One of Nigeria’s foremost fintech platforms, PalmPay, has restated its commitment to building a dependable payments infrastructure as a critical groundwork for fast-tracking the country’s transition to a fully digital economy.
This was revealed in a statement by the company’s Head of Marketing and Communications, Olorunfemi Hanson.
In the statement, Hanson highlighted the budding landscape of digital finance, where the company noted that while Nigeria has made noteworthy advances in electronic payments, a significant portion of economic activity still depends on cash, reflecting both fundamental gaps and trust concerns.
Data reveal that as of November 2025, currency outside the banking system stood at about N4.91 trillion out of N5.26 trillion in circulation, a signal of the continued ubiquity of cash, predominantly in the informal sector.
PalmPay’s management has noted that connecting this lacuna would necessitate more than access to digital tools, stressing that reliability remains an important aspect in driving adoption.
Underscoring that point, Hanson stated: “At PalmPay, we believe the bridge between the informal and formal economy is not just access; it is reliable payments infrastructure that gives people and businesses the confidence to do more.”
Hanson stressed that for Nigeria’s cashless policy to thrive, payment systems must be reliable and capable of handling high volumes of transactions seamlessly.
In its effort to achieve that feat, PalmPay boasts of playing a pioneering role as the first fintech to support the launch of the National Payment Stack in collaboration with the Nigeria Inter-Bank Settlement System.
The initiative, designed to enhance the speed, reliability, and interoperability of digital transactions across the financial ecosystem, promises to ensure Nigerians continue to enjoy optimal financial services for profitability.
According to Hanson, such infrastructure is vital to removing common obstacles to adoption, including botched transactions and network interruptions, which often push users back to cash.
Since Palmpay’s operations commenced in Nigeria in 2019, the firm says it has focused on delivering unswerving performance to build customer trust.
The platform currently serves over 35 million users and reports a transaction success rate of 99.95%, a figure it describes as central to its value proposition.
- “For us, reliability is not just a metric; it is the foundation of a safer, simpler, and more dependable financial experience for Nigerians,” noted Hanson.
Hanson added that Palmpay’s systems are built to operate around the clock, supported by real-time monitoring to ensure all-in-one service delivery across its network.
Apart from reliability, the company emphasised its investment in security infrastructure, including advanced data encryption and artificial intelligence-powered fraud detection systems.
These procedures, Hanson said, are targeted at protecting consumers and reinforcing confidence in digital transactions.
PalmPay also stressed the role of reliable payments in advancing financial inclusion, mainly for underserved populations.
- “True financial inclusion means that a market woman in Lagos or a trader in Maiduguri can participate in the formal economy without fear of failed transactions,” noted the marketing and communications boss.
Looking ahead, the firm says it remains focused on expanding its ecosystem while sustaining its core priorities of reliability and security.
The company’s management noted that as inflationary pressures continue and businesses seek more effective ways to operate, dependable digital infrastructure will play an increasingly important role in economic resilience.
- “The road to a truly cashless Nigeria will not be driven by policy alone. It will depend on the strength and reliability of the infrastructure supporting digital payments,” Hanson stated.
With unrelenting investments in technology and partnerships, Palmpay said it is positioning itself at the forefront of Nigeria’s digital financial transformation, working to make one-piece, secure, and reliable transactions available to millions of customers nationwide.
