PalmPay, a leading fintech innovator committed to enhancing financial inclusion, is urging for increased collaboration within the financial sector. This call to action was reinforced during the 2023 annual conference of the Finance Correspondent Association of Nigeria (FICAN) under the theme ‘Strengthening Digital Infrastructure for an Efficient Innovative Payment System in Nigeria,’ held this Saturday in Lagos.
Foluso Aduloju, the Head of Operations at PalmPay, stressed the imperative for industry regulators and players to join forces in driving financial inclusion. “Regulatory bodies such as CBN, NIBSS, and NCC have made substantial contributions through policies and regulations, fostering growth in the financial sector. The introduction of fintech in the last five (5) to six (6) years has helped bridge the gap, actualizing what the banks had been striving to achieve over the years. However, more can be achieved through enhanced collaboration since the banks laid the foundation upon which fintechs are now building.”
Also present at the event was the Nigeria Communication Commission (NCC) representative, Engr Anthony Ikemefuna, who highlighted that “Strengthening digital infrastructure for efficient and innovative payment systems in Nigeria is a long-term endeavour that requires collaboration, investment, and adaptability. By comprehensively and proactively addressing these strategies, Nigeria can build a robust and inclusive digital payment ecosystem that benefits its citizens and drives economic growth.”
He emphasized the need to improve collaborative efforts for proper coordination of policies and regulations related to digital payments and telecommunications. He further stressed the importance of encouraging partnerships between financial institutions, telecom operators, and fintech companies to develop and deliver innovative digital payment solutions.
In today’s rapidly evolving financial landscape, collaboration is pivotal to addressing the complex challenges and opportunities presented by digital advancements and changing consumer demands. PalmPay advocates for financial institutions, fintechs, regulatory bodies, and other stakeholders to unite and work towards shared goals that benefit both the industry and its consumers.
“We firmly believe that collaboration is the cornerstone of sustainable growth and innovation in the financial sector,” said Foluso Aduloju. “By joining forces, we can create a positive impact on the industry and, ultimately, the lives of the people we serve.”
PalmPay encourages industry stakeholders to engage in open dialogue, share best practices, and collaborate on initiatives that align with the collective goal of fostering a more inclusive and innovative financial ecosystem. Together, we can build a future where everyone has equal access to financial services and opportunities.