Tag: Palmpay

  • PalmPay fortifies in-app security features amid rise in cyber fraud

    PalmPay fortifies in-app security features amid rise in cyber fraud

    PalmPay, a leading Fintech company, has bolstered its in-app safety features to shield users from the surge in fraudulent activities within the digital banking system. The increase in fraudulent incidents has particularly impacted the fintech ecosystem in Nigeria, with Mobile, Web, and Point of Sales (POS) terminals being prime targets for fraudsters in 2023.

    The Impact of Digital Payment Platforms on Cyber Fraud

    Referencing the 2023 NIBSS Annual Fraud Landscape report, PalmPay highlighted a staggering 325 per cent increase in fraud loss via Internet Banking between 2022 and 2023. This rise in digital payment platforms has amplified the risk of cyber fraud, compelling Fintech companies to navigate a delicate balance between user-friendly interfaces and robust safety measures to combat the escalating cyber threats.

    Read also: PalmPay, Glo Unveil “PalmPay Bonanza – Recharge Glo and Win” campaign

    PalmPay’s Initiatives to Combat Fraud and Ensure User Safety

    In response to the growing fraud epidemic, the Fintech Association of Nigeria (FintechNGR) is set to introduce a fraud reporting framework later this year. Concurrently, Fintech platforms like PalmPay are proactively reassessing their in-app safety features to shield users from fraudulent activities and fortify their defences against cyber threats.

    Since its establishment in Nigeria in 2019 under a Mobile Money Operator (MMO) licence by CBN, PalmPay has amassed over 30 million users within its payment ecosystem. The company’s focus on developing a user-friendly app extends beyond convenience to prioritise creating a secure financial environment by integrating advanced safety features into its platform.

    Chika Nwosu, Managing Director of PalmPay, emphasised the company’s unwavering commitment to user safety and security as pivotal to its remarkable growth over four years. Nwosu highlighted PalmPay’s approach of harmonising security and safety with customer experience to establish a balanced and trusted environment for users.

    Promoting User Education and Compliance

    Recognising that combating fraud requires a collaborative effort, PalmPay conducts Wallet Safety Workshops aimed at educating users on various security aspects related to payment security, password management, fraud detection, phishing, and risk identification. These initiatives underscore PalmPay’s dedication to empowering users with knowledge to safeguard their financial transactions effectively.

    Incentivizing Compliance with Regulatory Deadlines

    To incentivize compliance with the CBN deadline of January 31, 2024, PalmPay introduced a reward system offering up to N500 for users who proactively validated their wallet information ahead of the deadline. This initiative not only encourages timely compliance but also reinforces the importance of adhering to regulatory requirements for enhanced user protection.

    PalmPay’s Projections

    PalmPay is set to expand its multi-country and cross-border presence in 2024, aiming to grow its user base and deepen financial inclusion. With a remarkable growth from 10 million to 30 million users within 12 months, it has become a significant player in African digital banking. 

    The platform’s commitment to innovation and bridging the financial divide has led to its success, with over 500,000 agents, 600,000 merchants, and millions of users benefiting from its cashless payment ecosystem. PalmPay’s focus on reliability, security, and accessibility positions it as a trusted platform for diverse financial transactions. As the company plans to launch additional payment channels and super apps in 2024, it continues to drive economic empowerment in Africa through top-tier bill payments, credit services, and savings opportunities for its growing user base.

  • Palmpay launches CBN-compliant KYC process

    Palmpay launches CBN-compliant KYC process

    As part of a new security update for its app, PalmPay, a well-known fintech company, requires new users to enter their Biometric Verification Number (BVN) or National Identification Number (NIN) before creating a wallet.

    The move aligns with the Central Bank of Nigeria’s (CBN) recent order to strengthen the Know Your Customer (KYC) process and stabilise the banking system.

    Managing Director of PalmPay, Chika Nwosu, enthusiastically supported the CBN order, emphasising their commitment to following the rules and ensuring the financial ecosystem is safe.

    “We are dedicated to upholding the rules and creating a safe financial environment.” We think this will make users’ wallets and data safer while still letting us provide smooth financial services because we are a forward-thinking fintech platform.

    “We have always pushed our users to link their wallets with their BVN or NIN through different in-app activities. “We will drive the new directive,” he says.

    To start a PalmPay wallet, new users must now enter their NIN or BVN number. The following is followed by a face recognition step to stop people from pretending to be someone else. However, Nwosu clarified that the goal is to stop scams and make banking safer.

    Read also: PalmPay wins big at Nigerian marketing awards

    Wallet creation requires BVN/NIN for new Palmpay users.

    The CBN’s latest operational guidelines for deposit money banks (DMBs) emphasise BVNs and NINs in customer profiles, prompting this move. For different account and wallet tiers, the guideline requires BVN and NIN, emphasising electronic retrieval from databases as primary onboarding data.

    New Tier 1 accounts lacking BVN or NIN are restricted immediately, and existing ones are restricted until compliance is obtained.

    Funded accounts without BVN or NIN will have transaction limits by March 1, 2024.

    BVNs and NINs must be electronically revalidated by January 31, 2024, and placeholders and manual client profiles are prohibited to assure compliance.

    PalmPay says its monthly Wallet Safety Workshop educates customers on online security, risk mitigation, and financial recovery. PalmPay engages users through the app, social media, and workshops to raise awareness of online fraud.

    PalmPay launches ₦300 million giveaway program for 4th anniversary

    Nwosu stressed e-wallets’ transformative power and urged more Nigerians to use safe, easy-to-use digital payment systems.

    “In all of this, we think this measure will cut down on fraud and make banking safer for everyone,” Mr. Nwosu said.

    PalmPay wants users who may have missed the notice to quickly change their Know Your Customer (KYC) information to follow the new rules and keep using financial services.

  • PalmPay wins big at Nigerian marketing awards

    PalmPay wins big at Nigerian marketing awards

    PalmPay, a leading Nigerian financial technology company, was awarded Financial Institution of the Year, Best Use of Social Media, and Brand Manager of the Year for Kevin Olumese. PalmPay also won the award for Best Use of Social Media.

    At the prestigious Nigerian Marketing Awards, which took place on Friday at the Eko Hotel and Suites on Victoria Island, the recipient of this honour was announced.

    The Nigerian Marketing Awards honour outstanding achievements in marketing throughout the country of Nigeria. Its purpose is to recognise and honour exceptional individuals, companies, and brands in the Nigerian marketing business.

    The Advertising Regulatory Council of Nigeria (ARCON), the Association of Advertising Agencies of Nigeria (AAAN), the National Institute of Marketing of Nigeria (NIMN), the Outdoor Advertising Association of Nigeria (OAAN), and the Experiential Marketers Association of Nigeria (EXMAN) have all given their support to the awards.

    Read also: How PalmPay, MoniePoint meet Nigerians’ financial needs

    What these awards mean to PalmPay

    After the awards were given to the company, the Senior Marketing Manager for PalmPay, Kevin Olumese, stated that the awards are a testament to the many giant strides of the brand and evidence of the hardworking team at PalmPay, which includes employees, partners, agents, and merchants. Because it was a competition with fantastic companies like Nigerian Breweries and MTN’s MoMo, it is an honour to get these accolades. 

    ‘Since launching in Nigeria in 2019, PalmPay has been committed to driving economic empowerment in Nigeria. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians. With this, we drive financial inclusion. The platform has grown to over 30 million app users and over 1.1 million businesses, with 600,000 merchants and 500,000 agents as part of its cashless payment ecosystem.’’ he remarked.

    PalmPay launches ₦300 million giveaway program for 4th anniversary

    About PalmPay

    PalmPay is a mobile software that facilitates digital payments and makes it simple to pay for things and withdraw money. It has low rates, quick transactions, and multiple payment choices for your convenience. The majority of the time, you won’t be subject to any fees when you take money out of your PalmPay account. You will need to link your bank account to your PalmPay account in order to accomplish this. Sending money to any other account user or bank account in Nigeria is a quick and hassle-free process. The fintech possesses a valid license to conduct business as a mobile money operator from the CBN and is insured by the NDIC. They adhere to all of the applicable regulations when managing the funds belonging to our customers.

    The number of people using the platform has increased to 25 million since it was introduced in Nigeria in 2019 under a Mobile Money Operator license. Its cashless payment ecosystem includes more than 300,000 businesses as participants. The company has successfully raised $140 million US.

    PalmPay puts high-quality goods within reach of average Nigerians by providing a spectrum of financial services that are safe, simple, and comprehensive. Through its app and its network of 500,000 mobile money agents, the fintech enables users to save money, send money to friends and family, pay bills, and access credit services.

  • PalmPay launches ₦300 million giveaway program for 4th anniversary

    PalmPay launches ₦300 million giveaway program for 4th anniversary

    PalmPay, a leading fintech platform in Nigeria, is marking its 4th birthday by starting a campaign to give away ₦300 million. Nigerians who use the payment site can win big cash prizes through the initiative.

    The event started on November 1, 2023, and will end on November 21, 2023. It has three fun stages, each meant to reward users differently.

    PalmPay users can win prizes in the first part of the campaign by starting the app daily and going on a diamond hunt. Users can earn cash prizes, coupons, and more diamonds by clicking on falling diamonds in the app. These stars give you an extra chance to win the weekly cash prize, which makes the campaign even more exciting.

    Read also: How PalmPay, MoniePoint meet Nigerians’ financial needs

    Users can get chances to win in the second step by doing tasks inside the app that give things away. These jobs involve buying airtime and data, transferring money, and more. Users get more diamonds and chances when they finish these jobs, which increases their share of the weekly prize pool. People who use the app can also win an extra cash prize of up to ₦50,000.

    The activity page of the app has a list of the giveaway jobs that can be done. The more chances users get, the more cash and diamonds they can win.

    In the third part, users can use the diamonds earned to enter the weekly cash prizes. The bigger the cash prizes they can win, the more diamonds they get. Over the three weeks, the prize pool goes up: ₦70 million is up for grabs in the first week, ₦100 million in the second, and ₦130 million in the third.

    PalmPay Nigeria Managing Director Chika Nwosu commented on this beautiful advancement. He said, “This campaign is part of our commitment to providing value to our esteemed users. At our 4th anniversary, we announced 30 million users, 1.1 million enterprises, 600,000 merchants, and 500,000 agents.

    “We are proud that PalmPay’s simple and reliable payment app has revolutionized digital payments. We should thank our users for helping us achieve these fantastic things.”

    In this 21-day promotion, PalmPay users can download the app to enroll, Mr Nwosu stressed.

    PalmPay receives $677 million for 853,000 customers

    Palmpay grew significantly over 4 years

    Palmpay’s platform has become one of Nigeria’s most popular financial solutions since its 2019 launch. The company marked its fourth anniversary with several impressive accomplishments demonstrating its dedication to financial inclusion in Nigeria.

    With 30 million smartphone users, the company increased. The milestone doubled its user population since last year’s 10 million announcement.

    Its vast network of 1.1 million businesses, comprising 600,000 merchants and 500,000 agents adopting PalmPay’s POS (point of sale) and Pay With Transfer services, is essential to that growth. These dedicated agents helped PalmPay expand across Nigeria, giving millions more people with critical financial services.

    The Nigerian government may allow Palmpay, Opay, and others to participate in its official Forex market, according to recent reports.

    Sofia Zab, PalmPay’s Chief Marketing Officer, responded that the firm is analysing and aiming to tackle Nigeria’s forex concerns in the following months with their super app.

  • Fidelity Bank reinstates transfers to Moniepoint, PalmPay, others

    Fidelity Bank reinstates transfers to Moniepoint, PalmPay, others

    It has been confirmed by sources at various neobanks that customer transfers to neobanks such as OPay, Moniepoint, Palmpay, and Kuda are once again being processed by Nigerian Fidelity Bank. It was also stated that the bank had prohibited customer transfers to the concerned neobanks around two weeks ago due to mounting concerns regarding fraud and customer verification.

    “We have been in talks with them [Fidelity], so we knew when they were going to restore us,” a source at one of the affected neobanks said. 

    Read also: Fidelity Bank blocks transfers to OPay, Moniepoint, and Palmpay over KYC concerns

    Why Fidelity Bank reinstated transfers to neobanks

    According to a source close to the situation, the Nigeria Inter-Bank Settlement System (NIBSS) expressed its concern with Fidelity Bank’s move to restrict transactions to these banks, which led to the reinstatement of the funds.

    The fact that these neobanks were removed from the list of approved financial institutions in the Fidelity Bank app was the first thing that several consumers noticed. Despite client complaints, OPay maintained that they would not be affected by the limits. The restriction was confirmed by a source at Moniepoint, while Sofia Zab, the Chief Marketing Officer of PalmPay, indicated that the neobank’s removal was not due to any perceived concerns with PalmPay but rather owing to a necessary system upgrade on the part of Fidelity Bank.

    Neobanks make transactions easier

    As a result of a policy-driven cash constraint, neobanks have emerged as a viable option for making payments due to their rising popularity and usefulness. Neobanks are the darlings of merchants and vendors in the country because of the faster transaction speeds and reduced costs offered by these neobanks. This helps merchants and vendors accept payments from customers and scale their companies. Because Fidelity Bank could not process transfers to these neobanks, the bank experienced a loss in revenue from transaction fees.

    Fidelity bank acquires 100% stakes in Union Bank, UK

    Bank fraud – types, examples

    Bank fraud is misusing a financial institution or its services for personal benefit or other crimes. It can involve creating fake accounts, employing fake identities, or changing account records. Stolen credit cards, ATM cards, or other illegal access to financial institution funds are also possible. Bank fraud can lead to fines, jail time, and the revocation of a business license.

    Bank fraud can cost individuals, organisations, and financial institutions a lot of money. It includes anything from check fraud to identity theft and money laundering. Common bank frauds include counterfeiting, check fraud, identity theft, lending scams, credit card fraud, and phishing.

    Understanding bank fraud types and examples is the first step to avoiding it. The most prevalent bank frauds are: 

    Fraud in Accounting

    A financial institution commits accounting fraud by withholding or falsifying critical financial information. Banks can be defrauded by changing their financial statements to appear more profitable. Money from bank accounts can also be stolen. 

    Bill discounting fraud 

    Banks that accept unbacked bills commit bill discounting fraud. This form of fraud might cost the bank if the bill issuer doesn’t pay. It can also include discounting a bill, which costs the bank.  

    Cheque kiting 

    Crimes like check kiting use the interval between writing and clearing a cheque. Criminals write checks for amounts they know are not in the account and deposit them into another account. After accepting the cheque, the criminal will remove monies from the other account before the original cheque bounces owing to insufficient funds. Forged documents are used in this fraud.  

    False documents 

    Documents that are forged or changed are used to deceive or defraud. For instance, a thief may open a bank account under someone else’s name and deposit a cheque they know won’t clear. Illegal cheating can result in criminal consequences.  

    Cheques forged and altered

    Fraudulent loan applications and check forgeries are significant crimes. A minor document or cheque change to swindle someone is illegal and penalised. 

    Fraudsters utilise altered cheques because they are easy to change and hard to detect. A person can adjust the date, amount, recipient name, and number. Altered checks can be used to steal money or commodities and commit identity theft.

    Fake loan applications

    Loan applications might be fraudulent. Falsifying or incomplete loan applications to get unqualified loans is this type of crime. It can also involve forging documents or lying about income, assets, or finances. 

    ATM envelope deposits empty

    The fraud potential of empty ATM envelope deposits is intriguing. Criminals use empty ATM envelopes to launder money. By taking advantage of the fact that many banks don’t verify ATM deposits, criminal activity can be hidden.

    Fraudulent identification

    Today, identity theft is a significant criminal and developing problem. It involves someone stealing another person’s name, address, bank account number, Social Security Number (USA) or National Insurance Number (UK), driver’s license number, or credit card information to conduct fraud or other crimes.

    Identity theft and impersonation have several methods. Hacking a computer or stealing a wallet can reveal personal information. Someone could use the stolen information to open accounts or make transactions in the victim’s name.

    Laundering money

    Money laundering is transferring money between financial institutions or using fictitious identities to mask the origins of unlawfully obtained money. Shell corporations, offshore bank accounts, and anonymous online wallets can help money launderers hide their funds.

    Organised crime groups or people with card information commit this type of fraud. Money laundering can result in losses and heightened scrutiny from law enforcement and financial regulators.

    Credit card fraud

    Payment card fraud involves illicit debit or credit card use. Credit and debit card users worldwide are affected. It occurs when a cardholder’s information is stolen and used for unauthorised purchases.

    Fraudsters can steal real cards or compromise online accounts to commit payment card fraud. Whatever method is used, the cardholder loses money.

    Internet fraud/phishing

    Phishing, or Internet fraud, involves sending emails, SMS, or pop-up messages to unsuspecting victims to steal personal or financial information. Phishing aims to steal money, data, or bank account access.

    Fraudsters utilise bogus websites, emails, and texts to steal credit card, bank account, and password information. Criminals exploit this information to steal money from victims’ accounts or perpetrate fraud.

    Prime bank fraud 

    Priming bank fraud involves creating fake “prime banks” to deceive investors into buying fake financial products. The offenders may also use bogus bank statements, counterfeit signature cards, financial records, fraudulent statements, testimonials, and other papers to deceive investors. Fraudsters promise fast, huge rewards. 

    Traders who cheat 

    Rogue traders commit securities fraud and other crimes for profit. They manipulate the market and exploit unwary investors with deception. Brokers and investment advisers who mislead clients to earn commissions are also rogue traders.

    Cheque stolen

    Stolen cheque fraud involves stealing and using someone else’s cheque. The fraudster goes to pay or deposit the cheque. This sort of fraud involves stealing cheques from mailboxes chequebooks from residences, and exploiting the elderly.

    Money transfer scam 

    Wire transfer fraud involves money transfers. It usually involves a thief or fraudster using stolen personal information to enter a bank account and wire funds to their or an accomplice’s account.

  • Fidelity Bank blocks transfers to OPay, Moniepoint, and Palmpay over KYC concerns

    Fidelity Bank blocks transfers to OPay, Moniepoint, and Palmpay over KYC concerns

    Neobanks such as OPay, Palmpay, Kuda, and Moniepoint have been prohibited by Fidelity Bank, a commercial bank in Nigeria, due to concerns that the neobanks’ lax know-your-customer (KYC) procedures are leading to an increase in the number of fraudulent instances.

    According to various sources with firsthand knowledge of the situation, the Nigerian commercial bank Fidelity Bank is placing restrictions on customer financial transfers to neobanks such as Moniepoint, Kuda, OPay, and PalmPay. A select few of Fidelity Bank’s customers were the ones who were the first to realise, exactly one week ago, that these neobanks were no longer included on the list of approved financial institutions that are displayed within the app. At this point, at least five different sources have validated the development.

    At the time of this publication, the affected digital financial services could not be selected from within the mobile app offered by Fidelity Bank. However, two persons who have direct knowledge of the situation, as well as other sources inside the affected fintechs, offered a different narrative. The bank told its customers that the limits were connected to an app upgrade.

    According to five persons with knowledge of the matter, the transfer limits were put into place at least two weeks ago due to escalating concerns regarding client verification and fraud. OPay denied that it was affected by the limits, despite reports from consumers stating that this was not the case. “They gave us a notice last week that they are upgrading their systems and will put us back after that is done.”  said Sofia Zab, Chief Marketing Officer for Palmpay. Additionally, the restriction was validated by a source within the Moniepoint organisation. In response to this story’s enquiry, Fidelity Bank declined to comment.

    Read also: KYC requires bank clients’ social media handles

    Why Fidelity Bank blocked transfers to neobanks

    According to sources with ties to the bank, the restrictions were put in place because of the increasing number of fraudulent losses. At least three banking sector experts have stated that cyber assaults and fraudsters have caused substantial losses to Nigerian banks and fintech companies since the beginning of the year. “the issues are due diligence and KYC,” said a bank insider who requested their anonymity in order to speak freely about the matter. They won’t stop having problems [such as being blocked] by banks until they get their house in order, so they might as well get used to it. Despite the fact that Fidelity Bank did not offer any specific KYC concerns, two persons working at fintech firms have reported that neobanks are making efforts to grasp the problems better. 

    Before the recent rise in the number of fraudulent activities, traditional banks in Nigeria reportedly didn’t put much effort into conducting KYC procedures for new financial institutions (Neobanks). This, however, is beginning to change as a result of the growth in fraudulent activity; conventional banks not only want to view the KYC verification of these neobank users, but they also occasionally want to undertake KYC for the clients. 

    Neobanks such as OPay and Moniepoint, according to individuals with knowledge of the situation, will occasionally engage third-party verification businesses in order to collect and validate consumer information. These providers validate the identification of their customers remotely through the use of digital documents and biometric verification. Traditional financial institutions are of the opinion that this kind of verification, albeit quicker and more convenient for their consumers, may not always be adequate.

    While it’s true that some neobanks have lax policies regarding know-your-customer checks, it’s also true that many regular banks don’t do a very good job of checking customers’ identities. One specialist stated that although they might be strict with you at first, he has his reservations about whether or not they verify these documents, particularly when you make changes to them.

    VerifyMe Releases Nigeria’s 1st Digital ID and KYC Industry Report

    Is CBN aware of this?

    Aside from these anti-fraud measures, there are legitimate doubts over whether or not a bank can unilaterally prohibit transfers to another bank, and the CBN Customer Due Diligence Regulations 2023 are quiet on the subject. According to the regulations that are now in existence, banks are required to establish a risk management framework that can identify potential threats and take action to eliminate or reduce those threats.

    It is not apparent whether Fidelity Bank engaged with the CBN prior to beginning the process of barring account access. According to those familiar with the matter, the bank most certainly operated without the authorisation of the regulator. “They can silently do it. If your house is about to burn down, you have to save yourself,” an industry leader said. “Even if the regulators ask the bank, they would deny it and say they are having a technical issue.” he added.

  • How PalmPay, MoniePoint meet Nigerians’ financial needs

    How PalmPay, MoniePoint meet Nigerians’ financial needs

    Technology has transformed Nigerian banking in the past decade. Opay, PalmPay, and Moniepoint have made business operations more accessible and more efficient for everyone, challenging traditional banks.

    Cash payments and insufficient web infrastructure prevented enterprises from expanding beyond local demand before this disruption. Fortunately, payment and banking systems have expanded business opportunities beyond their local area.

    From these innovators, Nigerians trust PalmPay and MoniePoint. Although both provide financial services to clients, their unique features set them apart from other fintech platforms in the country.

    Both financial systems offer similar services, yet they are different. Research, Nigerian comments, and observations show that both platforms’ excellent offerings are satisfying Nigerians and Nigerian businesses.

    This article investigated both platforms’ similarities and differences. We compared comparable and dissimilar features and chose the most accessible and efficient.

    Read also: PalmPay receives $677 million for 853,000 customers

    Preview: PalmPay and MoniePoint

    PalmPay and MoniePoint aim to provide affordable financial services to Nigeria’s unbanked. They’ve pioneered financial services with several features and perks beyond standard banking.

    Palmpay has a mobile money operator (MMO) licence in Nigeria, allowing it to provide mobile money services, including mobile payment services, to both the banked and the unbanked. Moniepoint Inc. has a switching and banking license, allowing it to offer business banking services to merchants and individuals.

    Moniepoint is now a microfinance bank. After expanding its operations, the company launched its app to offer personal and online banking to consumers, competing with Palmpay and Opay.

    Moniepoint

    The MFB has provided banking, payment processing, loans, and business management solutions to nearly 600,000 enterprises since its license. Over 400 billion transactions, totalling $12 billion, are processed monthly by Moniepoint with these solutions. Moniepoint MFB is the largest financial services distribution network in Nigeria, with support offices in 33 states.

    In addition, Moniepoint Microfinance Bank provides a variety of banking services for small, medium, and big businesses. Businesses can accept card payments with their POS machines.

    Monnify powers the MFB’s payment gateway. Moniepoint’s Monnify web-based payment gateway makes it easy for businesses to accept recurring or one-time payments from clients.

    Palmpay

    Palmpay, an MMO licensee, has increased since its inception in 2019, with 30 million smartphone users this year. This milestone triples its user base since announcing 10 million users last year.

    PalmPay’s approach relies on its 1.1 million business customers. In Nigeria, over 600,000 retailers use PalmPay’s POS and Pay With Transfer services, while 500,000 devoted agents help PalmPay reach millions more consumers with critical financial services.

    PalmPay smartphone apps, agents, and shops serve 40 million Nigerians, or 1 in 5, for money transfers, bill payments, and savings.

    Palmpay vs. MoniePoint Personal

    PalmPay mobile app and MoniePoint Personal signup is easy. These platforms have made their user experiences accessible to many people. Start-up ease for both apps:

    PalmPay: PalmPay signup takes minutes. Register by entering your information and authenticating your account with a code provided to your phone after installing the app from the Google Play or Apple Store.

    MoniePoint Personal has a simple signup form. Install the app from the app store, enter your information, and verify your account using a mobile code.

    PalmPay expands fintech services in Africa, hits 25 million users

    Features to Compare

    PalmPay and MoniePoint share similar traits but also show their differences. Look at these parts:

    Palmpay has over 10 million downloads and 4.6/5 reviews on Google Play. It is the most popular online payment app in the country due to its numerous valuable features. It introduced a 20% annual interest savings scheme to assist consumers save more.

    The site offers many prizes. Check-in awards, Lucky Money, Cash Spree, Palm Force, Refer to Earn, and Naira offers. The bonuses are connected to paying water and power bills, cable TV, airtime, data, school and travel costs, and more.

    However, Moniepoint has over 500,000 users and a 4.2/5 Google Play Store rating. This is impressive for a platform released a month ago.

    MoniePoint Personal gives users points for every purchase and charges N10 for transfers. Users cannot yet pay their power bills or deposit money into their betting accounts. Palmpay offers cash and referral bonuses that the Personal doesn’t.

    However, Moniepoint aims to incorporate a pay advance function to expand its offerings. Customers received points for playing digital games on the site. Players utilized these points to play games for large rewards in the recently ended large Brother Naija All-Stars.

    Verdict

    PalmPay or MoniePoint depends on personal preferences. Your business goals and preferred features should guide your platform choice. PalmPay and MoniePoint are revolutionizing Nigerian financial services with savings plans and transaction-based rewards.

    Entering the market, Moniepoint may challenge personal banking. This helps Palmpay. With its rewards system and zero transaction cost, Nigerians trust the digital platform for personal banking. Nigerians will remember how it revolutionized online commerce when other digital platforms failed during the 2023 Naira crisis.

    Moniepoint’s payment gateway and other business services attract some business owners.

  • PalmPay receives $677 million for 853,000 customers

    PalmPay receives $677 million for 853,000 customers

    Palmpay, a Nigerian fintech platform, said it has helped over 853,000 users get back about $677 million in the first seven months of the year. It also asked users to be aware of online scams and security.

    The company said this at its monthly Wallet Safety Workshop, which started in 2022 to ensure that users’ transactions are safe and private and that transactions are stable and reliable.

    This payment security awareness programme happens every month. It helps customers learn more about security, handle their personal information online, and spot and avoid e-scammers and fake news. 

    Read also: PalmPay expands fintech services in Africa, hits 25 million users

    “As the use of digital payment platforms grows, operators and users face new risks and worries,” says Chika Nwosu, MD/CEO of PalmPay.

    “It’s incredible that these efforts have led to a tremendous financial turnaround. In the first seven months of 2023, more than 853,000 people have received more than $677 million. This shows how much we care about protecting our customers’ cash assets and interests.

    He told Nigerians who haven’t used e-wallets to start because they are safe, easy, and easy to use. 

    Since the workshop started, PalmPay has been using online and offline channels, like the app, social media, the official website, and printed materials, to show examples of social media and telecom fraud, as well as how to spot it and what to do to stay safe.

    The brand promises to teach users and the general public about online and off security rules.

    More on Palmpay fraud awareness

    The number of fraud cases in Nigerian banks has increased by 276,78%, according to a study from the Financial Institutions Training Centre (FITC) for Q2 2023. A Nigerian financial company called Palmpay tells its users to be careful about online security.

    As the number of electronic payment systems grows, people need to be more careful about internet security. Data shows that more and more Nigerians are doing their daily business on electronic channels.

    Over the past year, PalmPay has taught users and the general public about cybersecurity topics like managing passwords and devices, identifying risks, phishing, detecting scams, and payment security. 

    The fintech has improved its security to give users the tools to keep their funds safe. To make user accounts safer, the company looked into internal accounts and banned hundreds of fake ones. 

    PalmPay unveils savings feature with 20% per cent interest rate

    Users can control trusted devices and eliminate those they don’t trust with the device management tool. To make sure that the PalmPay app is as safe as possible, OTP and PIN verification from unknown devices are needed. 

    With an auto-logout option, users can set a time limit for being inactive and enter their PIN when they log back in. With fingerprint and face ID login, PalmPay makes it easier to get into accounts. In 2023, millions of users linked safe email addresses to apps to get one-time passwords (OTPs) and security alerts. 

    PalmPay makes transactions, especially withdrawals, safer for users by adding liveness detection and face recognition. It just put this update into the PalmPay Business App.

    The new method checks to see if the user owns the account. Even when the OTP or PIN has been stolen, facial recognition can prove the user’s identity. This protects consumer accounts and financial assets.

  • PalmPay, Glo Unveil “PalmPay Bonanza – Recharge Glo and Win” campaign

    PalmPay, Glo Unveil “PalmPay Bonanza – Recharge Glo and Win” campaign

    In a bid to appreciate and reward their loyal customers, PalmPay has teamed up with Globacom, Nigeria’s leading telecommunications company, to launch their joint promotion campaign, “PalmPay Bonanza – Recharge Glo and Win.” The campaign is scheduled to run from July 21 through September 14.

    PalmPay, a pioneering fintech platform in Nigeria, has been transforming the digital payment landscape with its user-friendly and reliable payment app. 

    Boasting a network of over 800,000 mobile money agents and merchants, the platform has become the preferred choice for more than 25 million users across Nigeria. 

    Offering free transfers and access to over 300 different services on its app, PalmPay has established itself as a trailblazer in the Nigerian fintech space.

    Read also: EziPay, MFS Africa Collaborate to aid Remittances in Africa

    Exciting Rewards Await

    During the campaign period, Nigerian customers who purchase Glo data and airtime bundles via the PalmPay platform will have the chance to win exciting rewards.

    To make the campaign even more thrilling, every week, there will be a live raffle broadcasted on PalmPay’s social media channels, giving lucky users the opportunity to win top brand electronic goodies such as Playstation 5, iPhone 14 Pro Max, and smart TVs. Each transaction above N300 will provide participants with an additional shot at winning, increasing their chances of receiving these fantastic prizes.

    In addition to the weekly raffles, daily social media challenges will be organized, offering participants a chance to win up to N5,000,000 in Glo airtime and data. These interactive challenges will engage users and add an element of excitement to the campaign, giving everyone a chance to be a winner.

    Cashback and Bonuses

    As part of the “PalmPay Bonanza – Recharge Glo and Win” campaign, PalmPay customers can enjoy up to 6% cashback on Glo airtime and data purchased through the app. This means that users will receive a percentage of their spending back, making their transactions even more rewarding. Additionally, customers who haven’t recharged in the last 90 days will receive a generous 100% bonus on their recharge during the campaign period.

    Access Bank, MFS Africa to facilitate international money transfer in Africa

    Statements from the Companies

    Mr. Chika Nwosu, Managing Director of PalmPay Nigeria, expressed his enthusiasm for the collaboration, stating: “This partnership showcases our commitment to providing value to our esteemed users. Joining forces with Glo, a leader in the telecommunications sector, is a testament to this dedication. We are thrilled to reward our users and encourage everyone to seize this fantastic opportunity.”

    Globacom also commented on the joint campaign, stating: “At Glo, we are always on the lookout for innovative ways to enrich the lives of our subscribers. Partnering with PalmPay for this campaign aligns perfectly with our goal of providing unparalleled value and experiences. We urge our subscribers to make the most of the opportunity provided by ‘PalmPay Bonanza – Recharge Glo and Win’ and enjoy the multitude of benefits in store.”

    The “PalmPay Bonanza – Recharge Glo and Win” campaign presents an extraordinary chance for Nigerian users to win fantastic prizes and enjoy cashback rewards and bonuses on Glo airtime and data. With live raffles, daily challenges, and valuable incentives, this joint promotion by PalmPay and Globacom promises an unforgettable and rewarding experience for all participants. Mark your calendars from July 21 to September 14 and take advantage of this unique opportunity!

  • Two Chinese fintechs dominate Nigeria POS market

    Two Chinese fintechs dominate Nigeria POS market

    OPay and Palmpay, two digital banking systems that are owned by the Chinese government, are at the top of the point-of-sale (PoS) market in Nigeria. Together, they have more than a million mobile banking agents.

    Intelpoint’s Nigeria Financial Services Report shows that OPay, a fintech company that got its start in 2018 when it bought a local payment platform, is now the leader in the PoS market with 563,262 dealers.

    In a recent statement, PalmPay claimed that it had expanded its agent network to 500,000. The 2023 State of the Industry Report on Mobile Money from the GSM Association says that there are more than 2 million banking and mobile money providers in the world.

    The implication is that OPay and Palmpay together make up at least half of the Nigerian agency banking business. Moniepoint, which has 322,266 users (according to data from Intelpoint), and MTN, which has 264,000 users (according to data from the company), make up the top four market winners.

     Read also: FCCPC prohibits PoS operators from increasing transaction charges

    Analysts claim finance runs OPay and PalmPay

    Some experts say that funding is the biggest reason why OPay and PalmPay are so popular.

    “Their success can be explained first by how strong their finances are. Top players need a lot of cash. Since the Chinese invested in OPay and Palmpay and Moniepoint was able to get a number of funds from the international venture capital market, they are able to break into the market and work in other African markets, according to Victor Olojo, the national president of the Association of Mobile Money and Banking Agents of Nigeria (AMMBAN).

    PalmPay is a financial technology company owned by Transsion Holdings, which makes top-selling smartphone brands like TECNO, Infinix, and Itel. In 2019, the holding company raised almost $400 million in an initial public offering on China’s tech-focused stock market, Star Market. Transsion’s value went up to $3.95 billion after the share sale, making it one of the most popular companies on the Star Market.

    The share price of the company was $139, which was a 2,719.4% jump from its selling price of $4.93 per share in 2019.

    PalmPay was launched in 2019 with an initial investment of $40 million, and the app came pre-installed on 20 million Infinix, TECNO, and Itel smartphones. In August 2021, it also raised $100 million in a Series A round of funding, bringing its total funding to $140 million. In both rounds of funding, Transsion was the main backer.

    OPay was founded in Hong Kong. So far, it has raised $570 million and is worth more than $2 billion. Opera’s corporate share round was the most recent funding for the company. The $400 million raised in Series C in 2021 is still the most money ever given to a banking company whose main focus is Nigeria and Africa.

    OPay has a lot of money, so they can bet on new goods and services that their competitors might find too risky.

    “I think it’s safe to say that OPay and PalmPay have shown that US venture and business models don’t necessarily work or scale in this part of the world,” said Jude Dike, CEO and co-founder of GetEquity.

    He thinks that the models of the two companies put range over depth. In other words, they will spend money on ideas that help them get more customers and worry about the quality or value of their deals. It requires taking risks to find what works and then sticking with it.

    Before July 2020, OPay worked like a super app where people could use many different services, such as ride-hailing, transportation, and fintech. It said in July 2020 that it would stop doing ride-hailing and transportation and instead focus on financial technology (fintech).

    This decision to focus on fintech may have been a big reason why it was able to raise a record $400 million in series C funding from investors led by Softbank Vision 2 Funds and including Dragon Ball Capital, Sequoia Capital China, Source Code Capital, Softbank Ventures Asia, Redpoint China, and 3W Capital.

    Peter Oriaifo, the principal at Oui Capital, a venture capital firm that focuses on Africa, says that OPay and PalmPay’s business plans are not much different from what most fintech companies in Nigeria are already doing. He said that the only difference is in how much they are ready to bet and that the strategy is the same as what US companies are doing.

    Oriaifo asked, “How else do you spend more than $570 million to do what indigenous players have done with less than 1/5th of the money raised?”

    The Central Bank of Egypt Approves Opay Prepaid Cards

    Opay-Palmpay transfers are free

    OPay’s payments to other banks were free until June 19, 2023, when the company started charging N10 after the third transfer each day. Since 2020, PalmPay has made transfers free, and N10 was added after the third transfer only recently. Annual savings on PalmPay now earn 20% interest.

    Our high-interest savings choice is good for our clients and businesses. Kelvin Olumese, the senior marketing manager for PalmPay Nigeria, said, “It gives our users access to high yield returns and helps them move towards financial independence. It also leads to more customer deposits and transactions on our platform, which bring us money.”

    The main benefit of OPay and PalmPay is how fast money transfers are, which became a selling point when the Central Bank of Nigeria announced its currency redesign plan early this year. After there wasn’t enough naira, a lot of people used mobile transfers and other ways to pay with their phones.

    In July 2023, 25 million people used PalmPay. Sofia Zab, the chief marketing officer for PalmPay Global, says that most people who use the PalmPay app on their phones are making purchases. There are more than 25 million people who use mobile money, and 500,000 mobile money brokers and 300,000 businesses serve them.

    “All of these people have business plans that are bold and work well on their own. It’s not like banking hall waiting. Fintechs came in a strong way. Olajo of AMMBAN said, “The most important thing is to adopt the agent network model, in which agents can recruit other agents for all of these operators with very good incentives, especially for Moniepoint.”

    Analysts say that the growing spending in OPay and PalmPay could help fintech companies. Large purchases by both businesses would bring in new investors. Other fintech companies save money by not adding new users. The platform is chosen by the customer.

    Edoka Idoko, the founder and CEO of OjirePrime, said that this was also true of regular banks. He said that after bringing millions of Nigerians into the banking system, banks are now moving to fintech platforms.

    “We still have the same clients. Banks did. Idoko also said, “We welcome competition.”