One of Nigeria’s leading fintech platforms, PalmPay, has reaffirmed its commitment to building reliable payments infrastructure as a critical foundation for accelerating the country’s transition to a fully digital economy.
The company made this known in a statement issued by its Head of Marketing and Communications, Olorunfemi Hanson.
According to the statement, Nigeria’s digital finance landscape is evolving rapidly, but a significant portion of economic activities still relies heavily on cash. This situation reflects both structural gaps and lingering trust concerns among users.
Available data show that as of November 2025, currency outside the banking system stood at about N4.91 trillion out of N5.26 trillion in circulation, indicating the continued dominance of cash transactions, particularly within the informal sector.
PalmPay’s management said bridging this gap requires more than simply providing access to digital tools. It stressed that reliability in payment infrastructure is essential to encourage widespread adoption.
“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 said.
He noted that for Nigeria’s cashless policy to succeed, payment systems must be capable of handling large volumes of transactions seamlessly without disruptions.
As part of efforts to strengthen digital payment systems, PalmPay said it played a pioneering role as the first fintech platform to support the launch of the National Payment Stack in collaboration with the Nigeria Inter-Bank Settlement System.
The initiative is designed to enhance the speed, reliability, and interoperability of digital transactions across Nigeria’s financial ecosystem, enabling users to enjoy smoother and more efficient services.
Hanson explained that robust infrastructure would help eliminate common challenges such as failed transactions and network interruptions, which often discourage users and push them back to cash payments.
Since commencing operations in Nigeria in 2019, PalmPay said it has prioritised consistent system performance to build customer trust. The platform currently serves more than 35 million users and reports a transaction success rate of 99.95 percent.
“For us, reliability is not just a metric; it is the foundation of a safer, simpler, and more dependable financial experience for Nigerians,” Hanson stated.
He added that the company’s systems are designed to operate around the clock, supported by real-time monitoring to ensure uninterrupted service delivery across its network.
Beyond reliability, PalmPay also highlighted its investments in security infrastructure, including advanced data encryption and artificial intelligence-powered fraud detection systems aimed at protecting users and strengthening confidence in digital payments.
The company further emphasised that dependable payment platforms are essential to deepening financial inclusion, especially among underserved communities.
“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,” Hanson said.
Looking ahead, PalmPay said it remains focused on expanding its ecosystem while maintaining its core priorities of reliability and security.
The firm noted that as inflationary pressures persist and businesses seek more efficient ways to operate, strong digital payment infrastructure will play an increasingly important role in strengthening 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 added.
With continued investments in technology and partnerships, PalmPay said it is positioning itself at the forefront of Nigeria’s digital financial transformation, working to deliver secure and reliable transactions to millions of users nationwide.
