PalmPay Nigeria’s Managing Director, Chika Nwosu, has warned that the future of digital payments in Nigeria will depend on fintech companies’ ability to protect customers, ensure reliable transactions and keep services affordable, cautioning that technological innovation alone will not sustain the sector’s growth.

Nwosu spoke following PalmPay’s recognition as Digital Innovative Platform of the Year at the BAFI Awards 2026, stressing that the next phase of digital financial services would require providers to combine innovation with accessibility, reliability and effective customer protection.
According to EFInA’s 2026 Access to Financial Services in Nigeria Survey, financial inclusion has reached 79 per cent, representing approximately 94.2 million Nigerian adults, while 64.4 per cent of adults use digital financial services.

Nwosu said the figures reflected progress in expanding access to financial services but stressed the need to ensure that Nigerians could use digital platforms confidently, consistently and securely.

He urged fintech companies to look beyond customer acquisition and transaction volumes, arguing that the everyday experiences of users would ultimately determine their trust in and continued use of digital financial services.
“At PalmPay, we believe innovation must begin with the customer. Technology should make financial services more accessible, affordable and secure, while addressing the everyday needs of the people who use them,” he said.

Nwosu said PalmPay continued to invest in the technology and infrastructure required to support digital banking, facilitate everyday payments and transfers, and reduce transaction costs through services such as free transfers.
However, he noted that expanding access alone would not guarantee meaningful financial inclusion, adding that customer education and financial literacy were essential to helping users navigate digital financial services safely.

He also identified security as a major priority for the industry, warning that the growing adoption of digital payments required providers to strengthen their systems and equip customers with the knowledge to recognise and avoid fraud.

Protecting users, he said, required a combination of technology, proactive security measures and sustained public awareness, particularly as fraudsters continued to devise new ways to exploit unsuspecting customers.
As part of its consumer protection efforts, PalmPay is using its PalmPay Dey For You campaign and upgraded Security Center to promote safer banking practices and provide customers with security features.
The initiative advises users to safeguard sensitive information, including personal identification numbers (PINs) and one-time passwords (OTPs), avoid suspicious links and seek assistance through official support channels.
According to Nwosu, security should be embedded in the customer experience rather than treated as a separate consideration. He said fintech providers must ensure that customers could access effective protection without sacrificing convenience.

He added that customer confidence depended not only on the technology a platform offered but also on service reliability, the quality of customer support and the effectiveness of its response when problems arose.
On PalmPay’s recognition at the BAFI Awards 2026, Nwosu described the award as an important milestone but said the company’s priority remained delivering tangible value to customers.

He said the recognition reinforced the importance of sustained investment in infrastructure, customer-focused innovation and security as Nigeria’s digital financial services market evolved.
As the country’s digital payments ecosystem expands, Nwosu maintained that providers best positioned for long-term growth would be those that combined technological advancement with affordability, accessibility and effective customer protection.

For PalmPay, he said, the goal remained to make digital banking simpler and more secure for Nigerians, ensuring that innovation translated into practical benefits and greater confidence in everyday financial transactions.