Grapevine

PalmPay to tackle rising fraud with advanced tech

He noted that the company had made remarkable growth but also pinpointed the hurdles the fintech had had to overcome, particularly in tackling the increase in fraud cases.

According to Nwosu, since its launch in Nigeria, Palmpay’s user base has surged from 100,000 in November 2019 to over 35 million by 2024, while the company now processes 300 million transactions monthly.

He said the total transaction value on the platform had surpassed N6tn, with a network of 1 million mobile merchants and vendors.

“Recently, there has been a rise in fraud. However, we have gotten some AI and fraud monitoring tools to combat them,” he said, emphasising the firm’s proactive steps to address security concerns.

Meanwhile, experts argued that the financial players must bridge the widening technology adoption gaps and closely track insider threats after losing N42.6bn to fraud between April and June 2024.