PalmPay, NFIU harp on collaboration in fight against financial crimes

PalmPay, a leading fintech company in Nigeria, and Nigerian Financial Intelligence Unit (NFIU) have emphasised the need for collaboration in fight against financial crimes.

PalmPay, which also reiterated its commitment to combating financial fraud through cutting-edge technology, made the observation during a high-level courtesy visit by the company’s management to NFIU.

Addressing the growing prevalence of fraud in the country, Chika Nwosu, managing director of PalmPay Limited, stressed the need for robust collaboration between fintech companies and government agencies.

“At PalmPay, we believe that a secure financial ecosystem is the foundation for a thriving digital economy,” he stated. “Our partnership with the NFIU underscores our dedication to supporting Nigeria’s anti-fraud and anti-money laundering (AML) efforts. Together, we aim to ensure a safer digital experience for all Nigerians.”

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Chika also highlighted the significant rise in electronic payment transactions across Nigeria’s financial system, underscoring the importance of proactive measures to address emerging threats.

PalmPay reaffirmed its support for the NFIU’s mission to safeguard the country’s financial infrastructure. The company outlined plans for close collaboration with the agency, including knowledge-sharing initiatives, stakeholder-training programs, and the development of innovative solutions to combat fraud in the digital space.

Hafsat Abubakar Bakari, chief executive officer of the NFIU, commended PalmPay for its proactive approach to financial security and its commitment to aligning with national and international regulatory frameworks. She emphasized the importance of continuous collaboration between private sector players and government institutions in the fight against financial crimes.

PalmPay’s visit to the NFIU reflects its vision of contributing to a secure, transparent, and inclusive financial ecosystem in Nigeria. As a fintech leader, PalmPay remains steadfast in its mission to create a digital economy where trust and security drive growth and innovation.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.