PalmPay, a financial technology platform, has advocated for strategic alliances in the banking sector to promote inclusivity.
The Punch reported that the information was made public during the Lagos-based Finance Correspondents Association of Nigeria’s 2023 annual conference, which had as its theme “Strengthening Digital Infrastructure for an Efficient Innovative Payment System in Nigeria.”
The head of operations at PalmPay, Foluso Aduloju, emphasized the need for industry regulators and players to work together to promote financial inclusion.
He pointed out that through rules and laws, regulatory authorities including the Nigerian Communications Commission, Central Bank of Nigeria, and Nigeria Inter-Bank Settlement System have significantly aided the development of the financial sector.
Fintech’s introduction in the last five to six years has helped close the gap and actualize the goals that banks have been working towards for a long time. Since banks provide the framework for fintechs to grow upon, more can be accomplished through improved collaboration, Aduloju continued.
“We fully think that innovation and sustainable growth in the financial sector are dependent on collaboration. Together, we can have a beneficial influence on the sector and, ultimately, the lives of the clients we serve,” he added.
PalmPay urged market participants to have open discussions, exchange best practices, and work together on initiatives that support the overall objective of developing a more diverse and forward-thinking financial environment.
