…Supports Onboard Policy
Recently Mr Chika Nwosu, the Managing Director of PalmPay Nigeria, was a guest of the Channels TV Business Roundtable where he answered questions on key issues and gave valuable expert insights on regulatory concerns surrounding the FinTech ecosystem and operations of the company.
On the Fintech ecosystem and its regulation in the country, he said: “Whatever is happening with regulation is for the good of the FinTech space in Nigeria. Initially, when we started, there was an issue of trust. However, I can tell you now that the last year after the cashless policy has seen the trust start to grow”.
Nwosu emphasized the unwavering support PalmPay has for regulators in regulating the FinTech ecosystem, underscoring the fact that all the regulators want to do is make the services of strong players in the FinTech space, such as PalmPay, better.
He said PalmPay agrees with the regulators on the recent onboarding policy, especially on some grey areas that need to be put in place.
On the ease of doing business and how it affects PalmPay, he said: “Doing business in Nigeria for us is not easy but Nigerians are embracing our App and digital payment”.
When asked about the problem of failed transfers, he said; “Every institution has its business strategy and infrastructure, for us and the majority of fintechs, we have a structure that makes transactions seamless”.
He reassured customers that there was no issue with using PalmPay, while emphasising that, “If PalmPay completes their own today, we will start onboarding today”.
As of the time of this interview, no fintech platform has completed any of the requirements set out by the regulators. So no onboarding is currently taking place in the entire ecosystem.
Addressing the question about PalmPay not having a walk-in physical location for customers to go to and resolve some pressing customer concerns, he answered; “There are locations in Ikeja GRA and Opebi to lay complaints”.
PalmPay also has walk-in offices in locations across 25 states across Nigeria. Some of the offices are in Aba, Abuja, Akwa Ibom, Anambra, Bayelsa, Benue, Cross River, Delta, Edo, Ekiti, Enugu, Imo, Kaduna, Kano, Kogi, Lagos, Kwara, Osun, Ogun, Oyo, Plateau, Yobe and Sokoto.
Complaints can also be resolved via our social media channels. Customers who choose can call us at +2342018886888 and email support@palmpay.com and will be attended to.
On the issue of trust and the security of the PalmPay app, he said; “There is no day you won’t see on our app boldly written that we are licensed by the Central Bank of Nigeria (CBN) and our deposits are insured by the Nigeria Deposits Insurance Corporation (NDIC). PalmPay is here to stay”.
