President, Customer Solutions Center, East and West Africa, Mastercard; Folasade Femi-Lawal, Country Manager and Area Business Head, West Africa, Mastercard; Mark Elliott, Division President, Africa, Mastercard; Oliver Alawuba, Group Managing Director, United Bank for Africa(UBA); Shamsideen Fashola, Group Deputy Managing Director; Group Head, Retail and Alero Ladipo, Digital Banking and Group Head, Marketing & Corporate Communications, at the unveiling of special UBA Mastercard Debit Card in commemoration of the bank’s 75th platinum jubilee.

This collaboration aims to honor UBA’s long-standing customer relationships and enhance their banking experience with a range of offers and discounts across multiple platforms.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke at the unveiling, highlighted that the card comes loaded with certain benefits aimed at rewarding customers, including limited 25% off purchases on Jumia and USD75 cashback on transactions made through AliExpress.

He added that this initiative symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.

“This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, by providing them with access to secure transactions and new opportunities across the continent,” Alawuba said.

The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries. “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years,” he added.

Mark Elliott, Division President for Africa, Mastercard, expressed his appreciation for the UBA collaboration, emphasising its significance in supporting Africa’s digital economy. “We are excited to collaborate with UBA to celebrate this milestone and bring more value to customers across Africa.

“This commemorative card is more than just a product; it reflects our commitment to advancing financial inclusion and supporting Africans in accessing secure, convenient and impactful financial solutions.”

Elliott highlighted the immense opportunities within the African payment ecosystem and shared that Mastercard is eager to explore new opportunities with UBA.

“Together with UBA, we are focused on delivering innovation that meet the evolving needs of the region, empowering individuals, and promoting digital growth across the continent,” he stated.

The launch of the commemorative debit card represents a significant step in UBA and Mastercard’s shared journey towards financial empowerment and innovation across Africa.

Nigerian federal government spent a total of $3.57 billion servicing the country’s foreign debt in the first nine months of 2024, a sharp increase of 39.7% from the $2.56 billion spent during the same period in 2023.

This spending is highlighted in the Central Bank of Nigeria (CBN) report on international payment statistics.

The highest monthly debt servicing payment in 2024 occurred in May, totaling $854.36 million, a significant rise from $641.69 million in July 2023. In contrast, the highest payment recorded in 2023 was $641.69 million in July, underscoring the growing debt burden.

A closer look at the monthly breakdown reveals notable fluctuations in debt servicing costs throughout the year. January saw a dramatic 389% increase in debt servicing costs, reaching $560.51 million, compared to just $112.34 million in January 2023. February and March showed slight declines, with February’s payments dropping 1.8% to $283.21 million and March’s falling 31.04% to $276.16 million.

The most significant increase came in May 2024, where Nigeria spent $854.36 million on debt servicing, marking a staggering 286.52% increase from $221.05 million in May 2023. On the other hand, June experienced a slight dip, with payments falling to $50.82 million from $54.35 million in June 2023. July recorded a 15.48% decline, while August also saw a decrease of 9.69%. However, September 2024 marked a 17.49% increase, with payments rising to $515.81 million from $439.06 million in the same month of 2023.

Debt management has been a growing concern for the country. In the second quarter of 2024, Nigeria’s public debt surged to N134 trillion, up by 10% from N121.67 trillion in the first quarter. Domestic debt rose to N71.22 trillion ($48.44 billion), while external debt stood at N63.07 trillion ($42.90 billion) as of June 2024.