Trust is our most valuable currency. We have earned it by delivering a reliable, intuitive, and robust security architecture-Nwosu

Chika Reginald Nwosu, managing director PalmPay Limited,in this interview with BusinessDay spoke on how his company strives to stay ahead of the curve by investing in AI, partnerships and infrastructure that enhance speed, reliability and robust user experience, among others.Excerpts:

Congratulations on PalmPay’s recognition as one of Africa’s fastest growing companies. What do you believe are the key drivers behind the company’s impressive growth over the past year?

Thank you. Our growth is rooted in a deep commitment to driving financial inclusion and user-centred innovation. We have built a fast, reliable and user-friendly platform that meets the everyday financial needs of Nigerian consumers and businesses, supporting their growth and long-term financial goals. Our offerings span across payments, yield-bearing savings, investments and insurance. Also, a key driver for us is that we are solving foundational problems by creating a reliable payment platform at scale. We have built a financial institution suited to Nigeria’s realities and are currently trusted by over 35 million users and 1 million MSMEs in our network.

How has PalmPay adapted its business model or strategy to navigate the evolving fintech landscape in Nigeria and Africa at large?

We have embraced a hybrid strategy that blends technology scale with communitylevel reach. Our products are built to be highly localised, user-friendly, and designed to address real financial needs. Strategic partnerships with regulators, banks, and telcos have played a key role in scaling responsibly while maintaining speed, agility, and trust.

Read also: PalmPay deepens financial inclusion with new insurance offering

Innovation is crucial in fintech. Can you share a breakthrough product or service that PalmPay launched recently that significantly impacted your growth?

A key innovation has been the launch of PalmPay Wealth, our high-yield savings suite. In 2024 alone, we paid out over ₦4 billion in interest to more than 10 million users. Products like Cashbox and SmartEarn offer up to 22% annual interest, are helping users grow their savings while covering daily expenses. These services have been a major driver of both user engagement and overall platform growth.

What role have customer experience and trust played in building PalmPay’s user base, especially in a competitive mobile payments market?

Trust is our most valuable currency. We have earned it by delivering a reliable, intuitive, and robust security architecture. Underpinned by delivering 24/7 customer support and transparent communications with our users.
Our widespread agent network provides physical support in communities, which further boosts user confidence. By consistently delivering value, we’ve built deep loyalty in a highly competitive market.

PalmPay operates in a regulatory-intensive environment. How do you approach compliance while maintaining agility and innovation?

We see compliance not as a barrier, but as a foundation for sustainable innovation. Our approach is proactive; we actively engage with regulators, often participating in pilot programs and policy dialogues that shape the future of the industry. At PalmPay, we believe responsible innovation builds long-term trust, and in fintech, trust is the most valuable currency. By embedding compliance into our product development process, we ensure we can move fast without compromising on security, transparency, or regulatory alignment.

What are your strategic priorities for 2025 and beyond, both in terms of market expansion and product development?

We are focused on two fronts: expansion and deepening our ecosystem. We are actively exploring new markets while strengthening our offerings in payments, savings and insurance. At the same time, we are investing in AI, partnerships and infrastructure that enhance speed, reliability and user experience.

At every stage, our North Star remains the same: to build trusted financial solutions that power individuals, small businesses, agents and the broader ecosystem.

Talent is critical for scale. How is PalmPay attracting and retaining top tech talent in a competitive ecosystem?

At PalmPay, we have built a purpose-driven culture that combines ownership, growth, opportunity and more. Top talent wants to solve meaningful problems, and we provide that platform. Our over two thousand staff work on high-impact products and projects used by millions of Nigerians, with room to grow, innovate and lead. We have built a strong culture of learning, which ensures we not only attract top talent but also retain and grow them.

 As a recognised leader, what advice would you give to other African startups aspiring to achieve similar growth and international recognition?

Always start with the user. Solve real problems with clarity and empathy. Build trust through consistency and security. As a startup in Africa, it is important to build with scale in mind while maintaining strong relationships with regulators and ecosystem players. Also invest early in a team that can take your vision across borders. Always start with the user. Solve real problems with clarity and empathy. Build trust through consistency, security, and a commitment to delivering value. For startups in Africa, it’s essential to build with scale in mind from day one. Maintaining strong relationships with regulators and ecosystem players is key to sustainable growth. And most importantly, invest early in a team that not only believes in your vision but can carry it across markets and borders.