No Direct Involvement in Loan Disbursement
PalmPay, a digital payment platform with over 35 million customers, has reaffirmed its position as a mobile payment provider rather than a loan company. The company clarified that all loan-related activities conducted on its platform are facilitated by third-party financial institutions operating independently within its ecosystem.
At a press conference in Lagos on Friday, PalmPay’s Chief Executive Officer, Chika Nwosu, emphasized the company’s core mission to provide seamless payment and financial services.
“PalmPay is not a loan company. We provide a platform for third-party financial institutions to offer their services, including loans, to our users. These institutions operate independently and comply with all regulatory requirements,” Nwosu explained.
Addressing Misconceptions About Debt Recovery
The clarification follows reports alleging that individuals wearing PalmPay-branded clothing were involved in the arrest of loan defaulters, raising public concerns about the company’s involvement in debt recovery practices.
The Central Bank of Nigeria-licensed operator categorically denied these claims, stating that PalmPay does not participate in debt recovery or any related activities.
In a previous statement issued in November, the company asserted, “PalmPay is not a loan company, and any claims suggesting otherwise are entirely false.”
Action Against Misrepresentation
PalmPay also condemned the unauthorized use of its branded merchandise in alleged debt recovery incidents. “Unauthorised use of PalmPay-branded merchandise for such purposes is prohibited, and legal action will be taken against offenders,” the company stated.
To safeguard its brand and reputation, PalmPay vowed to take necessary measures against individuals or groups misrepresenting its operations.
Commitment to Financial Inclusion
As a licensed Mobile Money Operator, PalmPay reiterated its commitment to delivering secure and seamless financial services that promote financial inclusion across Nigeria.
“PalmPay remains focused on fostering trust and delivering innovative solutions for our users,” Nwosu affirmed.
Urging Public Awareness and Trust
The company urged the public to avoid spreading misinformation about its operations and emphasized the importance of verifying claims before attributing actions to PalmPay. It pledged to continue protecting its brand and users from misrepresentation.
Conclusion
PalmPay’s clarification reinforces its position as a digital payment provider committed to innovation and financial inclusion. By addressing misconceptions and condemning unauthorized activities, the company aims to maintain trust while supporting a secure and reliable financial ecosystem in Nigeria.
