‘FG’s Intervention Will Further Strengthen Fintechs in Nigeria’

Emma Okonji

The Managing Director, PalmPay Nigeria, Mr. Chika Nwosu has said the on-going intervention process of the federal government on the activities of Fintechs in Nigeria, will further strengthen the Fintech ecosystem and boost customers’ trust for digital transactions across platforms.

Nwosu who said this during an interview on a local television station, explained that the directive of the federal government, which restricted Fintechs from on-boarding new customers, would make the Fintechs to re-strategise and come up stronger in a manner that would boost customers’ trust.  

According to Nwosu, “Nigerian customers have nothing to be afraid of concerning the government’s intervention because there are no issues. The truth is that Fintechs in Nigeria have grown so large within a short space of time and the government and the regulators felt that the time to address key issues with Fintechs is now, for the benefit of the fast growing Fintechs, their customers and the Nigerian economy.

“We have had several meetings with different government agencies like the Office of the National Security Adviser (ONSA), Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN). We have also had meetings among the Fintech players and the essence of all these meetings is to ensure better service delivery that will benefit customers and the Nigerian economy.

“During the meeting with NSA, Fintechs were asked to stop on-boarding new customers in order to address the security lapses in the system. Following the directive by the government, Fintech players agreed to put certain things in place that would help strengthen financial transactions on our various platforms, before we begin to on-board new customers. At the moment, Fintechs are not on-boarding new customers.”