[SPONSORED] – Misleading video circulates about fintech company Palmpay

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Claims that PalmPay is arresting and harassing its loan defaulters in public spaces are circulating on social media.

One of such claims is contained in a video posted by a Twitter user @spectatorsng on April 23, 2023 with a caption that reads:

Palmpay arrests debt defaulter over N55,000 amid crowd.

In the tweet archived here, a lady wearing a PalmPay branded T-shirt was seen harassing a man in a mall amidst the crowd.

A conversation in Yoruba language (now translated in English below) ensued between the ‘PalmPay lady’ and a man dressed in Lilac-coloured cloth, thus:

“Why did we call you and you weren’t picking our calls? So, you were flexing around when you know you’re indebted to PalmPay…” the lady queried the man in the video.

The social media account which posted the video claimed to be the Twitter handle of a news blog “serving members of the public interesting news on politics, entertainment, sports, and other credible news contents, especially for Nigerian audiences.”

Screenshot of the video with the caption as posted by the Twitter user.

 

CLAIM

PalmPay arrests loan defaulter over N55,000 debt.

 

FINDINGS

Findings by the FactCheckHub show that the claim is MISLEADING.

The video posted had mentions of three social media handles on it. They are: @Sule Kafinta; @Adelicious101 and @SolaKafinta.

Multiple checks on the handles on Instagram revealed that the trio mentioned are skit-makers and comedians.

Further checks revealed that the original video was a skit or prank video as seen on one of the profiles.

The skit posted on Instagram on April 21, 2023, has garnered over a hundred likes as of Thursday, May 11, 2023.

Screenshot of the Instagram profile where the original video was posted.

Media reports had earlier stated that the modus operandi of most loan apps in Nigeria in tackling their defaulting customers is by calling or sending messages to contacts of loan defaulters and labeling the defaulters as criminals or fraudsters.

Another report by TechCabal highlighted that social media users create fictional scenarios around debt collection methods that involved agents stalking, verbally and physically harassing individuals.

However, PalmPay distanced itself from such acts, TechCabal reported.

In February 2023, BusinessDay newspaper reported that Nigerians flocked to PalmPay and other digital mobile payment platforms amidst Naira crunch necessitated by the CBN’s naira swap policy, following Naira notes scarcity.

PalmPay is a mobile payments platform licensed by the Central Bank of Nigeria (CBN). Its current Chief Executive Officer is Chika Nwosu.

As of May 11, 2023, the PalmPay app ranked second in a list of Nigeria’s most downloaded finance apps on Google’s Play Store compiled by the analytics company, SimilarWeb — above the apps of traditional banks in the country.

 

VERDICT

The claim that PalmPay arrested a loan defaulter over N55,000 debt as seen in a video is MISLEADING; the video is a fictional presentation by online skit-makers.

 

* This report independently verified by The FactCheckHub is sponsored by the Teksight Edge.

Fact-checker at The FactheckHub | [email protected] | + posts

Seasoned fact-checker and researcher Fatimah Quadri has written numerous fact-checks, explainers, and media literacy pieces for The FactCheckHub in an effort to combat information disorder. She can be reached at sunmibola_q on X or [email protected].

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