The Managing Director of Palmpay Digital Banking, Mr. Chika Nwosu, has promised a better service to the customers so as to alleviate the challenges of financial accessibility in Nigeria, reports ITREALMS.
The MD lamented that currently the fintech industry is facing challenges of regulatory compliance, lack of tech expertise, user retention and user experience and service personalization. Adding that Palmpay is committed to solving these challenges.
He made these known at the Payments Forum Nigeria (PAFON 2.0) event held at Victoria Island, Lagos titled "Building the Customers experience gap for financial inclusion using artificial intelligence (AI)."
He stressed that currently, Palmpay is providing the products that customers need in order to make them happy.
He said: “For instance, we have what we called wage service, which helps customers to have transaction service, in this service they earn a very good interest rate on it. We have what we called spend and save meaning that as you are spending your money AI is helping you to save money in your account and this money yield interests”.
“We have created a lot of things to help customers to make a lot of money in our platform and as well as making money for themselves. Our successful service is 99.5 per cent therefore there is no how one could be use our platform without being happy. So we have been able to build trust”.
He said his organization has also introduced a system whereby, if one is using Palmpay platform to perform money transfer before the person initiates a transfer the system will tell you the level of network intensity of the beneficiary bank. Whether the transaction will go or not, all these aimed at improving customers experience and make customers more comfortable.
“We have worked hard in such away that if one wishes to transfer money the customer should be confidence that the transaction will not hang.”
He reiterated that all money transfer in Palmpay is free of charge but for statutory obligations on the taxes government impose on Palmpay it has to collect those taxes.
The Co-Convener of PAFON2.0, Chike Onwuegbuchi, said the event was to bring together payment services stakeholders in one umbrella to discuss the way success in digital banking.
He said the event aimed at pushing payment services to the next level by discussing the various challenges around the fintech industry.
He noted that PAFON programme started in year 2024 and this year is the second year of the programme adding that it will continue to ensure success in payment services especially, in digital banking.
He stated that recently people have begun to use AI to improve payment performance especially in digital banking therefore it has to encouraged.
The Chief Executive Officer (CEO), Tizel Cyber Security, Happiness Obioha, said security starts with you. As very one expected to protect his/her data, passwords and change the passwords from time to time in a business environment for security reasons.
She said her organization has a system where one could monitor his/her transactions starting from banking app down to automated teller machine (ATM) card transactions.
She said: “If fraud of any kind is going on through AI the person will notice it immediately.
Obioha note that when there is right policies on ground these help one to protect his/her infrastructure especially in digital banking.
By Paul Adunwoke/Editor
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