PalmPay, a prominent financial technology platform, has emphasized the importance of strategic collaborations within the financial sector to drive inclusivity. This call for cooperation came during the 2023 annual conference of the Finance Correspondents Association of Nigeria, held in Lagos under the theme ‘Strengthening Digital Infrastructure for an Efficient Innovative Payment System in Nigeria.’
Foluso Aduloju, the Head of Operations at PalmPay, underscored the necessity for regulatory bodies and industry players to unite in advancing financial inclusion. Notably, key regulatory entities such as the Central Bank of Nigeria, Nigeria Inter-Bank Settlement System, and Nigerian Communications Commission have already made significant contributions through policies and regulations, propelling growth in the financial sector.
Aduloju emphasized the transformative role of fintech in bridging the gap in the last five to six years, achieving what traditional banks had been striving for over an extended period. However, he stressed that even more substantial progress could be made through enhanced collaboration, considering that fintechs are now building upon the foundations laid by traditional banks.
“We firmly believe that collaboration is the cornerstone of sustainable growth and innovation in the financial sector. By joining forces, we can create a positive impact on the industry and, ultimately, the lives of the people we serve,” Aduloju further articulated.
PalmPay’s advocacy for collaboration among industry stakeholders extends to open dialogue, sharing best practices, and joint initiatives that align with the shared objective of fostering a more inclusive and innovative financial ecosystem. This approach reflects the growing recognition of the interconnectedness of financial institutions and technology-driven solutions in shaping the future of finance in Nigeria.