Telecom
Why PalmPay Is Playing Big in the Digital Banking Space- Chika Nwosu
PalmPay, a leading Africa-focused fintech platform, has said that the future of money is now; therefore, the company has put in place adequate infrastructure, and the right measures to ensure that its millions of customers are guaranteed adequate security.
Speaking while making a presentation titled “Future of Money, Security, Customer Experience (CX)” at the Africa Tech Alliance (AfriTECH 3.0) held at The Providence Hotel, Ikeja GRA, last week, Mr. Chika Nwosu, the Managing Director of PalmPay, said that besides the operator putting the right things in place, the consumers also must the aware of how to protect themselves.
Nwosu who was represented at the Forum by Temitayo Oduwole, Head of IT and Payments at PalmPay, recounted the origin of money and its evolution to this moment and said that people are gradually moving away from paper money, where physical cash transactions are made, to what is today known as digital money where online and digital transactions now hold sway.
“All the services that we need are driven by technology, even the medium of exchange is also driven by technology. And the future of money right now is digital. If you look at the before and the now, right now because money has gone digital, we are experiencing a kind of transformation in the digital space. In terms of convenience, in terms of the ease of payment, that is what the future of money holds and that’s what we’re getting right now.
“I’m sure most people don’t even go around with cash again. Any transaction that you want to do, you can easily do that transaction on your phone, using your mobile wallet, using your card. So that is how money has transformed from being a cash-oriented medium to a digital medium right now,” he said.
Nwosu said PalmPay was prepared for this new regime of money and put a lot of robust infrastructure in place for risk management aimed at balancing the user experience with security in its app, adding that it has ensured that at any point in time, it puts measures in place that forestall a customer’s account being compromised.
“We have an AI in place, a logic that understands the pattern of your account, the pattern of your transaction. If it sees that somebody is doing something irrational or something out of the ordinary that you do on a normal day, because of the pattern that we’ve been able to build, we can block that transaction.
“And because we’re also going to have to look at technology-as-a-service, rather than having our infrastructure on prep, we’re having our infrastructure on the cloud. These are things that speak to infrastructure as a service, and technology-as-a-service, and are driving our reliability and sustainability today,” Nwosu said.
Nwosu admitted that though digital money is essential due to its speed, convenience, and accessibility, it also comes with its own threats and its own security challenges, especially in the face of nefarious activities around cybercrime.
“There are different channels by which people can access their money. However, in accessing this money, there is a potential challenge of having your funds being taken over by some people that you don’t want them to have access to it. There are lots of things happening around the future of money in terms of safety and in terms of security.
“We have online fraud. We have a local simulation. Identity theft is on the rise. We are being infused into devices, into servers. We have phishing in which e-mails are sent to deceive you to believe that the e-mails are coming from a genuine source. These are things that can affect or impact the digital money currency.
“The most important thing, again, is that at any point in time, as much as we are creating the environment to make sure that fraud is actually reduced in terms of cyber security, we are addressing all the things that need to be addressed so that from a digital money perspective, we are able to access the money without any fear. We can do a transaction without any fear.
“It’s also very important to understand that any time a fraud happens, a notification is very important. Next slide, please. Lack of security awareness is top of the reasons why consumers are scammed or defrauded.
“And what we try to do in PalmPay is to raise that awareness, to let our customers know that their personal information is only personal to them,” he said.
The Managing Director stated that lack of knowledge to protect personal information, patronizing fake sites and social media pages, and attempts or pivots on unofficial channels, are some of the things that could lead to customers being scammed or defrauded.
On PalmPay’s approach to enhancing customer security on its app, Nwosu said over the past four years it has been in the Nigerian market, it has been able to marry security with customer experience, which has remained the attraction to its brand.
“What we’ve done is binding. Your phone is bound such that even if you change your phone, you put in your credentials, and there’s an OTP that has been sent to revalidate and authorize the customer who is trying to do that transaction.
“One of the other things that we’ve also done to make sure that our customers are well protected is to have an inactive session set up.
“An inactive session has to do with if you’re not doing anything on your app, then it’s time out. It doesn’t give room for people to have access to that phone or your mobile app and try to do something. Because if you keep the mobile app up, anybody could actually have access to it, and they could do any transaction.
“Not to forget the fact that for every transaction that you do as well, it’s been enabled. We have a metric just to make sure that it is the right person that is accessing your account at any point in time,” Nwosu concluded.
Nigerian Communications Commission (NCC) has hosted a virtual stakeholders’ forum to discuss the draft Application-to-Person (A2P) licensing framework.
The event, held on December 20, aimed to address challenges in the international A2P messaging space in Nigeria, including consumer protection, fraud prevention and industry fairness.
Dr. Aminu Maida, executive vice chairman (EVC)/ceo, Nigerian Communications Commission who was represented by Mrs. Chizua Whyte, Ag. Head, Legal and Regulatory Services of NCC, said A2P messaging plays a vital role in today’s digital world.
“A2P messaging drives efficiency, enhances communication and supports socio-economic development.
“It has become the go-to platform for businesses to send notifications, whether transactional, promotional or service-related, directly to consumers,” Whyte said.
She emphasized the importance of effective regulation, stressing that the NCC’s strategic focus is centered on three key stakeholders: the government, consumers and the industry.
Whyte noted that the proposed framework seeks to foster innovation, ensure fair and transparent operations and protect consumers.
“The NCC firmly believes that effective regulation stems from inclusivity and collaboration.
“This forum is an opportunity for all of us – operators, aggregators, businesses, service providers and consumers – to engage in meaningful discussions,” she said.
The commission presented the various feedbacks received as inputs into the A2P Licensing Framework and gave NCC’s responses to each of the observations and recommendations made by the licensees.
Mrs. Truddy Tony-Awusaku, Assistant Director at the Licensing and Authorisation Department of the NCC, presented an overview of the framework for international A2P messaging in Nigeria.
The NCC assured stakeholders that it would continue to engage internal and external stakeholders ahead of the final draft of the A2P Messaging Services Licensing Framework.
The commission invited stakeholders to provide feedback and recommendations to refine the framework and create a sustainable A2P messaging ecosystem.
9Mobile, mobile network operator, has blamed a network outage this week on a fire incident at its main data center in Lagos.
The fire is said to have happened on Tuesday night (December 17), leading to network issues for 9Mobile’s customers until Thursday.
9Mobile said it had experienced multiple fiber cuts which had led to some of the disruption.
Its customers have taken to social media to complain about a lack of voice and data services.
9Mobile is estimated to have more than 11 million mobile subscribers.
The latest outage follows a six-day outage that impacted the carrier in July.
“9Mobile sincerely apologizes for the recent service outages experienced by our valued customers which have affected our ability to provide voice, data, and internet services. We understand the frustration these disruptions have caused and deeply regret the inconvenience,” said 9Mobile in a statement.
“Our technical team has identified the root causes of the outages including a fire incident at our main data center in Lagos last night which severely impacted services, especially in the Lagos and South-West. We are grateful for the swift intervention of the Lagos State Fire Service, which helped prevent further damage.”
The cause of the fire was not revealed by the carrier.
Acknowledging the fiber cuts, 9Mobile explained that prior to the fire, a fiber cut on the backbone links in Lagos led to a total data outage across the country. Other vandalism incidents in Lagos and Abuja led to a total service outage in the southwest and a data service outage in the north of the country.
Sytemap, a trusted leader in land acquisition and technology solutions, is thrilled to announce a groundbreaking initiative designed to empower women through affordable and secure land ownership.
From March 8 to March 14, 2025, women—including professionals in Africa and the diaspora—will enjoy an exclusive 50% discount on plots from verified estate developers through the Sytemap platform.
This initiative, themed “Her Land, Her Future,” underscores Sytemap’s commitment to breaking cultural and economic barriers that have historically sidelined women from property ownership. Partnering with over 30 reputable estate developers, Sytemap is creating unprecedented opportunities for women to invest in land with confidence.
For decades, women in Nigeria and across Africa have faced significant hurdles in land acquisition, including high costs, fear of fraud, and societal biases. In fact, studies show that 65% of victims of land scams in Nigeria are women.
Sytemap’s CEO, Nnamdi Uba, stated, “Women have long been marginalized in land ownership, a critical path to building wealth and security. Our mission is not only to make land ownership accessible but to eliminate the fears and uncertainties that hold women back.”
With this initiative, Sytemap leverages its reputation for transparency and cutting-edge technology to offer a simple, scam-free, and empowering process for land purchase.
The campaign is designed to resonate with young professionals, particularly women with good-paying jobs who are ready to invest in their future. For women in the diaspora, the initiative offers tailored support, including seamless international payment options and an innovative plot-monitoring app that allows buyers to manage their investments from anywhere in the world.
Key Features Include:
50% Discount: Available only during the trade fair window (March 8–14, 2025).
Verified Estates: Secure locations vetted by Sytemap and trusted developers.
Flexible Payment Plans: Options to spread payments over several months to ease financial stress.
Digital Monitoring: A dedicated app to track land purchases and allocation progress.
Guaranteed Transparency: Every outright payment comes with instant, verifiable certificate allocation, with land documents delivered within three weeks.
This initiative will launch during the “Sytemap Land Trade Fair 1.0,” an event bringing together key stakeholders, women’s organizations, and influencers to celebrate this transformative moment. Women in the diaspora are encouraged to participate and take advantage of this life-changing opportunity.
Imagine a future where women are equal stakeholders in property ownership, shaping communities and securing generational wealth.
Sytemap invites women across Africa and the diaspora to claim their space and rewrite the narrative of land ownership.
For more details and to reserve your plot, visit https://sytemap.com/women.
PalmPay, Jumia Reward Users in Festive Campaign
Ride the ‘Wicked’ Wave: Temu Brings Green Magic to Christmas
NCC Holds Virtual Forum on A2P Licensing Framework
Kaspersky Cybersecurity Experts Warn of Evolving Holiday Scams
Corruption: ICPC Threatens Sanctions as 330 MDAs Fail Financial, Governance Tests
UBA Group Sets Foot in France with Full Banking Services
FG Begins N50 Electronic Levy Deductions from Moniepoint, Other Digital Banks
Report Reveals Most Organisations Fear AI-driven Cyberattacks but Lack Key Defences
Nigeria Risks Missing out on $1.2 Trillion AI Opportunity- NigComSat
Firm Sues NIMC, Others On Digital Rights Breach Allegations
E-Business2 days agoRide the ‘Wicked’ Wave: Temu Brings Green Magic to Christmas
E-Business3 days agoKaspersky Cybersecurity Experts Warn of Evolving Holiday Scams
Telecom3 days agoKonga to Launch Africa’s First AI-Powered Hit Music & Commerce Radio Station
News2 days agoPalmPay, Jumia Reward Users in Festive Campaign
Telecom3 days ago9Mobile Blames Network Outage on Data Center Fire in Lagos
Telecom2 days agoNCC Holds Virtual Forum on A2P Licensing Framework
E-Financial3 days agoDiaspora Remittances to Nigeria Reach $4.22 Billion in 2024, Says CBN
Telecom3 days agoSytemap Announces 50% Discount on Verified Lands for Women, March 8–14, 2025