PalmPay Boosts Financial Inclusion with Contactless Payment Rollout
PalmPay, one of Nigeria’s leading digital banks, has intensified its efforts to promote financial inclusion through the adoption of contactless payment technology. The company made this known during the recent BusinessDay Future of Payment Conference in Lagos, where key industry players gathered to discuss the future of digital finance in the country.
Contactless payment methods — including NFC (Near-Field Communication), QR codes, and mobile wallets — are gaining popularity across Nigeria. However, PalmPay says one of the biggest challenges to full adoption is the country’s continued reliance on cash, particularly in rural and semi-urban areas.
Speaking at the event, PalmPay’s Senior Business Development Manager, Ifeanyi Uzoka, highlighted that while many Nigerians already own contactless-enabled cards, these cards are still not widely accepted in many locations, especially outside the major cities.
To close this gap, PalmPay has rolled out secure, contactless-enabled debit and premium cards through a new partnership with Verve. These cards are designed with advanced authentication features to ensure every transaction is safe and user-friendly.
“Despite regulatory backing, the country’s cash-heavy economy remains a significant obstacle,” Uzoka said. “Our goal is to bridge this divide with technology that is secure, accessible, and easy to use.”
The Central Bank of Nigeria (CBN) first introduced its cashless policy in 2012 to modernize payment systems and reduce cash transactions. Recently, the CBN released guidelines for contactless payments, supporting efforts by fintech firms like PalmPay to expand digital payment options.
Uzoka emphasized that every contactless payment on PalmPay’s platform comes with an added layer of authentication, reinforcing the company’s commitment to safe financial transactions.
With more than 35 million users across Nigeria, PalmPay is positioning itself at the forefront of digital financial transformation. Its continued push for contactless adoption aligns with global payment trends and demonstrates its vision for a financially inclusive society.
PalmPay deploys measures to boost financial inclusion
