…As AI, More Agents to Drive Next Phase of Mobile Money Growth
The Managing Director of PalmPay, a leading fintech company, Chika Nwosu has predicted a significant surge in mobile money usage in Nigeria, driven by increasing smartphone penetration, improved internet connectivity, and the growing demand for affordable financial services.
The company MD highlighted the crucial role of technology and accessibility in expanding financial inclusion during a media briefing in Lagos.
Speaking at an interactive session with the media at PalmPay’s headquarters in Lagos, Nwosu noted that the crucial role of smartphone penetration, improved internet connectivity, and innovative technologies in driving increased access to mobile money services in Nigeria.
Nwosu, who made these remarks during a media engagement, projected that with smartphone penetration expected to reach 65% by 2026, coupled with advancements in internet infrastructure, a significant portion of the Nigerian population will gain access to mobile money services.
He also emphasized the role of fintech companies like PalmPay, with their digital wallets and seamless payment gateways, in expanding this accessibility. The growing demand for affordable financial services, he added, presents significant opportunities for PalmPay’s future growth.
The Palmpay Boss also pointed to the substantial growth of mobile money agent networks, from under 10,000 agents in 2015 to over 1.5 million in 2023, emphasizing their importance to mobile money operations.
Furthermore, he predicted a surge in the number of agents and merchants and foresaw increased use of artificial intelligence by Mobile Money Operators (MMOs) to enhance customer experiences through machine learning, predictive analytics, and fraud detection.
On his part, the Head of Risk and Compliance and MLRO at PalmPay, Donald Ubeh provided insights into the impact of fintech and ongoing efforts to remove Nigeria from the FATF Grey List. He reported that 50% of the required criteria had been met and expressed confidence that continued collaboration with regulators and financial institutions would lead to Nigeria’s removal from the list.
Ubeh further emphasized the positive economic impact of fintech companies like PalmPay, particularly for individual users and SMEs. He noted the migration of funds from traditional banks to PalmPay due to its convenience and accessibility. He reiterated the core mission of mobile money operators to promote financial inclusion for underserved and unbanked populations. Citing EFInA data, he stated that the increased adoption of fintech in Nigeria has contributed to a 13% increase in the financial inclusion rate over the past 13 years.
Also, the Head of marketing and communications, Palmpay, Femi Hanson, advised users and outlined some safety tips that must be observed to keep the users’ account and their funds safe and secure.
Hanson noted that fraudsters are not ready to take a break from their schemes as they remain on the prowl to exploit unsuspecting victims.
