PalmPay, a leading fintech company in Nigeria, has reiterated its commitment to combating financial fraud through cutting-edge technology. This was emphasized during a high-level courtesy visit by the company’s Managing Director and management team to the Nigerian Financial Intelligence Unit (NFIU).

Addressing the growing prevalence of fraud in the country, Chika Nwosu, Managing Director of PalmPay Limited, stressed the need for robust collaboration between fintech companies and government agencies. “At PalmPay, we believe that a secure financial ecosystem is the foundation for a thriving digital economy,” he stated.

“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.”

Chika also highlighted the significant rise in electronic payment transactions across Nigeria’s financial system, underscoring the importance of proactive measures to address emerging threats.

PalmPay reaffirmed its support for the NFIU’s mission to safeguard the country’s financial infrastructure. The company outlined plans for close collaboration with the agency, including knowledge-sharing initiatives, stakeholder training programs, and the development of innovative solutions to combat fraud in the digital space.

Hafsat Abubakar Bakari, Chief Executive Officer of the NFIU, commended PalmPay for its proactive approach to financial security and its commitment to aligning with national and international regulatory frameworks. She emphasized the importance of continuous collaboration between private sector players and government institutions in the fight against financial crimes.

PalmPay’s visit to the NFIU reflects its vision of contributing to a secure, transparent, and inclusive financial ecosystem in Nigeria. As a fintech leader, PalmPay remains steadfast in its mission to create a digital economy where trust and security drive growth and innovation.

In a bid to provide credit protection to foster investment in Africa under the “Mattei Plan”, SACE, an Italian insurance-financial group and the African Development Bank Group (AfDB) have signed a $6bn deal.

The collaboration between SACE and AfDB is to sustain the development of initiatives with Africa’s public and private sectors, with additional opportunities for Italian businesses in education, agribusiness, healthcare, energy, water and infrastructure.

The signing took place during the African Investment Forum (AIF) 2024 Market Days currently underway in Rabat, Morocco. The AIF is a platform that helps develop bankable projects, secures funding, and facilitates deal closures. Its goal is to mobilize capital for key sectors, supporting the UN’s Sustainable Development Goals and Africa’s development agendas.

The collaboration agreement was signed by Michal Ron, chief international business officer of SACE responsible for the Overseas Network, and Hassatou N’Sele, AfDB’s vice president for finance and chief financial officer.

“The $6 billion Mattei plan to bolster economic links and create an energy hub for Europe, while curbing African emigration to Europe, was unveiled by Italian Prime Minister Georgia Meloni in February this year. The Italian Government and the African Development Bank Group have planned a series of joint initiatives to support the implementation of the Mattei Plan.”

This initiative establishes synergies between SACE’s products, such as the Push Strategy as an untied export credit product, traditional export credit insurance, and the financial products offered by the African Development Bank Group.

It will support the financing of high-impact projects in Africa while jointly generating opportunities for business matching between African and Italian companies.

The initiative brings together SACE’s products, including untied export credits, traditional export credit insurance, and financial solutions from the AfDB. The collaboration aims to finance high-impact projects in Africa while fostering business partnerships between African and Italian companies.

“Africa represents a market of great potential for our companies, and our collaboration under the “Mattei Plan” will strengthen their positioning in key sectors for the continent’s development, in line with the purpose of the Mattei Plan,” said Ron.

“In particular, we are already identifying new business opportunities where SACE can make a difference thanks to the Push Strategy, a financial instrument that, through guarantees, connects African buyers with Italian SMEs, involving them in strategic projects related to infrastructure, agribusiness, healthcare, energy, and education: priority sectors where Made in Italy, with SACE’s support, can offer a significant contribution.”

The collaboration also looks to expand commercial relations between Italy and Africa, encouraging the business of Italian companies interested in operating on the continent in priority sectors of the Mattei Plan: education and training, agriculture/agro-industry, healthcare, energy, water, infrastructure, including digital economy infrastructure.

The European Bank for Reconstruction and Development (EBRD) and the African Development Bank Group are strengthening their strategic partnership to support small and medium-sized enterprises (SMEs) in Sub-Saharan Africa.

Building on successful past collaborations, including in North Africa, the two banks aim to jointly provide, in the coming months, tailored financing solutions and business advisory support to high-potential SMEs across the region. This integrated approach seeks to accelerate the growth of these SMEs to broaden their positive impact on local and regional economies.

Despite being the backbone of African economies and driving innovation, job creation, and sustainable development, SMEs face considerable challenges to growth, including, among others, limited access to financing opportunities and know-how.

By equipping promising SMEs with the necessary tools and resources to meet these challenges, this partnership will foster their further development and wider economic resilience.

Leveraging the African Development Bank’s in-depth on-the-ground expertise and the European Bank for Reconstruction and Development’s extensive experience working directly with SMEs, this collaboration represents a powerful framework for supporting African businesses and fostering the growth of the continent’s private sector.

By combining resources and expertise, the AfDB and EBRD are committed to creating a robust ecosystem that will attract additional investment and enable long-term sustainable economic progress across Sub-Saharan Africa.

This partnership aligns with the African Development Bank’s High 5 priorities and the EBRD’s mission of promoting private and entrepreneurial initiative. Together, the two institutions aim to position African SMEs as key drivers of economic transformation and resilience.