PalmPay, a prominent Nigerian fintech platform, is intensifying its efforts to modernize the nation’s payment systems by promoting the adoption of contactless payment technologies. This initiative aims to enhance financial inclusion and reduce the country’s reliance on cash transactions.
At the recent BusinessDay Future of Payment Conference in Lagos, PalmPay’s Senior Business Development Manager, Ifeanyi Uzoka, announced the launch of contactless-enabled debit and premium cards. These cards are designed to provide users with secure and seamless payment experiences, incorporating additional layers of authentication to bolster transaction security.
In collaboration with AfriGO, Nigeria’s domestic card scheme, PalmPay plans to distribute five million contactless payment cards. This partnership is part of a broader strategy to accelerate the adoption of tap-to-pay solutions, particularly in underserved regions, thereby promoting greater financial inclusion.
PalmPay is also expanding its network of contactless-enabled payment terminals across Nigeria. This move aligns with the company’s commitment to reducing the nation’s dependence on cash transactions, which remain prevalent despite regulatory support for digital payment methods.
As of the first quarter of 2025, PalmPay has achieved a significant milestone, processing over 15 million daily transactions and serving a user base exceeding 35 million. The company maintains an 80% customer retention rate and has a network of more than one million mobile money agents and merchants nationwide.
Through these initiatives, PalmPay is positioning itself at the forefront of Nigeria’s transition to a cashless economy, offering innovative and secure financial solutions to a growing number of users.
and then