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Fintechs Should Enhance Users’ Safety and Trust to Forestall Rising Cases of Fraud – Oduwole

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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.
Temitayo Oduwole, Head of IT and Payments, PalmPay, stated this at the third Africa Tech Alliance Forum (AfriTECH) on Wednesday, in Lagos, while emphasizing the critical importance of prioritizing 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.
We also run a Wallet Safety Workshop to educate our users on how to safeguard their wallets and apply safety tips to limit incidents of financial fraud’.
A highlight of the event was the award of the 2023 Africa Tech Alliance Excellence (ATAEX) Awards for ‘Fastest Growing Fintech of the Year’ to PalmPay for the fintech company’s “excellence and innovation in the use of IT in financial services.”
Attendees at the event included industry regulators and stakeholders from the Nigerian Communications Commission (NCC); the Nigeria Computer Society (NCS); Association of Licensed Telecoms Operators of Nigeria (ALTON).
Others were the Association of Telecommunications Companies of Nigeria (ATCON); Information Technology Association of Nigeria (ITAN); InnovationBed Africa; and Institute of Software Practitioners of Nigeria (ISPON), amongst others.
About PalmPay
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians.
PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to 30 million users, and 1.1 million businesses, including 600,000 merchants and 500,000 agents, are part of its cashless payment ecosystem.
The company has disclosed USD 140m of funding. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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MTN Foundation Hosts Stakeholders to Tackle Rising Drug Abuse Among Youth

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L-R: Tobe Okigbo, Chef Corporate Services Officer, MTN Nigeria; Archieabia Ibinabo, Assistant Commander General of Narcotics, representative of Brig. Gen Mohammed Buba Marwa, Chairman/CEO, National Drug Law Enforcement Agency (NDLEA); Barrister Abimbola Salu-Hundeyin, Secretary to the Lagos State Government, (representative of His Excellency, Governor of Lagos State, Mr. Babajide Sanwo-Olu); RT. Honourable Princess Lasbat Mojisola Meranda, Deputy Speaker, Lagos State Assembly; Dr. Mosun Olusoga, Chairman, MTN Foundation; Odunayo Sanya, Executive Director, MTN Foundation, and Dr. Tolu Ajomale, Head of Special Projects and Mental Health, Lagos State Ministry of Health (representative of Prof. Akin Abayomi, Commissioner for Health, Lagos State) during the MTN Anti-Substance Abuse Programme (ASAP) Lagos Conference held in commemoration of World Drug Day at the MTN Rooftop, Ikoyi, Lagos on Wednesday, July 9, 2025.
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MTN Foundation hosted its annual Anti-Substance Abuse Programme (ASAP) Conference on July 9, 2025, at the MTN Rooftop in Ikoyi, Lagos, bringing together stakeholders from government, healthcare, education, security, civil society, and the private sector to address the growing challenge of drug abuse among Nigerian youth.

L-R: Tobe Okigbo, Chef Corporate Services Officer, MTN Nigeria; Archieabia Ibinabo, Assistant Commander General of Narcotics, representative of Brig. Gen Mohammed Buba Marwa, Chairman/CEO, National Drug Law Enforcement Agency (NDLEA); Barrister Abimbola Salu-Hundeyin, Secretary to the Lagos State Government, (representative of His Excellency, Governor of Lagos State, Mr. Babajide Sanwo-Olu); RT. Honourable Princess Lasbat Mojisola Meranda, Deputy Speaker, Lagos State Assembly; Dr. Mosun Olusoga, Chairman, MTN Foundation; Odunayo Sanya, Executive Director, MTN Foundation, and Dr. Tolu Ajomale, Head of Special Projects and Mental Health, Lagos State Ministry of Health (representative of Prof. Akin Abayomi, Commissioner for Health, Lagos State) during the MTN Anti-Substance Abuse Programme (ASAP) Lagos Conference held in commemoration of World Drug Day at the MTN Rooftop, Ikoyi, Lagos on Wednesday, July 9, 2025.

Prominent attendees included Dr. Mosun Olusoga, Chairman of MTN Foundation; Barrister Bimbola Salu-Hundeyin, Secretary to the Lagos State Government; and Dr. Tolu Ajomale of the Lagos Ministry of Health, among others. Also present were representatives of NDLEA, UNODC, academia, psychologists, recovery advocates, and youth leaders.

Speaking on behalf of Governor Babajide Sanwo-Olu, Salu-Hundeyin reaffirmed Lagos State’s commitment to safeguarding its youth and fostering a future free from substance abuse. Dr. Olusoga emphasized that drug addiction extends beyond health, touching families, communities, and national well-being, calling for proactive, united action.

MTN Nigeria’s Chief Corporate Services Officer, Tobe Okigbo, stressed the company’s long-standing dedication to youth development through initiatives like ASAP. NDLEA’s Assistant Commander General of Narcotics, Archieabia Ibinabo, representing Brigadier General Buba Marwa, commended MTN Foundation as a vital ally in drug prevention efforts.

The conference featured personal stories of recovery in a session titled “Journeys Through the Fire,” followed by a panel discussion on multi-sectoral solutions to substance abuse. It concluded with a dramatic performance, “Just One Breath,” by LASU’s WADA Club, illustrating the personal and societal toll of drug use.

Executive Director of the MTN Foundation, Odunayo Sanya, closed the event with a powerful call to action, urging media, communities, and policymakers to drive sustained investment in youth empowerment and early intervention.

The Foundation reaffirmed its commitment to building resilience among young Nigerians and catalyzing cross-sector partnerships for a drug-free future.


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MTN MUSON Music Scholars Graduate in Style at Lagos Ceremony

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MUSON Centre, Onikan, Lagos, was filled with music, pride and emotion on Thursday, July 4, as the Class of 2025 of the MTN Foundation–MUSON Diploma in Music graduated in a ceremony that celebrated discipline, artistry and the power of partnership in nurturing young Nigerian talents.

The event marked the culmination of two years of intensive training for the graduating scholars, supported by the MTN Foundation–MUSON Scholarship Programme. This partnership has provided full scholarships to hundreds of talented Nigerians, giving them access to world-class music education and helping them hone their skills as professional musicians.

Speaking at the ceremony, Dr. Mosun Olusoga, Chairman of the MTN Foundation, praised the graduates for their resilience and dedication. “Despite personal and financial obstacles, you showed up with determination, supported one another and embodied the values of excellence and empathy. You are stepping into the world as teachers, performers and cultural advocates. Nigeria and the world need your music now more than ever,” she said.

Chairman of MUSON’s Board of Trustees, Louis Mbanefo, SAN, reflected on the legacy of MUSON and the impact of its partnership with MTN. “Through the generosity of MTN and the dedication of our faculty, MUSON has produced more than 500 graduates who are making significant contributions to Nigeria’s cultural scene and beyond. As you join this vibrant alumni community, remember your responsibility to give back, uphold excellence and enrich the nation’s musical heritage,” he said.

Director of the MUSON School of Music, Princess Banke Ademola, described the graduates as ambassadors of discipline and artistry. “Today, we are not just sending graduates into the world; we are releasing ambassadors of discipline, creativity, and cultural excellence. Each of you has proven that with hard work and resilience, music can transcend challenges and inspire change. Go out there and let your music heal, connect, and transform lives.”

In her speech, Chief Mrs. Joke Chukwuma, Yeye Oba Iye of Ekiti Kingdom, encouraged them to use their music to inspire change and heal communities. “Music is the heartbeat of our culture, and today’s graduates are its future custodians. You are not just musicians; you are storytellers and architects of emotion. Carry your craft with pride and remember that your sound has the power to give voice to the voiceless and light to the world.”

As the graduates received their diplomas to loud applause, the event highlighted the impact of public-private collaboration in advancing Nigeria’s creative industries. The MTN Foundation–MUSON partnership continues to inspire hope for the future of music in Nigeria, turning dreams into reality and passion into excellence.


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Nvidia Overtakes Apple and Microsoft to Claim Global Tech Crown

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Nvidia has become the first publicly traded company to hit a $4 trillion market valuation, surpassing tech giants Apple and Microsoft. Shares rose 2.5% in early trading on Wednesday, July 9, lifting the chipmaker’s market cap past the historic milestone.

Nvidia’s rapid rise reflects its dominant role in powering the global artificial intelligence boom. The company’s chips run the data centers behind AI models and cloud services for Microsoft, Amazon, Google, and more. Global spending on AI infrastructure is expected to top $200 billion by 2028, driving further demand.

Nvidia’s revenue for the quarter ending in April soared 69% year-over-year to $44.1 billion. Its stock has climbed nearly 20% this year, despite facing export restrictions and fresh competition from China’s DeepSeek, which briefly rattled markets. Nvidia shares dropped as much as 37% from January to April, before roaring back to gain almost 74% since early April.

Analysts say Nvidia’s success cements it as the backbone of the AI revolution. “There is one company in the world that is the foundation for the AI revolution, and that is Nvidia,” wrote Wedbush Securities’ Dan Ives. He predicts Microsoft, currently valued around $3.77 trillion, will also cross the $4 trillion threshold later this summer.

Nvidia rose to prominence through graphics cards loved by gamers, but now leads in AI hardware, from autonomous vehicles to next-gen chips like the Blackwell Ultra, which promises to support more advanced reasoning in AI models.

The company’s surge has also made CEO Jensen Huang one of the world’s richest people, with a net worth of roughly $140 billion. Huang has met with President Trump and joined other tech leaders on trips abroad, as Nvidia partners in major initiatives like Project Stargate, a $500 billion push to expand US AI infrastructure.

Despite challenges from new players and US-China trade tensions that cost it an estimated $2.5 billion last quarter, Nvidia’s outlook remains bright. On a May earnings call, Huang said AI would become essential for “every country” and “every industry,” from software and healthcare to manufacturing and transportation.

Some on Wall Street believe Nvidia’s rise is only beginning. Loop Capital analysts recently projected the company could reach a staggering $6 trillion valuation by 2028, calling it “essentially a monopoly for critical tech” in the AI space.


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