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.

The Central Bank of Nigeria has launched three initiatives aimed at realizing Nigeria’s vision of a $1 trillion economy by 2030 through financial inclusion.

The initiatives were launched at the second edition of the International Financial Inclusion Conference, which was held in Lagos on Tuesday under the theme, ‘Inclusive Growth: Harnessing Inclusion for Economic Development’.

The initiatives unveiled during this year’s conference include the Women Entrepreneurs Finance Code (We-Fi Code, which is a platform designed to transform the financing landscape for women-owned Micro, Small, and Medium Enterprises globally, the Women Financial Inclusion Dashboard which allows regulators and policymakers to identify and prioritise gender gaps in financial services;

The third initiative is the Roadmap for the Financial Inclusion of Forcibly Displaced Persons, which is aimed at mobilising the collaborative efforts of financial institutions, regulatory bodies, government agencies, and non-governmental organisations to support FDPs in overcoming financial barriers, accessing essential services, and establishing the foundation for their economic independence.

Olayemi Cardoso, the CBN Governor, in his welcome address, said that as we gather here today we reflect on Nigeria’s ambitious plan to reach a $1 trillion economy.

He said the Apex bank had been working assiduously to stabilise the economy, working through monetary policy to tame inflation and rebuild the confidence of the Nigerian people in its economy.

Cardoso emphasised that financial inclusion was central to achieving broad-based economic growth, stressing that Economically, financial inclusion impacts poverty reduction, income equality, employment generation, and overall productivity.

“When more people have access to formal financial services, they are better able to save, invest, and contribute to the economy,” Cardoso said.

Cardoso, while noting that financial inclusion ensures that people have access to bank accounts, credit, savings, and other essential services, maintained that widespread access to financial services is an enabler of economic activity.

According to him, Micro, small, and medium enterprises (MSMEs) which are the backbone of Nigeria’s economy can thrive with improved access to credit, creating jobs and boosting productivity.

The CBN Governor reiterated that financial inclusion was foundational to Nigeria’s sustainable economic development, saying that the Apex bank was keen on ensuring its Financial Inclusion Policies and Initiatives address the peculiar access to finance barriers for underserved populations, particularly women, youth, and MSMEs.

Furthermore, Cardoso emphasised that financial inclusion had the potential to unlock significant economic growth, particularly through the empowerment of SMEs, women, and other vulnerable segments of the population.

He disclosed that SMEs were responsible for over 80 percent of employment in Nigeria, yet many struggle to access the credit needed for expansion, adding that financial inclusion for SMEs was essential to unlock the full potential of this sector, which he said the Federal Government remained committed to supporting these enterprises.

Similarly, Babajide Sanwo-Olu, Lagos State Governor, urged various governments and stakeholders in Nigeria to remain focused on building a more inclusive economy, where no one is left behind, where every voice matters, and every individual has a fair chance to succeed.

Sanwo-Olu, who was represented by his Deputy, Obafemi Hamzat urged everyone to focus on the pursuit of financial inclusion, saying that this should be done with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they needed to prosper.

According to him, the focus should be on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed.

“Let us continue this work with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they need to prosper.

“Let us remain focused on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed,” Sanwo-Olu said.

Nigerian businesses are becoming less confident in the economy as expectations of further naira depreciation loom before the year ends, according to the Central Bank of Nigeria’s (CBN) Business Expectation Survey for October.

The Overall Confidence Index (OCI) dropped by 3.2 points to 14.5, down from 17.7 points in September, reflecting a waning business outlook.

The survey highlighted a decrease in the OCI for the current month, next month, and the upcoming six months, with the indexes falling to 1.4, 4.8, and 21.8 points respectively, compared to 3.2, 6.2, and 29 points recorded in September.

“The overall confidence index (CI) on the macroeconomy indicates that businesses were optimistic in October 2024,” the CBN noted. However, businesses expressed expectations for the naira’s depreciation over the next three months, with hopes for a potential appreciation within six months.

Key concerns affecting the business landscape include high interest rates, insecurity, multiple taxes, inadequate power supply, an unfavorable economic climate, and financial constraints, according to the survey.

Sectoral analysis showed that optimism on business operations was prevalent across all sectors except the Industry sector. Respondents also expressed a positive outlook on business volume, total orders, financial conditions, and access to credit during the review period.

In anticipation of improved conditions, many businesses plan to increase hiring in November, with the Agriculture sector showing the highest prospects for employment and expansion.

The Construction sector, however, remains hesitant about workforce growth in the upcoming month.