Onome Amuge
PalmPay, one of Nigeria’s fastest-growing digital banks, has been named Digital Governance Company of the Year (Fintech Innovation) at the 2025 Nigeria GovTech Awards, indicating its rising influence in the country’s financial inclusion and digital transformation drive.
The award, presented at the Presidential Villa in Abuja and organised by the Bureau of Public Service Reforms (BPSR), recognises both public and private sector institutions advancing governance through technology. It comes at a time when Nigerian fintechs are playing a pivotal role in extending access to banking and payments across Africa’s largest economy.
Receiving the award, Chika Reginald Nwosu, PalmPay’s managing director, said the recognition reflected the company’s commitment to creating inclusive, secure, and innovative financial solutions for Nigerians. He added that PalmPay would continue to support the federal government’s push toward a digitally enabled economy.
Founded in 2019 under a mobile money operator licence, PalmPay has grown rapidly to become a key player in Nigeria’s fintech ecosystem. The company now claims more than 35 million registered app users and processes up to 15 million transactions daily, according to figures shared by management.
The platform operates across several African markets, including Ghana, Tanzania, and Bangladesh, and offers a suite of services ranging from mobile payments and savings to micro-insurance and agent banking. Analysts say its rise mirrors the expansion of neobanks and digital payment platforms in Africa, driven by a young population, high smartphone penetration, and limited access to traditional banking services.
The GovTech Awards, now in its fifth year, was established by the BPSR to highlight innovation in governance and the private sector’s contribution to digital transformation. The 2025 edition focused on organisations that have used technology to promote transparency, service delivery, and inclusive growth.
PalmPay’s recognition in the Fintech Innovation category reflects the government’s increasing reliance on partnerships with technology-driven firms to achieve its digitisation targets. Nigeria’s National Digital Economy Policy aims to grow the sector’s contribution to GDP to 18 per cent by 2026, from around 14 per cent in 2023, while expanding broadband access and digital skills training nationwide.
Industry observers credit PalmPay and its peers with accelerating Nigeria’s cashless transition, especially in the wake of the Central Bank of Nigeria’s currency redesign and tightening of cash transactions in recent years.
PalmPay noted that the award represents more than recognition, stating that it signals confidence in its governance model amid heightened regulatory scrutiny of the fintech sector. “This award reflects our dedication to creating inclusive, secure, and innovative financial solutions for Nigerians. We remain committed to supporting the government’s digital transformation drive and empowering individuals and businesses through accessible fintech innovation,” said Nwosu.
