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PalmPay, an Africa-focused fintech platform, has called for collaboration and innovation among banks and fintechs to drive financial inclusion in the country.
According to a release, the Head of Partnerships, PalmPay, Chibuzor Melah, stated this during the Nigeria Fintech Forum, themed, ‘Building the Next Frontiers for Nigeria’s Fintech’ held recently in Lagos.
It noted that the event brought key stakeholders from both the public and private sectors, including regulators, to discuss the rapid advancements in Nigeria’s financial technology industry.
Speaking on a panel session, themed: ‘Rewriting the rules: Building an open, innovative and collaborative bank of the future’, Melah noted, “PalmPay is a technology-driven company that believes in collaborating and innovating to deliver value to customers.
“What has given us success in the past five years of operation is our investment in data, which gives us insights into customer behaviour. This enables us to create tailor-made solutions suitable for our customers. Our insight-driven strategy has helped us reach out to the unbanked, thereby building trust in open banking.
“We have succeeded by collaborating with other players in the financial sector. We believe that there’s still a lot more to do in building trust, driving financial inclusion in the last mile.”
According to Melah, the success recorded can be attributed to collaborative efforts between banks and fintechs but more collaboration can take place.
“The challenges we face today have opened opportunities to collaborate to gain new markets and deliver new products to benefit the economy,” he stated.
According to the EFInA Access to Finance Survey 2023, formal financial inclusion in Nigeria has grown significantly from 56 per cent in 2020 to 64 per cent in 2023.
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