PalmPay Integrates with NIBSS for Reliable Transactions, Reaches 35m Users

Six years after launching as a consumer payments app in Nigeria’s fintech sector, PalmPay has reached 35 million users.

The company has integrated into the country’s financial infrastructure. This approach involves live transactions on the Nigeria Inter-Bank Settlement System (NIBSS) National Payment Stack, which enables interoperability between banks, fintechs, and other licensed providers.

For users, this results in fewer failed transfers and more predictable service. For the platform, it emphasises uptime, transaction success rates, and system reliability.

The company stated that Nigeria remains a cash-driven economy.

PalmPay has expanded its agent network for deposits, withdrawals, onboarding, and transfers. This hybrid model, combining digital systems with human intermediaries, serves users beyond urban centres.

EFInA data showed that many Nigerians, especially in rural and underserved areas, remain financially excluded. Distribution serves as a prerequisite in this context.

Security measures include biometric authentication, transaction monitoring, and user-controlled protections. These are assessed by reduced fraud incidence and user trust.

The company has implemented financial literacy and capacity-building programs for women-led businesses and first-time digital users. Onboarding does not always equate to meaningful usage.