PalmPay, a leading fintech platform with a strong focus on Africa, has emphasized the critical importance of collaboration and innovation among banks and fintech companies to enhance financial inclusion in underserved communities.
During the Nigeria Fintech Forum, Chibuzor Melah, Head of Partnerships at PalmPay, highlighted the company’s success in reaching unbanked populations by leveraging data-driven insights and working closely with other stakeholders in the financial sector.
Melah noted that formal financial inclusion in Nigeria has significantly increased from 56% in 2020 to 64% in 2023, according to the EFInA Access to Finance (A2F) Survey 2023 report. However, he stressed that more collaborative efforts are necessary to improve financial literacy, particularly in remote and underserved areas.
PalmPay, which has grown to over 30 million app users since its launch in Nigeria in 2019, provides a range of financial services, including money transfers, bill payments, credit services, and savings, all aimed at driving economic empowerment across Africa.
The company’s commitment to collaboration and innovation has enabled it to build trust in open banking and deliver tailored solutions that meet the specific needs of its customers, Melah added.
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