TECH NEWS REELS

  PalmPay, a financial platform in Nigeria, says it has launched a USSD code to empower its users with financial access.   Mr Chika Nwosu, the Managing Director of PalmPay Nigeria, made this known in a statement in Lagos on Monday.   He said the service offered Nigerians an additional mileage to manage their finances without internet connectivity.   According to Nwosu, with the PalmPay USSD code, customers can now perform a wide range of banking transactions by dialing *861# from their mobile phones.   “The USSD access point is designed to further enhance the accessibility and convenience of the platform for consumers in a market where data network outages are common.   “At PalmPay, we aim to bridge the gap in digital access, and the introduction of our USSD service aligns with that mission.   “The USSD platform comes with a security feature which allows customers to remotely freeze their accounts in case their phone is lost or stolen, providing an ext...

    The Nigerian Financial Intelligence Unit (NFIU) has emphasised the importance of fintech operators in combating money laundering and terrorism financing in Nigeria. Dr Muhammad Jiya, Associate Director, Analysis and Compliance at NFIU, said this during the Third Quarter Reguvators Forum Webinar organised by Fintech Association of Nigeria (FinTechNGR). The NFIU official stressed the need for Fintechs to do robust Know Your Customer (KYC) procedures, continuous monitoring and reporting of suspicious transactions. He said regular risk assessment, collaboration with regulatory authorities and industry players were also crucial. Jiya said that to combat fraudulent transactions, Fintechs needed to use blockchain and emerging technologies to enhance transparency and also leverage artificial intelligence and machine learning for compliance. “Fintech operators must provide regular staff training on Anti-Money Laundering and Combating the Financing of Terrorism (AMSCFT) and promote ...