PalmPay, a leading Africa-focused fintech platform, emphasizes the importance of collaboration and innovation among banks and fintech companies to enhance financial inclusion, especially in underserved areas. This message was delivered by Chibuzor Melah, Head of Partnerships at PalmPay, during the Nigeria Fintech Forum in Lagos.
Melah highlighted that PalmPay’s success over the past five years is largely due to its investment in data-driven insights into customer behavior. These insights allow the company to create customized solutions that meet the specific needs of its customers, particularly the unbanked. By collaborating with other financial sector players, PalmPay has been able to build trust and expand its reach.
The significant growth in formal financial inclusion in Nigeria, from 56% in 2020 to 64% in 2023, as reported by the EFInA Access to Finance Survey, underscores the impact of these collaborative efforts. However, Melah pointed out that there is still much work to be done, and greater collaboration between banks and fintech companies could open new opportunities to reach underserved markets and introduce innovative products that benefit the economy.
