PalmPay said it has concluded plans to solidify a partnership with major institutions, including the regulator, to deepen financial inclusion in the country.

Managing Director of the company, Chika Nwosu, said this during a media roundtable, where he shared insights into the firm’s performance and growth in the first quarter (Q1) of 2025.

He said the firm is also collaborating with the Central Bank of Nigeria (CBN) as the regulator and other law enforcement agencies to help salvage customers’ funds from internet fraudsters, who use the platform as a conduit to carry out their nefarious acts.

To further protect customers’ accounts, he said the firm has enhanced its product security features through a centralised security centre, which helps users assess and strengthen their account security.

According to him, it guides users to enable key protections, including biometric unlock, independent login password, email binding, auto-logout and risk checks.

Nwosu said the firm has continued to take the issue of compliance with high esteem, even as it continues to educate its users on security measures. He said the digital service bank in the year also plans to deepen market reach in underserved regions, expand its operations across the six geopolitical zones, and target to distribute five million debit cards nationwide with numerous corporate social responsibility (CSR) initiatives.

In the period under review, the PalmPay boss announced a N4 billion interest payout to users of the PalmPay wealth product.He said the milestone further reinforces the value PalmPay delivers to its users, making saving rewarding and effortless.

He expressed the firm’s readiness to support the fight against cybercrime in the country, stating that the firm would continue to support law enforcement agencies to create an ecosystem free of the menace.

During the period, Nwosu also said the firm expanded the Purple Woman CSR programme to support young women pursuing careers in technology.