#ndic

[accuratenewsng]

Sale Of Heritage Bank Assets To Begin December 4 — NDIC

The Nigeria Deposit Insurance Corporation (NDIC) says the sale of Heritage Bank’s assets will begin on December 4, 2024.  This is according to a statement by NDIC’s Director of Communication and Public Affairs Bashir Nuhu. He said the move involve the landed properties of the firm and is in line with the NDIC’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC…

[aalawsng]

Categories of Financial Institutions in Nigeria

[betanewsngr]

FIRS, NDIC, others to spend over N8.7billion on software in 2024

[alabingo]

Stakeholders canvass support for NDIC act ammendment bill

Stakeholders canvass support for NDIC act ammendment bill

Public and private sector stakeholders across the financial services industry have canvassed support for the Nigeria Deposit Insurance Corporation (NDIC) Act 2006 amendment Bill currently before the National Assembly with a view to strengthening the capacity of the Corporation to contribute more effectively and efficiently to the stability of the financial system. At a public hearing organized…

[alabs1]

NDIC Builds Regulatory Capacity To Clamp Down On Ponzi Schemes

NDIC Builds Regulatory Capacity To Clamp Down On Ponzi Schemes

The Nigeria Deposit Insurance Corporation (NDIC) says it is building human and regulatory capacities to meet up with evolving activities of ponzi schemes. Micheal Oladele, the Director, Bank Examination Department of NDIC, said this at the 2022 workshop for business editors and members of Financial Correspondents Association of Nigeria, which opened in Port Harcourt on Monday. Mr Oladele said…

[smlblogtv]

NDIC Reveals Steps To Follow For Unpaid Heritage Bank Customers To Get Their Fund

The Nigeria Deposit Insurance Corporation (NDIC) has called on customers of the defunct Heritage Bank who have not yet received their payments to come forward and provide their account details for processing. This announcement was made by Bello Hassan, the managing director of NDIC, during the corporation’s ‘special day’ event at the 36th Lagos International Trade Fair. Addressing the audience,…

[ejesgistnews]

House of Reps Member Alex Ikwechegh Apologizes for Assaulting Bolt Driver, Vows Accountability. Alex Ikwechegh, a member of Nigeria’s House of Representatives, has publicly apologized after a viral video surfaced showing him assaulting an e-hailing (Bolt) driver who had come to deliver a package to him at his Abuja residence. In the video, Ikwechegh was seen slapping and insulting the driver, Abuwatseya, while threatening him with consequences. Read Also: Senate Strips CBN Power To Appoint CEO Of NDIC In a statement issued on Monday, Ikwechegh acknowledged that his actions were "unacceptable and unbecoming" of a public official.   As a public servant, I recognize the trust placed in me by my constituents and the Nigerian people,” Ikwechegh said. “My behaviour fell short of the standards expected of me, and for that, I am truly sorry. Read Also: Three Arrested As Troops Bust Notorious Kidnap Syndicate In Taraba The lawmaker expressed regret for the harm caused to Abuwatseya, his constituents, and the general public, pledging full cooperation with the Nigerian Police in their investigation. "I support their efforts to ensure that justice is served and that those responsible are held accountable," he added. [caption id="" align="alignnone" width="747"] Combined Photo of Alex Ikwechegh and Bolt Drive[/caption] Alex Ikwechegh and Bolt Drive In his apology, Ikwechegh commended the Nigeria Police Force and his party for their swift condemnation of his actions, which he described as a commitment to uphold the law and protect citizens' rights. He further stated that he was taking steps to address the underlying issues behind the incident, including seeking professional counselling and engaging in community service initiatives focused on respect and empathy. The lawmaker’s apology comes amid widespread public outrage over the viral footage, in which he is seen repeatedly slapping the driver and warning he could make the driver "disappear" without consequences. Following the backlash, the police invited Ikwechegh for questioning at the Maitama Divisional Headquarters, condemning his actions and asserting that he had brought the Inspector General of Police's name into disrepute by daring the driver to escalate the matter. As the investigation continues, Ikwechegh called on Nigerians to work together in fostering a culture of respect and tolerance, pledging to turn this incident into an opportunity for personal growth and healing.

[destkelamedia]

NDIC Pledges to Reimburse Depositors with Over N5m Balances from Defunct Heritage Bank

[aajjks]

also that’s not how ‘angel dust’ or pcp even works. https://www.justice.gov/archive/ndic/pubs4/4440/index.htm

Oh my God, he is never going to snort it or smoke it or eat it

[mynewshq]

NDIC gives N5m each to defunct Heritage Bank customers

The Nigeria Deposit Insurance Corporation says it has disbursed the insured deposits of N5 million each to 82.36 per cent of the total customers of the defunct Heritage Bank. It also noted that 17.64 per cent of the insured deposits still pending payment mainly belong to depositors with accounts that have Post-No Debits instructions or lack a Bank Verification Number. This was disclosed in a statement signed by the Director, Communication and Public Affairs, Bashir Nuhu, on Sunday in Abuja. On June 3, 2024, the Central Bank of Nigeria revoked the banking license of Heritage Bank Plc due to persistent financial instability and regulatory breaches. The decision, according to the apex bank, is in line with the CBN’s mandate under Section 12 of the Banks and Other Financial Institutions Act 2020, which aims to maintain a stable financial system in Nigeria. Following the withdrawal of Heritage Bank’s licence, the NDIC stated that it would begin payment of the 2.3 million depositors of the bank. Giving an update in the statement issued on Sunday, the director disclosed that disbursement to affected customers started four days after the liquidation. He added that this feat was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks. The statement read in part, “In the discharge of its deposit guarantee mandate, the Corporation began the payment of the insured deposits of N5m maximum per depositor within a record time of four days of the bank closure. “This was achieved using Bank Verification Numbers as a unique identifier to locate depositors’ alternate accounts in other banks.“ This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 per cent of the total insured deposit to date. ”For depositors with more than N5m, the director explained that the remaining balances (classified as uninsured deposits) would be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.“ It is instructive to state that, the remaining 17.64 per cent of the insured deposits yet to be paid were largely depositors whose accounts have post no debits instructions or have no BVN. Others are those with no alternative accounts in other banks or accounts with a KYC limit on the maximum lodgment per day and are yet to come forward for verification. “However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank,” the statement added. Read the full article

[tracknews1]

NDIC: We’ve Paid Heritage Bank Depositors N5m Sum Insured

The Nigeria Deposit Insurance Corporation (NDIC) said it had paid depositors of liquidated Heritage Bank N5 million, being the initial insured sum. It restated that the balance (classified as uninsured deposits) would be paid as liquidation dividends upon realisation of the defunct bank’s assets and recovery of debts owed to the bank. The corporation confirmed the update in a statement issued on…

[aalawsng]

Winding Up or Liquidation of Banks in Nigeria: Legal Framework and Procedures The winding up or liquidation of a bank in Nigeria is a critical process governed by several key pieces of legislation, primarily the Companies and Allied Matters Act (CAMA) 2020, the Banks and Other Financial Institutions Act (BOFIA) 2020, and under the regulatory purview of the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC). This article provides a comprehensive overview of the legal and procedural framework for bank liquidation in Nigeria.

Legal Basis and Grounds for Liquidation A. Under Companies and Allied Matters Act (CAMA) 2020, there are two basis for liquidation and they are: 1. Voluntary Winding Up: Initiated by a special resolution of the bank’s shareholders. This typically occurs when the shareholders believe that the company can no longer continue its business operations effectively.

2. Compulsory Winding Up: Initiated by a court order, which can be sought by creditors, shareholders, or the company itself. Grounds for compulsory winding up include: a. The company is unable to pay its debts. b. A special resolution by the company to wind up. c. It is just and equitable for the company to be wound up.

B. Under Banks and Other Financial Institutions Act (BOFIA) 2020:

Regulatory Non-compliance: Failure to comply with any condition of the license or any regulatory directive issued by the CBN.

Financial Instability: Conducting business in an unsound manner, insolvency, or engaging in unsafe banking practices that threaten the financial stability of the bank.

Initiation of Liquidation A. Voluntary Winding Up under CAMA: 1. Resolution: The process begins with a special resolution passed by the shareholders. 2. Liquidator Appointment: The company appoints a liquidator who takes over the management of the company’s affairs to wind up its operations.

B. Compulsory Winding Up under CAMA: 1. Court Petition: Creditors, shareholders, or the company itself can petition the court for a winding-up order. 2. Court Order: Upon hearing the petition, if the court is satisfied with the grounds presented, it issues an order for the company to be wound up. 3. Official Receiver: The court appoints an official receiver to oversee the liquidation process.

Winding Up under BOFIA: 1.CBN’s Decision: The CBN, with the approval of its Board, decides to revoke the bank’s license. 2. NDIC Appointment: The NDIC is appointed as the liquidator to manage the winding up of the bank’s affairs. NOTE: The court with the exclusive jurisdiction over these proceedings is the Federal High Court.

The Role of the NDIC The NDIC plays a crucial role in the liquidation process, particularly when it comes to banks. As the appointed liquidator, the NDIC has the following responsibilities: 1.Taking Control: The NDIC takes control of the bank’s assets and assumes responsibility for its operations. 2. Asset Realization: The NDIC identifies, secures, and sells the bank’s assets to generate funds. 3.Debt Settlement: Proceeds from asset sales are used to settle the bank’s liabilities. Priority is typically given to secured creditors, followed by unsecured creditors. 4.Depositor Reimbursement: The NDIC ensures that insured depositors receive their funds up to the insured limit. For amounts exceeding the insured limit, depositors may receive liquidation dividends based on the proceeds from the asset sales. 5.Reporting: The NDIC must provide regular reports to the CBN and other regulatory bodies on the progress of the liquidation.

The Liquidation Process The winding up of a bank involves several steps to ensure a thorough and transparent process: 1.Revocation of License: The CBN publishes a notice of revocation in the Federal Government Gazette and the media, officially revoking the bank’s license. 2.Appointment of Liquidator: The NDIC is appointed as the liquidator and takes immediate control of the bank’s operations and assets. 3.Asset Valuation and Sale: The liquidator conducts a thorough valuation of the bank’s assets and prepares them for sale. This can include real estate, financial instruments, and other assets owned by the bank. 4. Settlement of Liabilities: The liquidator uses the proceeds from the asset sales to pay off the bank’s debts. The order of payment usually follows a legal priority, with secured creditors paid first. 5. Payment to Depositors: Insured depositors receive their funds up to the insured limit, typically through alternate banks designated by the NDIC. For amounts above the insured limit, depositors receive payments based on the remaining proceeds from the asset sales. 6. Final Reporting and Closure: The liquidator submits a final report to the CBN and other relevant authorities, detailing the outcomes of the liquidation process. Once all obligations are settled, the bank is officially dissolved.

Regulatory Compliance and Oversight Throughout the liquidation process, regulatory compliance is crucial to ensure transparency and protect the interests of all stakeholders. The liquidator must adhere to all relevant legal provisions and report regularly to the CBN. The NDIC’s role as a liquidator is governed by both the CAMA and BOFIA, ensuring that the process is carried out in accordance with established legal standards.

Conclusion The winding up or liquidation of a bank in Nigeria is a complex process that involves multiple legal and regulatory frameworks. However, through proper guidance with the laws, the winding up or liquidation of a bank may be easily facilitated.

References a. Companies and Allied Matters Act (CAMA) 2020 b. Bank and Other Financial Institutions Act (BOFIA) 2020 c. Nigerian Deposit Insurance Corporation (NDIC) Act

[premimtimes]

NDIC increases banks deposit insurance coverage

http://dlvr.it/T6KfZS

[hardynwa]

NDIC amendment bill scales second reading in Senate

An Amendment Bill seeking to guarantee the autonomy and independence of the Nigeria Deposit Insurance Corporation, NDIC, scaled second reading in the Senate on Thursday. The sponsor of the bill, Senator Mukhail Adetokunbo Abiru, APC, Lagos East, said the proposed amendment is line with Section 1 (3) of the principal Act, 2006. Speaking on the general principles of the bill on the floor of the Senate on Thursday, the lawmaker argued that the provisions of the Act are inadequate. According to him, the envisaged amendment would be make the Corporation more effective in discharge of its mandates. He said: “This bill which is co-sponsored by all the 42 members of the Senate Committee on Banking, Insurance and other financial institutions was read the first time in this hallowed chamber on Wednesday 22nd November, 2023. “The bill basically seeks to amend the Nigeria Deposit Insurance Corporation Act No 63 of 2023 to make the Corporation more effective, safeguard its independence and autonomy and to bring it in line with current realities and best practices.�� Abiru said the NDIC was set up primarily to protect depositors and to guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits. “Though the 2023 Act made substantial improvements to the 2006 Act, its implementation has been fraught with continuous debates and there have been series of appeals from and consensus among stakeholders on the need for an amendment of the Act to address all the issues that have been raised concerning it. “Whereas Section 1 (3) of the Act provides that ‘’The Corporation shall be independent in the performance of its functions” nearly all of its important and exclusive duties, functions and powers are to be exercised subject to the concurrence of the Central Bank of Nigeria (CBN). “The above provisions make the Act self-contradictory and this bill is therefore amending the principal Act to guarantee NDIC’s independence in performing its statutory functions.” Other Senators contributed in favour of the proposed amendment, noting that the amendment will prevent interference in the functions of the NDIC. Read the full article

[9jaboizgistworld-blog]

Palmpay Login With Phone Number and PIN

Are you looking for a convenient and secure way to manage your money online? Do you want to enjoy discounts, cashback, and rewards when you pay your bills, recharge your airtime, or shop online? If yes, then you need to try PalmPay, the app that lets you do more with your money. PalmPay is a digital wallet that allows you to send and receive money, pay for various services, and access financial products with just your phone number and a PIN. You can also earn bonuses and rewards when you use PalmPay for your transactions and invite your friends to join. In this article, we will show you how to login to PalmPay with your phone number and PIN, and how to use the app for your everyday needs. We will also answer some frequently asked questions about PalmPay and its features. By the end of this article, you will be able to: - Download and install the PalmPay app on your device - Create and verify your PalmPay account - Login to PalmPay with your phone number and PIN - Use PalmPay to send and receive money, pay bills, recharge airtime, and more - Earn rewards and cashback with PalmPay - Troubleshoot any issues with PalmPay login or transactions So, let’s get started!

Introduction

PalmPay is a mobile app that lets you access a range of financial services with ease and affordability. It is licensed by the Central Bank of Nigeria (CBN) as a Mobile Money Operator and insured by the Nigeria Deposit Insurance Corporation (NDIC). This means that your money and data are safe and secure with PalmPay. PalmPay is more than just a money transfer app. It also allows you to pay for water, electricity, TV, trips, and other 20+ scenarios at home. You can also pay for over 500 billers and service providers with a few taps on your phone. Plus, you can enjoy discounts and cashback when you use PalmPay for your payments. PalmPay is also a rewarding app that gives you bonuses and rewards when you make transactions and invite your friends to join. You can use your rewards to pay for your bills, recharge your airtime, or even withdraw them to your bank account. To use PalmPay, you need to download the app on your device and create an account with your phone number. You will also need to set up a 4-digit PIN that you will use to login to PalmPay and authorize your transactions. You can also link your bank account or card to PalmPay for easy funding and withdrawal. In the next section, we will show you how to download and install the PalmPay app on your device.

How to Download and Install the PalmPay App

The PalmPay app is available for both Android and iOS devices. You can download it from the Google Play Store or the Apple App Store. Alternatively, you can visit the PalmPay website and scan the QR code to download the app. To download and install the PalmPay app, follow these steps: - Open the Google Play Store or the Apple App Store on your device and search for “PalmPay”. - Tap on the PalmPay app icon and then tap on “Install”. - Wait for the app to download and install on your device. - Once the app is installed, tap on “Open” to launch the app. You have successfully downloaded and installed the PalmPay app on your device. Now, you need to create your PalmPay account.

How to Create and Verify Your PalmPay Account

To create your PalmPay account, you need to have a valid phone number that you can receive SMS on. You will also need to provide some basic information such as your name, date of birth, and gender. You can also choose to upload a photo of yourself for your profile. To create and verify your PalmPay account, follow these steps: - Open the PalmPay app and tap on “Sign Up”. - Select your country code and enter your phone number. Then tap on “Next”. - Enter the verification code that is sent to your phone number via SMS. Then tap on “Next”. - Enter your name, date of birth, and gender. Then tap on “Next”. - Set up your 4-digit PIN and confirm it. Then tap on “Next”. - Optionally, you can upload a photo of yourself for your profile. Then tap on “Done”. You have successfully created your PalmPay account. Now, you need to verify your identity to unlock more features and benefits. To verify your identity, you need to provide a valid ID card such as your national ID, driver’s license, voter’s card, or international passport. You will also need to take a selfie to match your ID. To verify your identity, follow these steps: - Open the PalmPay app and tap on the “Me” tab at the bottom right corner. - Tap on “Verify Identity” under your name and phone number. - Select the type of ID card that you have and enter the ID number. Then tap on “Next”. - Take a photo of the front and back of your ID card and upload it. Then tap on “Next”. - Take a selfie of yourself and upload it. Then tap on “Next”. - Wait for your verification to be approved. This may take a few minutes or hours depending on the volume of requests. You have successfully verified your identity. Now, you can enjoy the full features and benefits of PalmPay.

How to Login to PalmPay with Your Phone Number and PIN

To login to PalmPay with your phone number and PIN, you need to have the PalmPay app installed on your device and your phone number registered with PalmPay. You will also need to remember your 4-digit PIN that you set up when you created your account. To login to PalmPay with your phone number and PIN, follow these steps: - Open the PalmPay app and tap on “Login”. - Enter your phone number and tap on “Next”. - Enter your 4-digit PIN and tap on “Login”. You have successfully logged in to PalmPay with your phone number and PIN. Now, you can use the app to send and receive money, pay bills, recharge airtime, and more.

How to Use PalmPay to Send and Receive Money, Pay Bills, Recharge Airtime, and More

PalmPay allows you to send and receive money, pay bills, recharge airtime, and more with ease and affordability. You can also earn rewards and cashback when you use PalmPay for your transactions. To use PalmPay to send and receive money, pay bills, recharge airtime, and more, follow these steps: - To send money, tap on the “Send” icon on the home screen. Then enter the recipient’s phone number or select from your contacts. Enter the amount and a remark (optional). Then tap on “Next”. Confirm the details and enter your PIN to complete the transaction. You will receive a confirmation message and a receipt. - To receive money, tap on the “Receive” icon on the home screen. Then share your phone number or QR code with the sender. You will receive a notification and a receipt when the money is sent to you. - To pay bills, tap on the “Pay” icon on the home screen. Then select the category and the service provider that you want to pay for. Enter the required details and the amount. Then tap on “Next”. Confirm the details and enter your PIN to complete the transaction. You will receive a confirmation message and a receipt. - To recharge airtime, tap on the “Recharge” icon on the home screen. Then select the network and the phone number that you want to recharge. Enter the amount and tap on “Next”. Confirm the details and enter your PIN to complete the transaction. You will receive a confirmation message and a receipt. - To access other services, tap on the “More” icon on the home screen. Then select the service that you want to use, such as loans, savings, insurance, or shopping. Follow the instructions on the screen to complete the transaction. You have successfully used PalmPay to send and receive money, pay bills, recharge airtime, and more. You can also check your transaction history, balance, and rewards on the app.

How to Earn Rewards and Cashback with PalmPay

PalmPay is a rewarding app that gives you bonuses and rewards when you use it for your transactions and invite your friends to join. You can use your rewards to pay for your bills, recharge your airtime, or even withdraw them to your bank account. To earn rewards and cashback with PalmPay, follow these steps: - To earn rewards, tap on the “Rewards” icon on the home screen. Then select the reward that you want to claim, such as sign-up bonus, referral bonus, or transaction bonus. Follow the instructions on the screen to claim your reward. You will receive a notification and a receipt when the reward is credited to your account. - To earn cashback, use PalmPay to pay for your bills, recharge your airtime, or shop online. You will receive a percentage of your payment as cashback in your account. You can check your cashback balance and history on the app. - To use your rewards and cashback, select the “Rewards” option when you make a payment on the app. You can use your rewards and cashback to pay for up to 50% of your payment. You can also withdraw your rewards and cashback to your bank account by tapping on the “Withdraw” icon on the home screen. You have successfully earned rewards and cashback with PalmPay. You can also share your referral code or link with your friends.

How to Invite Your Friends to Join PalmPay and Earn Referral Bonuses

PalmPay is a social app that allows you to invite your friends to join and enjoy the benefits of the app. You can also earn referral bonuses when your friends sign up and make their first transaction on PalmPay. To invite your friends to join PalmPay and earn referral bonuses, follow these steps: - Tap on the “Invite” icon on the home screen. Then select the method that you want to use to invite your friends, such as WhatsApp, SMS, or social media. - Share your referral code or link with your friends and ask them to download and install the PalmPay app. - When your friends sign up with your referral code or link, they will receive a N100 sign-up bonus in their account. - When your friends make their first transaction of at least N100 on PalmPay, you will receive a N300 referral bonus in your account. - You can invite as many friends as you want and earn unlimited referral bonuses. You can also check your referral status and history on the app. You have successfully invited your friends to join PalmPay and earned referral bonuses. You can also join the PalmPay community and interact with other users on the app.

How to Join the PalmPay Community and Interact with Other Users

PalmPay is a community app that allows you to join the PalmPay family and interact with other users on the app. You can also participate in various activities and events on the app and win prizes and rewards. To join the PalmPay community and interact with other users, follow these steps: - Tap on the “Community” icon on the home screen. Then select the topic that you want to join, such as “PalmPay Tips”, “PalmPay Stories”, or “PalmPay Fun”. - Read the posts and comments from other users and share your own opinions and experiences. You can also like, reply, or report any post or comment that you find interesting or inappropriate. - Tap on the “Create Post” button at the top right corner to create your own post and share it with the community. You can also add images, emojis, or hashtags to your post. - Tap on the “Activity” button at the top left corner to check the latest activities and events on the app. You can also join the activities and events and win prizes and rewards. You have successfully joined the PalmPay community and interacted with other users. You can also contact PalmPay customer service if you have any questions or issues with the app.

How to Contact the PalmPay Customer Service

PalmPay is a customer-oriented app that provides you with 24/7 customer service and support. You can contact PalmPay customer service if you have any questions or issues with the app, such as login problems, transaction failures, verification issues, or feedback and suggestions. To contact the PalmPay customer service, follow these steps: - Tap on the “Me” tab at the bottom right corner. Then tap on the “Help Center” option under the “Settings” section. - Select the category and the sub-category that best describes your question or issue. Then read the FAQs and the answers that are provided. You may find the solution to your problem there. - If you still need help, tap on the “Contact Us” button at the bottom of the screen. Then select the method that you want to use to contact customer service, such as phone call, email, or live chat. - Provide the details of your question or issue and attach any screenshots or documents that may help. Then submit your request and wait for the customer service to respond. You have successfully contacted the PalmPay customer service. You can also rate the customer service and provide your feedback on the app.

Conclusion

PalmPay is a digital wallet that allows you to send and receive money, pay bills, recharge airtime, and access financial products with just your phone number and a PIN. You can also earn rewards and cashback when you use PalmPay for your transactions and invite your friends to join. In this article, we have shown you how to login to PalmPay with your phone number and PIN, and how to use the app for your everyday needs. We have also answered some frequently asked questions about PalmPay and its features. We hope that you have found this article helpful and informative. If you have any questions or feedback, please feel free to contact us or leave a comment below. Thank you for reading and happy PalmPaying! Read the full article

[globalhint]

PalmPay emphasis on Customers’ safety at 2023 Fintech Week

PalmPay emphasis on Customers’ safety at 2023 Fintech Week. Leading African fintech startup PalmPay has called on anyone involved in the financial services industry to prioritize the safety of their clients. PalmPay is dedicated to advancing financial inclusion via technology. Folu Aduloju, Head of Operations at PalmPay, gathered support from other players in the Nigerian fintech ecosystem to advance client safety in the fight for economic inclusion during the 2023 Nigeria Fintech Week at the Landmark Center in Lagos. "Partiers in the fintech ecosystem should focus on gaining the trust of customers while developing strategies to attract more clients from the unofficial to the legitimate sector. This is a crucial element since consumers are extremely anxious as a result of previous bank failures. As a result, in order for consumers to feel confident in the fintech industry, fintech companies must establish a safety net for them. At PalmPay, user experience and security are of utmost importance. We use a closed-loop risk management approach that entails ongoing threat analysis, monitoring, and reaction. It lessens the possible impact of security mishaps by enabling us to identify and stop threats in real-time, said Aduloju. "In PalmPay, we also have Wallet Safety Workshop, a way to educate our users on how to safeguard their wallets, educate them on fraud issues, and proffer safety tips to apply to limit fraudulent incidents," the official said in a statement to the media on the sidelines of the event. "Lastly, PalmPay users can feel secure knowing that their money is safe with us because we follow rules set forth by government organizations like the CBN and NDIC to protect users' funds." The "Resilience, Innovation, and Diversification" theme of this year's Nigeria Fintech Week brought together over 15,000 executives from the financial and fintech sectors, along with decision-makers from well-known fintech companies, banks, insurers, venture capitalists, media outlets, government representatives, and regulators from over 80 countries. The event brings together traditional financial institutions and cutting-edge fintech businesses in Nigeria, one of the fastest-growing tech start-up hubs in Africa. It gives participants from a variety of industries the chance to actively participate in crucial conversations about cutting-edge fintech solutions through technology integration. PalmPay is dedicated to promoting African economic empowerment. PalmPay provides top-notch products to Nigerians through a secure, user-friendly, and comprehensive suite of financial services, including bill payment, credit services, money transfers, savings on its smartphone, and mobile money agents. With 1.1 million businesses, including 600,000 merchants and 500,000 agents, a part of its cashless payment ecosystem, the platform has expanded to 30 million users since its 2019 launch in Nigeria under a license from Mobile Money Operator. The company's financing of USD 140 million is public. In Nigeria and Ghana, the PalmPay app is accessible on the Google Play Store and the iOS App Store; further markets will be added in 2023. Read the full article