Regulatory reforms will strengthen fintech ecosystem – PalmPay CEO

The Managing Director of PalmPay, Mr. Chika Nwosu, has said that the Central Bank of Nigeria’s regulatory policies on fintechs were designed to help the government enhance and restructure the entire fintech ecosystem.

Nwosu disclosed this in a recent interview with Channels TV in Lagos.

He noted that fintechs in Nigeria had experienced rapid growth within a short period, adding that the government and regulators were striving to establish proper regulations to benefit the fintech industry, the government, and the people.

The PUNCH had earlier reported that five Nigerian payment service banks—Moniepoint, OPay, PalmPay, Kuda, and Paga had been unable to onboard new customers for the past month.

The Central Bank of Nigeria and National Security Adviser barred the payment service banks from onboarding new customers because of their challenge with meeting scrutiny regarding Know Your Customer (KYC) protocols and preventing fraud.

However, Nwosu disclosed that PSB operators had met with various stakeholders, including the CBN, EFCC, etc. and had they identified grey areas that fintechs need to implement.

Nwosu declared, “If PalmPay resolves these issues today, and they can immediately start onboarding new customers. There are no limitations; once the grey areas are addressed, they will be able to bring in new customers.

“Currently, none of the fintechs have finished the process and are thus unable to onboard customers, although this circumstance doesn’t disrupt our daily operations.”

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