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The Managing Director of PalmPay Nigeria, Chika Nwosu has said that the current regulatory actions going on in the fintech ecosystem were for the good of the industry.
Nwosu said this during a business programme on Channels Television, recently, underscoring the fact that all the regulators wanted was to make the services of strong players in the fintech space, such as PalmPay, better.
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For instance, on the recent onboarding policy by the Federal Government, he said his organisation has agreed with the regulators on some grey areas that needed to be put in place.
He said if PalmPay completes the needed requirements set out by the regulator, it will begin onboarding new customers.
Currently, he said no fintech platform has completed any of the requirements set out by the regulators as no onboarding is currently taking place in the entire ecosystem.
While emphasising the unwavering support PalmPay has for regulators in regulating the fintech space, he, however, stressed that doing business in the fintech ecosystem has not been quite easy.
He noted that Nigerians have shown much compliance when it comes to embracing the PalmPay app and digital payment system.
According to him, the trust grew one year after the cashless policy, which initially was low when the platform started.
When quizzed about the problem of failed transfers, he said: “Every institution has its business strategy and infrastructure, for us and the majority of fintech, we have a structure that makes transactions seamless.”
Also on the issue of trust and the security of the PalmPay app, he added “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.”
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