Chika Nwosu, Managing Director of PalmPay Nigeria, has identified customer trust, security and affordability as key issues that digital financial service providers must address as electronic payments continue to grow in Nigeria.
Nwosu said the expansion of digital banking would require reliable transaction systems, effective fraud prevention measures and improved financial literacy to ensure that more Nigerians could use digital financial services safely.
He spoke following PalmPay’s recognition as Digital Innovative Platform of the Year at the BAFI Awards 2026.
According to figures from the Enhancing Financial Innovation and Access (EFInA) 2026 Access to Financial Services in Nigeria Survey cited in his remarks, financial inclusion has reached 79 per cent, representing approximately 94.2 million Nigerian adults, while the use of digital financial services stands at 64.4 per cent.
Nwosu said the figures reflected growing access to financial services but noted that providers needed to address concerns about transaction reliability, affordability and security.
“Technology should make financial services more accessible, affordable and secure, while addressing the everyday needs of the people who use them,” he said.
He argued that financial technology companies should look beyond customer acquisition and transaction volumes to consider the quality of services and the experiences that influence customers’ willingness to continue using digital platforms.
Nwosu also identified financial literacy as an important factor in expanding financial inclusion, saying customers needed to understand how to use digital platforms and protect themselves against fraud.
He said the growing use of electronic payments had increased the need for providers to strengthen security systems and educate customers about emerging fraud methods.
According to him, users should protect their personal identification numbers (PINs) and one-time passwords (OTPs), avoid suspicious links and contact service providers through official channels when seeking assistance.
Nwosu added that customer confidence depended on the reliability of transactions, the quality of support services and how quickly providers resolved problems.
He said security measures should be incorporated into digital financial services without making transactions unnecessarily difficult for users.
Commenting on the award, Nwosu said the recognition highlighted the growing importance of digital financial services, adding that providers would need to sustain investment in infrastructure and security as the sector develops.
He maintained that affordability, accessibility and consumer protection would remain important considerations for financial technology companies seeking to serve Nigeria’s expanding digital payments market.