The Chief Executive Officer of PalmPay, Chika Nwosu, has said that the company does not give people loan.
He clarified that PalmPay’s core mission is to provide seamless payment solutions and financial services, not to issue loans.
He said this at a press conference on Friday, against reports that its officials were allegedly using unorthodox means to recover loans.
Nwosu said, “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.”
The clarification comes amid reports that individuals wearing PalmPay-branded clothing have allegedly been involved in arresting loan defaulters, raising concerns about the company’s role in debt recovery practices.
The Central Bank of Nigeria-licensed operator, categorically denied these claims, stating that it does not engage in such activities and has no association with the actions of these individuals.
In a statement in November, the company addressed these misconceptions, saying, “We would like to expressly state that PalmPay is not a loan company, and any claims suggesting otherwise are entirely false.”
“Unauthorised use of PalmPay-branded merchandise for such purposes is prohibited, and legal action will be taken against offenders,” the statement added.
The company emphasised its commitment to delivering secure and seamless financial services while promoting financial inclusion across Nigeria.
“PalmPay remains focused on fostering trust and delivering innovative solutions for our users,” Nwosu said.
The company also urged the public to avoid spreading false information about its operations and pledged to take necessary measures to protect its brand from misrepresentation.
