By Abbas Badmus 

PalmPay Nigeria Limited has launched a major educational support initiative with the introduction of a N10 million scholarship fund for students of Bayero University, Kano (BUK). Under the scheme, 20 students will each receive N500,000, making BUK the pioneer beneficiary of PalmPay’s planned nationwide scholarship programme.

The Managing Director of PalmPay, Mr. Chika Nwosu, formally presented a symbolic cheque of N10 million to the Vice-Chancellor, Professor Haruna Musa, FSI, during a ceremony held on Wednesday, 19th November 2025. Nwosu said the company selected BUK as the starting point of the initiative in recognition of its status as one of Nigeria’s foremost institutions of learning.

He disclosed that PalmPay has earmarked N2.4 billion to support students across more than 50 tertiary institutions in Nigeria. According to him, the scholarship scheme aligns with the company’s commitment to giving back to its predominantly youthful customer base while contributing to the country’s educational and human-capital development.

Nwosu expressed appreciation to BUK students for their continued loyalty, assuring that the company would remain steadfast in creating opportunities that uplift young Nigerians.

In his remarks, the Vice-Chancellor, Professor Haruna Musa, lauded PalmPay for the generous intervention and reaffirmed the university’s readiness to deepen its collaboration with the company, particularly in areas of corporate social responsibility and student empowerment.

To seal the partnership, Professor Musa, Mr. Nwosu, and the Dean of Students Affairs, Professor Mukhtar Bunza, signed a Memorandum of Understanding (MoU), marking the formal commencement of the scholarship programme at the institution.

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PalmPay, one of Nigeria’s foremost fintech platforms, has announced a milestone achievement in its operations, recording over 15 million daily transactions in the first quarter of 2025 — a significant leap from the 10 million daily transactions it recorded in 2024.

The development was revealed during a media roundtable on Wednesday, where the company presented its Q1 2025 performance report.

According to the report, PalmPay now boasts a user base of 35 million, with each user conducting an average of 50 transactions monthly. The company also recorded an 80% customer retention rate, serving more than 13 million monthly users through a vast network of over 1 million mobile money agents and merchants spread across the country.

One of the highlights of the quarter was PalmPay’s disbursement of N4 billion in interest payments to users of its PalmPay Wealth Product. The platform currently serves 9 million monthly active wealth users, offering flexible savings plans with interest rates of up to 20% annually, and Smart Earn rates peaking at 22%.

To further strengthen its infrastructure, PalmPay opened a new physical office in February to enhance customer support and reduce issue resolution times. In March, the company expanded its digital financial ecosystem with the launch of PalmPay Debit Cards.

Speaking at the roundtable, PalmPay CEO Chika Nwosu disclosed that the company plans to distribute 5 million debit cards nationwide and open new offices across Nigeria’s six geopolitical zones. He added that PalmPay is also intensifying efforts to deepen financial inclusion in underserved areas.

On the issue of financial fraud, which has increasingly plagued the fintech sector, Nwosu said the company is actively improving its risk management protocols. “One of the challenges we encounter in the fintech space is related to fraud. We are responding by enhancing our security framework to protect our users and ensure trust in our platform,” he stated.

PalmPay has implemented a suite of security features including real-time transaction monitoring, multi-factor authentication, and account lock tools aimed at safeguarding user transactions.

The surge in PalmPay’s transaction volume aligns with broader industry trends. Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) showed that mobile money operators — including PalmPay, OPay, and others — processed transactions worth N71.5 trillion in 2024, marking a 53.4% increase from the N46.6 trillion recorded in 2023. The total volume of transactions also rose by 23%, from 3 billion in 2023 to 3.9 billion in 2024.

Industry analysts predict further growth in 2025, driven by the projected rise in smartphone penetration and digital financial literacy across Nigeria.

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The Managing Director of PalmPay Nigeria, Chika Nwosu, has called for greater collaboration among individuals, businesses, and governments to combat the rising threat of fraud in the country.

Speaking during PalmPay’s Anti-Fraud Walk on Saturday, organised as part of the 2024 International Fraud Awareness Week, Nwosu described fraud as a “systemic threat” that undermines trust, security, and economic progress.

International Fraud Awareness Week, observed globally in the third week of November, aims to raise awareness of fraud through prevention campaigns, education, and advocacy.

PalmPay joined this global initiative with a rally across Lagos, moving through key locations such as Ikeja and the bustling Computer Village, to spread its message of fraud prevention and equip individuals with tools to stay protected.

“Fraud is more than just a crime—it is a systemic threat that undermines trust, compromises security, and disrupts progress,” Nwosu said. He highlighted the far-reaching impact of fraud, noting that it affects personal livelihoods and the integrity of businesses.

Citing recent data from the Financial Institutions Training Centre, Nwosu disclosed that over 11,500 fraud cases were reported in the second quarter of 2024, targeting mobile, web, and point-of-sale channels.

He said these figures represent “real people whose trust has been broken and whose finances have been compromised.”

Nwosu explained that PalmPay has prioritized fraud prevention through awareness and education.

“At PalmPay, we recognize that combating fraud begins with awareness. This week, we have focused on empowering individuals to safeguard their digital identities, spot fraudulent schemes, and take swift action when they encounter suspicious activities,” he said.

He outlined key fraud prevention measures, advising individuals to stay informed about emerging fraud tactics, protect personal and financial information with strong passwords and secure platforms, verify requests for sensitive information, and report suspicious activities promptly.

Nwosu also emphasised the importance of sharing fraud prevention knowledge to create a ripple effect of awareness.

The MD said PalmPay’s anti-fraud campaign has engaged users and the public through multiple platforms since the start of the awareness week.

“By working together, we aim to bridge the knowledge gap that fraudsters often exploit,” he said, adding that the company is committed to ensuring everyone has the tools needed to stay protected.

Nwosu also highlighted PalmPay’s investments in advanced security technologies and its collaboration with industry stakeholders to strengthen fraud prevention measures.

“Our commitment to leading the fight against fraud extends beyond our platforms and services. It reflects our efforts to engage communities and create a safer financial ecosystem,” he said.

He called on all stakeholders to join forces to combat fraud, stating, “Together, we can create an environment where individuals and businesses can thrive without fear, knowing that trust and security are at the heart of our digital world.”

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In its continued drive for financial inclusion across Nigerian communities, Fintech Company, PalmPay has said that users of its app can henceforth enjoy three months of unlimited free money transfers to all banks.

The firm said the unlimited free transfer would empower its users to perform transactions without worrying about bank charges.

Managing Director of the firm, Chika Nwosu, said the update underscores PalmPay’s commitment to providing accessible and affordable financial services to its users.

He said: “We are excited to introduce unlimited free transfers to our users. This aligns with our mission to provide inclusive financial services that meet the needs of our diverse user base.

“We believe that everyone should have access to affordable financial services, and this update is a significant step towards that goal,” Nwosu said.

“PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa by offering top-tier products such as money transfers, bill payments, credit services, and savings on its app and mobile money agents.

“Users of PalmPay can send and receive money seamlessly, pay bills effortlessly, shop with ease and earn discounts and cashback while performing these transactions.

“By removing transfer fees to all banks on its app, PalmPay has now empowered its millions of customers to enjoy endless fund transfers to family and friends, pay their bills seamlessly, and manage their finances more effectively,” Nwosu said.

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The financial inclusion rate in Nigeria has improved. Since the country adopted an inclusion strategy in 2012, adult Nigerians with a bank account have increased, and now account for more than two-thirds of the financially included.

According to the 2023 Report on Access to Financial Services in Nigeria, financial inclusion continues to expand and has so far been fueled by marginal growth among the country’s banked population and major gains in non-bank formal adoption.

Although approximately 40 million adult Nigerians remain formally excluded, formal financial inclusion was said to have grown from 56% in 2020 to 64% in 2023.

In the last four years, fintech companies in Nigeria have played a vital role in closing this gap, bringing financial services to the country’s unbanked and driving economic growth. Their successes, however, have not come without challenges.

Following the penetration of digital payment platforms in Africa, a fraud epidemic has plagued the fintech ecosystem in Nigeria, with Mobile, Web and POS being the most exploited channels by fraudsters in the country in 2023.

According to the 2023 NIBSS Annual Fraud Landscape report, incidents of “Fraud loss via Internet Banking increased by 325% between 2022 and 2023.”

The rise of digital payment platforms in Nigeria has increased the potential for cyber fraud, with fintech companies now forced to balance between making payment apps user-friendly and prioritising users’ safety to stem increased cyber fraud.

To address the fraud epidemic, the Fintech Association of Nigeria (FintechNGR) plans to unveil a fraud reporting framework sometime this year, while fintech platforms such as PalmPay continue to take the initiative to reevaluate their in-app safety features to protect their users from the activities of fraudsters.

Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) licence by CBN, PalmPay has grown to over 30 million users as part of its payment ecosystem.

In building a user-friendly app, the company has also sought to foster a secure financial ecosystem by integrating safety features into its app so that the millions of users who transact with the app do so in a safe and trusted environment.

In general, it employs a closed-loop risk management system that involves continuous monitoring, analysis, and response to fraud threats and allows it to detect and prevent security risks in real-time and reduce the potential impact of fraud.

In particular, to reduce incidents of fraud, protect their users from fraudsters, and provide a safe banking environment, it binds their users’ phones to the app and has an auto-logout and biometrics feature to confirm users’ identity.

Chika Nwosu, Managing Director, PalmPay, said the reason why the fintech platform has witnessed astonishing growth in four years was because “We prioritise the safety and security of our users.” He said they’ve been able to achieve this by “marrying security and safety with the customer experience to create a balance.”

Because it understands that curtailing fraud is a two-way street, PalmPay runs a Wallet Safety Workshop to teach users of its app and POS machines various security topics covering payment security and common security issues in daily life, such as password management, fraud detection, phishing and risk identification.

The safety workshop underscores the understanding of user security as an important part of curtailing fraud and encourages its users to ensure that they always secure their wallets using the several built-in safety features in its app.

A recent example was a series of campaigns encouraging its users to link their wallets with their BVN or NIN, following the directive by the Central Bank of Nigeria (CBN) for users of fintech platforms to link their wallets with their BVN or NIN.

PalmPay users have several options for protecting themselves against fraudsters such as the two-factor verification process that makes it difficult for fraudsters to gain access to users’ apps without spooking them.  In the first half of 2023, millions of users linked their secure email addresses to their PalmPay app. With this feature, users effortlessly receive OTPs for their in-app login.

The app has a device management feature that allows users to manage trusted devices and remove untrusted devices. When logging in on an untrusted device, users complete a comprehensive security verification process that involves inputting an OTP and their PIN to ensure security.

While fintech companies play a role in protecting users from cyber fraud, the rising fraud incidents in Nigeria can sometimes be due to poor digital and financial literacy, but most especially the failure of many victims to report an attack.

In a report last year, Temitayo Oduwole, Head of IT and Payments, PalmPay, observed that customers do not take prompt action in incidents of fraud and that “Only 33 per cent report the same day or take the necessary right action on the same day.”

Effective investigation into incidents of fraud begins when the user reports to their bank that fraud has occurred. However, fraud, if not reported within the hour the crime occurred, allows criminals to move the stolen funds to ‘safe’ places.

Precaution remains the best remedy to protect oneself from cyber fraud. Anti-fraud expert Tosin Adenekan warned fintech users against trusting strangers with their personal information when performing digital transactions.

According to Mrs Adenekan, “Users of fintech platforms owe it to themselves to follow standard safety precautions to avoid being defrauded by cyber criminals.

“Do not allow strangers such as POS operators to handle personal ATM cards. This is because cybercriminals often posing as helpful POS operators can exploit this to observe PIN entries and distract card owners, ultimately swapping ATM cards.”

She urged fintech users to “take steps to reduce incidents of fraud on their wallets by creating strong passwords, enabling the two-factor authentication features on their fintech app, monitoring their wallets for unauthorised transactions, and protecting their personal login information when in public from prying eyes.”

Other steps to take include “regularly updating their apps, setting limits for their wallets, staying alert for phishing attempts, getting the proper financial education, using secure internet connection, being aware of pop-ups and fraudulent emails, and ensuring that operating systems and internet connections are up to date.”

To prevent falling victim to cyber fraud, Mrs Adenekan urged fintech users to adhere to these safety guidelines and “don’t trust everything on the internet.”

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Ahead of the January 31, 2024 deadline by the Central Bank of Nigeria (CBN) for existing users of fintech companies to upgrade their wallets, leading fintech company PalmPay has urged its users to upgrade their KYC details.

Fintech users affected by the CBN directive are grouped into three categories.

1. New users are mandatorily required to provide their NIN and or BVN number for Tier 1 wallet opening.

2. Those with an existing Tier 1 wallet but are yet to add their NIN or BVN have until March 1 2024 to do so.

3. All existing users across the three tiers, whose NIN or BVN information does not match, have until January 31, 2024, to revalidate.

In response to the CBN’s recent directive on promoting financial system stability by strengthening the KYC procedures for customers, PalmPay released an updated in-app version that mandates all new users to input their BVN or NIN numbers before a wallet can be created.

To upgrade their wallet KYC level using their BVN and NIN, PalmPay users are required to log into their app and follow the steps.

Chika Nwosu, Managing Director, PalmPay, had earlier welcomed the CBN directive on all existing and new users having BVN or NIN, stating that “We are committed to ensuring compliance and fostering a secure financial ecosystem.

“As a forward-thinking fintech platform, we believe that this measure will enhance the overall security of users’ wallets and the protection of users’ data while providing seamless financial services.

“Through various in-app activities, we have always encouraged our users to link their wallets with their BVN or NIN. We are fully aligned to drive the new Directive.

“In all of this, we believe this measure will reduce fraudulent activities and provide a safe banking environment for all,” Mr Nwosu added, encouraging users to “update their KYC information on the app to ensure compliance with the directive.”

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Leading fintech company PalmPay has launched a new security in-app version that mandates all new users to input their BVN or NIN numbers before a wallet can be created.

The product launch is in response to the Central Bank of Nigeria’s recent directive on promoting financial system stability by strengthening the Know Your Customer (KYC) procedure for customers.

Speaking on the upgrade, Chika Nwosu, Managing Director, PalmPay, welcomed the CBN directive on all existing and new users having BVN or NIN.

According to Mr Nwosu, “We are committed to ensuring compliance and fostering a secure financial ecosystem.

“As a forward-thinking fintech platform, we believe that this measure will enhance the overall security of users’ wallets and the protection of users’ data while providing seamless financial services.

“Through various in-app activities, we have always encouraged our users to link their wallets with their BVN or NIN. We are fully aligned to drive the new Directive.”

Operating under the Mobile Money Operator license, PalmPay’s wallet opening process requires that new users have to provide their NIN or BVN number.

“In all of this, we believe this measure will reduce fraudulent activities and provide a safe banking environment for all,” Mr Nwosu added.

We encourage users to update their KYC information on the app to ensure compliance with the Directive.

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Chika Nwosu, the Chief Executive Officer of PalmPay, a leading fintech company in Nigeria, has underscored the urgent need for digital literacy among consumers as a crucial strategy to combat the rising wave of online frauds in Nigeria.

Addressing attendees at the 4th Africa Financial Technology Congress in Lagos, Nwosu emphasized that enhancing digital literacy is paramount, especially in light of recent data indicating a significant shift towards electronic transactions in Nigeria, previously dominated by cash transactions.

He highlighted that many individuals fall victim to online fraudsters due to their lack of awareness.

Nwosu stressed the importance of online safety and security consciousness, offering practical advice to consumers. He stated, “Being safety-conscious online can be as simple as implementing a two-step verification process on platforms like WhatsApp to thwart hackers.

“In most cases, fraud requires some form of consent, either knowingly or unknowingly, from the consumer”.

The PalmPay CEO also acknowledged the emergence of various threats, including fake news dissemination, personal data leaks, and financial scams, as a consequence of the rapid expansion of digital connectivity.

He assured that Nigerian banks and fintech companies have invested heavily in infrastructure to protect customer accounts, detect fraud, and minimize risks. Nwosu further noted that, even in cases of fraud, swift detection and resolution mechanisms were in place.

Nwosu elaborated on PalmPay’s risk management strategy, which involves analyzing user identities, network preferences, behaviors, device usage patterns, and core data to establish a robust closed-loop process for effective risk control.

Utilizing this approach, PalmPay has been successful in swiftly identifying and addressing concerns such as fake accounts, fraudulent marketing activities, and security breaches, such as port scans and credential stuffing.

Nwosu also revealed PalmPay’s commitment to user education, citing the company’s monthly “Wallet Safety Workshop” campaign aimed at raising payment security awareness and empowering users to recognize and avoid online scammers

.A recent report from the Financial Institutions Training Centre (FITC) for Q2, 2023, revealed a staggering 276.98% increase in fraud cases in Nigerian banks during this period. This surge is attributed to the growing adoption of internet connectivity and digital payment solutions in Nigeria, which has unfortunately paved the way for a surge in fraudulent activities.

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