By Juliet Umeh

The digital banking platform, PalmPay, has said it now has over 35 million users, six years after launching operations in Nigeria’s financial services market.

The fintech firm said its entry in 2019 placed it within a competitive ecosystem shaped by traditional banks, emerging fintech companies, and a largely cash-driven economy.

“In 2019, PalmPay entered Nigeria’s financial services market as a consumer payments application, competing within an ecosystem already shaped by banks, fintech startups, and a largely cash-driven economy,” the company said. “Six years on, the platform reports over 35 million users.”

However, PalmPay noted that in Nigeria’s digital finance space, user numbers alone are no longer the main measure of success. Instead, it said the focus has shifted to sustainability and how platforms become part of everyday financial behaviour.

“While scale is often presented as a measure of success, the more relevant question is what it takes to move from acquisition into sustained usage,” it said.

According to the company, infrastructure integration remains central to that shift. A key milestone, it said, was its participation in Nigeria’s payment system, including live transactions on the Nigeria Inter-Bank Settlement System (NIBSS) National Payment Stack.

“This places the platform within a broader network designed for interoperability between banks, fintechs, and other financial service providers,” it said.

At this level, PalmPay explained, success is measured more by system reliability than product features.
“Performance is less about differentiation and more about transaction success rates, uptime, and consistent service within a multi-provider ecosystem,” it added.

However, it acknowledged that infrastructure alone does not guarantee inclusion. Data from EFInA shows many Nigerians remain financially excluded, especially in rural areas.

“In this context, distribution becomes as critical as technology,” the firm said.

To bridge this gap, PalmPay has expanded its agent network nationwide, creating access points for deposits, withdrawals, onboarding, and transfers.

“Agent networks serve as an interface between cash-based activity and digital financial systems,” it said.
This hybrid model of digital platforms supported by human agents has become central to Nigeria’s fintech ecosystem.

On security, PalmPay said fraud prevention is now a baseline expectation across the sector.
“As digital transactions increase, platforms must deploy biometric authentication, monitoring systems, and user protections,” it said.

Beyond payments, it said it is investing in financial literacy programmes for underserved groups, including women-led businesses and first-time users.

“Access alone does not guarantee meaningful participation,” it noted.

The company said Nigeria’s fintech growth is now defined less by user acquisition and more by system integration.