PalmPay doesn’t give loans, says CEO

Digital fee platform PalmPay has reaffirmed its function as a cell fee supplier, distancing itself from any direct involvement in mortgage disbursement.

The Cellular Cash Operator with 35 million clients defined that each one lending actions on its platform are performed by third-party monetary establishments leveraging its ecosystem, not PalmPay itself.

Talking at a press convention in Lagos on Friday, Chief Government Officer Chika Nwosu clarified that PalmPay’s core mission is to offer seamless fee options and monetary providers, to not situation loans.

“PalmPay will not be a mortgage firm. We offer a platform for third-party monetary establishments to supply their providers, together with loans, to our customers. These establishments function independently and adjust to all regulatory necessities,” Nwosu defined.

The clarification comes amid stories that people sporting PalmPay-branded clothes have allegedly been concerned in arresting mortgage defaulters, elevating issues in regards to the firm’s function in debt restoration practices.

The Central Bank of Nigeria-licensed operator, categorically denied these claims, stating that it doesn’t interact in such actions and has no affiliation with the actions of those people.

In a press release in November, the corporate addressed these misconceptions, saying, “We want to expressly state that PalmPay will not be a mortgage firm, and any claims suggesting in any other case are completely false.”

PalmPay additionally condemned the unauthorised use of its branded merchandise in such incidents, vowing to take authorized motion towards offenders.

“Unauthorised use of PalmPay-branded merchandise for such functions is prohibited, and authorized motion can be taken towards offenders,” the assertion added.

The corporate emphasised its dedication to delivering safe and seamless monetary providers whereas selling monetary inclusion throughout Nigeria.

“PalmPay stays centered on fostering belief and delivering progressive options for our customers,” Nwosu mentioned.

The corporate additionally urged the general public to keep away from spreading false details about its operations and pledged to take mandatory measures to guard its model from misrepresentation.