PalmPay wins BAFI Award as consumer trust becomes critical to digital finance

PalmPay has won the Digital Payments Platform of the Year award at the 2026 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, as consumer trust and transaction security become increasingly important to the growth of digital financial services in Nigeria.

The award, presented on October 9 at the Civic Centre in Lagos by Frank Aigbogun, publisher and co-founder of BusinessDay, recognises the fintech company’s contribution to digital payments and financial inclusion.

The recognition comes as more Nigerians use digital platforms to make payments, transfer money, pay bills and manage everyday financial transactions, placing greater importance on the security and reliability of these services.

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Since launching in Nigeria in 2019, PalmPay has expanded its digital financial services ecosystem to more than 35 million users, supported by a network of merchants and agents that facilitates transactions across the country.

However, as digital financial services become more embedded in daily economic activities, providers face the challenge of sustaining customer confidence alongside expanding access and convenience.

Chika Nwosu, managing director of PalmPay Nigeria, said the award reflected the company’s commitment to developing financial services around 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,” Nwosu said.

He added that the company’s responsibility extended beyond enabling transactions to equipping customers with the information and support needed to use digital financial services confidently and securely.

PalmPay’s consumer protection efforts include its PalmPay Dey For You campaign, which educates customers about the platform’s security features and encourages safer digital financial habits.

The campaign reflects the growing importance of customer education in an increasingly digital financial system, where users need to understand how to protect their accounts, recognise potential threats and use security features effectively.

For digital payment providers, maintaining trust is central to encouraging continued adoption, particularly as customers increasingly depend on electronic platforms for routine financial activities and business transactions.

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PalmPay said it would continue investing in technology, security and customer experience as it expands access to financial services in Nigeria and other markets where it operates.

The company’s latest recognition highlights the growing role of digital payment platforms in Nigeria’s financial services industry. Sustaining that growth, however, will depend not only on the number of users reached but also on providers’ ability to deliver reliable services and maintain customer confidence.

While the award recognises PalmPay’s contribution to digital payments, its longer-term impact on financial inclusion will depend on how effectively the company combines wider access with transaction security, customer support and consistent service delivery.