PalmPay, a leading fintech company in Nigeria, has reiterated its commitment to combating financial fraud through cutting-edge technology.

The company gave the commitment when its management team, led by the company's managing director, paid a courtesy visit to the Nigerian Financial Intelligence Unit (NFIU), recently.

Addressing the growing prevalence of fraud in the country, Managing Director of PalmPay Limited, Chika Nwosu, stressed the need for robust collaboration between fintech companies and government agencies.

"At PalmPay, we believe that a secure financial ecosystem is the foundation for a thriving digital economy. Our partnership with NFIU underscores our dedication to supporting Nigeria's anti-fraud and anti-money laundering (AML) efforts. Together, we aim to ensure a safer digital experience for all Nigerians," Nwosu said.

He also highlighted the significant rise in electronic payment transactions across Nigeria's financial system, underscoring the importance of proactive measures to address emerging threats. PalmPay reaffirmed its support for the NFIU's mission to safeguard the country's financial infrastructure. The company outlined plans for close collaboration with the agency, including knowledge-sharing initiatives, stakeholder training programs, and the development of innovative solutions to combat fraud in the digital space.

In his response, Chief Executive Officer of NFIU, Hafsat Abubakar Bakari, commended PalmPay for its proactive approach to financial security and its commitment to aligning with national and international regulatory frameworks. She emphasised the importance of continuous collaboration between private sector players and government institutions in the fight against financial crimes. PalmPay's visit to the NFIU reflects its vision of contributing to a secure, transparent, and inclusive financial ecosystem in Nigeria.