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Nigeria: PalmPay steps up security drive amid rising fraud concerns

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PalmPay steps up security drive amid rising fraud concerns

PalmPay is strengthening its customer security measures with a new campaign focused on fraud awareness, account protection and giving users greater control over their digital financial transactions.

The fintech, which operates under a Central Bank of Nigeria (CBN) licence, with eligible customer deposits insured by the Nigeria Deposit Insurance Corporation (NDIC), launched its “PalmPay Dey For You” campaign as security and reliability remain key concerns in Nigeria’s expanding digital financial services market.

The initiative is designed to increase customers’ awareness of security tools available on the PalmPay platform while reinforcing the company’s broader efforts to protect users and their funds.

PalmPay targets stronger customer trust

Speaking on the initiative, Managing Director of PalmPay Nigeria, Chika Nwosu, said trust remains fundamental to the relationship between financial institutions and their customers.

“Trust is fundamental to banking. Customers need to know that the institution they rely on is regulated, secure, dependable, and available when they need it,” Nwosu said.

He said the campaign would reinforce PalmPay’s commitment to customer protection while enabling users to take greater control of their digital banking experience.

At the centre of the campaign is PalmPay’s Security Centre, which brings together tools that allow customers to strengthen account protection and monitor potential security risks.

Security tools give users greater control

One of the features available to customers is Location Guard, which allows users to designate up to six trusted locations.

The feature provides an additional layer of protection by helping identify account activity originating from locations outside those designated by the customer.

PalmPay has also introduced NightGuard, which provides additional protection during periods selected by users. Other security tools within the application allow customers to review their account protection and take steps to strengthen their security settings.

The measures are intended to give customers more control over how and when their accounts can be accessed, particularly as digital financial services become increasingly embedded in everyday transactions.

PalmPay expands account and dispute protection

The fintech is also addressing situations where customers lose access to their mobile phones or payment cards.

Customers can lock their PalmPay accounts by dialling 86112#, while cards can be locked through 8617*5#.

PalmPay has also expanded its dispute-management process through a dedicated Dispute Page, enabling customers to submit and track transaction-related complaints directly through the application.

The development is aimed at making it easier for users to report disputed transactions and follow the resolution process without relying solely on external customer-support channels.

Fraud awareness becomes part of security strategy

Beyond its technology tools, PalmPay said the campaign will combine security features with educational content designed to improve customers’ understanding of fraud risks.

The initiative will include frequently asked questions, customer forums and other communications explaining practical steps users can take to protect their accounts and financial information.

Nwosu said PalmPay wants customers to understand the security tools available to them and use the features confidently, positioning the fintech as a financial partner for customers’ everyday needs.

Security by design gains importance in digital finance

The campaign comes as digital financial services become increasingly integrated into Nigerians’ daily activities, including money transfers, bill payments, savings and other financial transactions.

As fintech platforms expand their customer bases and transaction volumes, protecting users against fraud and other security threats has become increasingly important to maintaining confidence in digital finance.

PalmPay said its approach is based on “security by design”, with customer protection incorporated into the user experience rather than being treated solely as a response to security incidents.

The company said it would continue focusing on helping users understand both the safeguards operating behind the scenes and the security measures they can activate themselves.

The approach places customer awareness alongside technology and platform-level controls as key components of fraud prevention and digital financial security.

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