PalmPay has called for stronger digital payment security as Nigerians increasingly rely on fintech platforms for everyday transactions, transfers and other financial services.
The company said growing use of digital payments has also increased exposure to risks such as fraud, phishing, impersonation, social engineering and unauthorised access to customer accounts.
Femi Hanson, Head of PalmPay Nigeria Marketing, said protecting users requires a combination of stronger technological safeguards and greater customer awareness. He noted that lost or compromised phones can create additional risks, particularly when unusual transactions occur at night when customers may be less likely to monitor their accounts.
PalmPay has introduced additional security measures, including NightGuard, which allows users to set a protection period during which transfers require extra verification. The feature is available through the company’s upgraded Security Centre and can be configured for selected hours.
The push for stronger security comes as Nigeria’s digital payments ecosystem continues to expand. The National Payment Stack operated by NIBSS surpassed 100 million successful transactions by September 25, highlighting the growing scale of electronic payments in the country.
PalmPay said continued investment in security tools and customer education would be essential to maintaining confidence in Nigeria’s rapidly expanding digital financial ecosystem.
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