By Tunji Faleye
As digital financial services become increasingly embedded in everyday transactions in Nigeria, consumer trust and transaction security are emerging as important factors in determining how confidently people embrace cashless payments.
For PalmPay, strengthening these areas has become part of its broader approach to expanding access to digital financial services, a strategy that received industry recognition at the 2026 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, where the company was named Digital Payments Platform of the Year.
The awards ceremony, organised by BusinessDay, took place recently, at the Civic Centre in Lagos. Frank Aigbogun, publisher and co-founder of BusinessDay, presented the award to the fintech company.
Since entering the Nigerian market in 2019, PalmPay has developed a digital financial services platform that enables users to make payments, settle bills and access other financial services. The company currently serves more than 35 million users in Nigeria, supported by a network of merchants and agents facilitating transactions across the country.
However, as digital payment platforms expand their reach, access and convenience alone may not be enough to sustain consumer adoption. Users also need confidence that their transactions are secure and that they can navigate digital financial services without unnecessary risks.
This consideration underpins PalmPay’s emphasis on consumer protection and financial awareness.
Commenting on the award, Chika Nwosu, Managing Director of PalmPay Nigeria, said the recognition reflected the company’s commitment to developing financial services that respond to the everyday needs of Nigerians.
“We are honoured to receive the Digital Payments Platform of the Year award at the BAFI Awards. Digital payments have become an important part of how Nigerians manage their finances, run businesses and carry out everyday transactions. This award reflects our continued commitment to making financial services more accessible, reliable and secure for the millions of customers who use PalmPay every day.”
Nwosu noted that the industry’s responsibility extends beyond making transactions possible, stressing the importance of equipping users with the knowledge and support required to use digital financial services confidently.
“As the industry continues to advance financial inclusion, our responsibility goes beyond enabling transactions. At PalmPay, we want to give customers the tools, information and support they need to use these services confidently and securely.”
One of the company’s initiatives in this area is its PalmPay Dey For You campaign, which educates customers about the platform’s security features and promotes safer digital financial habits.
The campaign reflects a wider challenge facing the digital payments industry: converting access to financial services into sustained consumer confidence. While digital platforms can make payments more convenient, customers’ willingness to rely on them also depends on their understanding of security measures and their ability to identify potential risks.
For fintech operators, this makes consumer education an important complement to investment in technology. A platform’s capacity to attract users must be matched by efforts to help them understand how to protect their accounts and conduct transactions safely.
The issue also has implications for financial inclusion. Expanding access to digital services is only part of the process; encouraging people to use those services confidently and consistently is equally important. Consumer protection, therefore, has a role to play in building participation in the digital economy.
PalmPay said it would continue investing in technology, security and customer experience as it seeks to expand access to reliable financial services in Nigeria and its other markets.
The company’s recognition at the BAFI Awards comes as digital payments continue to evolve, placing greater attention on the relationship between convenience, security and consumer confidence. For providers seeking to deepen adoption, the ability to build and maintain that confidence will remain an important consideration.
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