PalmPay, a leading fintech platform in Nigeria, has restated its dedication to establishing robust payment infrastructure, essential for accelerating the nation's shift towards a fully digital economy. This commitment was highlighted by Olorunfemi Hanson, the company's Head of Marketing and Communications.

Hanson noted that while Nigeria has achieved significant progress in electronic payments, cash continues to dominate a substantial portion of economic activities. This reliance on cash points to existing gaps and trust issues within the financial system.

Data from November 2025 indicates that currency outside the banking system amounted to approximately N4.91 trillion, out of a total of N5.26 trillion in circulation. This figure underscores the persistent prevalence of cash, particularly within the informal sector.

PalmPay's management believes that overcoming this challenge requires more than just access to digital tools. They stress that the reliability of payment systems is paramount in encouraging wider adoption.

Hanson articulated this point, stating, “At PalmPay, we believe the bridge between the informal and formal economy is not just access; it is reliable payments infrastructure that gives people and businesses the confidence to do more.”

He further emphasized that for Nigeria's cashless policy objectives to be met, payment systems must be dependable and capable of processing high transaction volumes efficiently.

PalmPay has taken a pioneering role in this regard, being the first fintech to support the launch of the National Payment Stack in partnership with the Nigeria Inter-Bank Settlement System (NIBSS).