The Managing Director of Palmpay Nigeria, a frontline digital banking platform, Mr Chika Nwosu, has dispelled the notion about PalmPay not having a walk-in physical location for customers to go to and resolve some pressing customer concerns.
Nwosu, who was a guest on Channels Television’s Business Roundtable, said there is no iota of truth in the said story.
According to him, “There are locations in Ikeja GRA and Opebi to lay complaints. PalmPay also has walk-in offices in locations across 25 states in Nigeria.
“Complaints can also be resolved via our social media channels.”
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.”
On the show, he answered questions and gave expert insights on regulatory concerns surrounding the fintech ecosystem.
On building trust in Nigeria’s digital banking ecosystem, Nwosu added, “When we started, there was an issue of trust. However, I can tell you now that in the last one year after the cashless policy has seen the trust start to grow.
He added that Nigerians are massively embracing the PalmPay app and digital payment services.
Nwosu reiterated the company’s support to regulators of the industry aimed at making their operations better and to offer more services to Nigerians.
“Whatever that is happening with regulation is for the good of the fintech space in Nigeria. All the regulators want to do is make the services of strong players in the fintech space, such as PalmPay, better,” he said.
On the recent on boarding policy by the regulator, he stated PalmPay agreed with the regulators on some grey areas that need to be put in place.
He reassured customers that there was no issue with using PalmPay, stressing “If PalmPay completes their own today, we will start on boarding today.”
“As of the time of the interview, no fintech platform has completed any of the requirements set out by the regulators. So, no on boarding is currently taking place in the entire ecosystem.”
Responding to the question of failed transactions, an issue that is more prevalent with deposit money banks than with digital banking platforms, Nwosu said, “Every institution has its business strategy and infrastructure. For us and the majority of fintechs, we have a structure that makes transactions seamless.”
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