Onome Amuge
Nigeria’s fintech industry, once driven primarily by innovation and competition, is entering a new phase where consumer trust is emerging as the key differentiator. This shift was at the fore of the Lagos State Consumer Protection Agency’s (LASCOPA) 2025 Consumer Service Week and Awards Ceremony, where digital banking platform PalmPay was honoured as the Consumer-Friendly Business of the Year.
The award, presented recently at Adeyemi Bero Hall, Alausa, Lagos, placed PalmPay among the select group of companies recognised for upholding consumer protection, transparency, and service excellence in a marketplace often clouded by complaints over fraud, poor service, and data insecurity.
“We are deeply honoured to receive the Consumer-Friendly Business of the Year Award from LASCOPA. This recognition reaffirms our commitment to putting our customers at the heart of everything we do,” said Opara Onyinyechi, senior regulatory compliance specialist at PalmPay.
Founded in 2019, PalmPay has grown from a startup challenger into a digital banking leader with over 35 million users and more than 15 million daily transactions. Its platform offers payments, savings, and micro-insurance through both its mobile app and an expanding agent network.
PalmPay’s consumer protection framework, which includes advanced fraud prevention systems, real-time customer support, and transparent dispute resolution, has been central to its expansion. The company’s approach aligns with a broader trend as financial inclusion deepens, regulators and consumers are demanding greater accountability from fintechs handling billions in daily digital payments.
PalmPay’s rise reflects Nigeria’s shift toward digital finance as a tool for inclusion and economic empowerment. With operations now in Ghana, Tanzania, and Bangladesh, the company’s model is increasingly viewed as a template for emerging-market fintechs seeking to balance scale with social responsibility.
