Why fintechs should prioritise customers’ safety to drive economic inclusion

Folu Aduloju, head of operations, PalmPay, has said that customer safety when dealing with financial transactions can impact the push for economic inclusion.

This was disclosed at a panel session, during the 2023 Nigeria Fintech Week held in Lagos.

According to Aduloju, in building solutions to bring more customers from the informal into the formal sector, players in the fintech ecosystem should work on building customers’ trust. This is a key factor because customers panic due to past experiences of failed banks.

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“Therefore, fintech companies need to create a safety net for customers by creating certain safety measures to enable customers to trust the sector. PalmPay is centred on balancing security and user experience, with a closed-loop risk management system that involves continuous monitoring, analysis, and response to security threats.”

“With all this put in place, It allows us to detect and prevent risks in real-time, reducing the potential impact of security incidents,” she said.

Aduloju, who oversees the operations told the media that the company also has a Wallet Safety Workshop, a way to educate its users on how to safeguard their wallets, educate them on fraud issues and proffer safety tips to apply to limit fraudulent incidents.

“Lastly, adherence to regulations by government agencies like the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) in ensuring users’ money gives PalmPay users the confidence to trust that their money is safe with us,” she said.

The Nigeria Fintech Week, themed “Resilience, Innovation, and Diversification,” united over 15,000 financial and fintech executives as well as decision-makers from prominent fintech companies, banks, insurers, technology services providers, venture capitalists, media outlets, government representatives, and regulators in over 80 countries of the world.