During the 2023 annual conference of the Finance Correspondents Association of Nigeria, with the theme ‘Strengthening Digital Infrastructure for an Efficient Innovative Payment System in Nigeria,’ PalmPay, the financial technology platform, emphasized the need for strategic collaborations within the financial sector to promote inclusion.
Foluso Aduloju, Head of Operations at PalmPay, highlighted the importance of industry regulators and players working together to advance financial inclusion.
PalmPay highlights regulatory contributions
He acknowledged the significant contributions of regulatory bodies like the Central Bank of Nigeria, Nigeria Inter-Bank Settlement System, and Nigerian Communications Commission in fostering the financial sector’s growth through policies and regulations.
Aduloju stated, “The introduction of fintech in the last five to six years has helped bridge the gap, achieving what banks had been striving for over the years.
However, enhanced collaboration can lead to even more significant achievements, given that fintechs are now building upon the foundation laid by banks.”
PalmPay emphasized that collaboration is the key to sustainable growth and innovation in the financial sector, emphasizing that collective efforts can positively impact the industry and the lives of the people it serves.
The platform encouraged industry stakeholders to engage in open dialogue, share best practices, and collaborate on initiatives aligned with the goal of creating a more inclusive and innovative financial ecosystem.