In response to growing industry-wide concerns over digital banking fraud and financial security, leading fintech platform PalmPay has launched a comprehensive new initiative titled "PalmPay Dey For You." Operating under a Central Bank of Nigeria licence with eligible customer deposits fully insured by the Nigeria Deposit Insurance Corporation (NDIC), the platform is stepping up efforts to strengthen consumer trust, raise fraud awareness, and give users greater control over their financial transactions. As digital financial services become increasingly central to everyday Nigerian commerce spanning daily bill payments, peer-to-peer transfers, and savings PalmPay is adopting a "security by design" philosophy that embeds proactive, automated safeguards directly into the user experience rather than relying on reactive measures after an incident occurs.
To deliver on this strategy, the platform is introducing a central Security Centre within its app to help users actively monitor potential risks and manage their account protections. Key features include Location Guard, which lets customers register up to six trusted geographic locations to trigger extra security checks if access originates from an unexpected area, and NightGuard, which provides customizable transaction restrictions during user-selected off-peak hours. For urgent situations involving lost or stolen devices and cards, the company has introduced emergency shortcodes enabling users to immediately lock their PalmPay account by dialing 86112# or block their card via 8617*5#. Additionally, a dedicated in-app Dispute Page now allows customers to directly submit, manage, and track transaction complaints in real time.
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Underpinning these technical upgrades is an extensive educational push featuring interactive customer forums, FAQs, and informational content designed to help users identify fraud risks and adopt practical safety habits. According to Chika Nwosu, Managing Director of PalmPay Nigeria, trust and dependability form the core foundation of financial services. He emphasized that combining built-in technological controls with transparent customer education ensures users can confidently navigate their daily transactions, knowing their funds are well-protected and support is readily available whenever needed.
Information provided by Edfrica is for awareness purposes only and does not constitute a guarantee or endorsement.
