PalmPay's MD Bags Legit Business Names Award for Impact on Nigeria’s Digital Economy
- Chika Nwosu, MD of PalmPay, has been awarded the 2025 Legit Business Names Award for his significant contributions to advancing digital finance in Nigeria
- The award, organised by Legit.ng, aims to celebrate outstanding business leaders who have made notable achievements over the past year
- In his comments to Legit.ng, Nwosu urged aspiring entrepreneurs to embrace resilience and prioritise customer needs
Legit.ng has recognised Chika Nwosu, the managing director of Palmpay, with the prestigious Legit Business Names Award.
The award, which is a non-commercial initiative, celebrates outstanding business leaders' impactful contributions to Nigeria's economy and remarkable achievements over the past year.
As a pioneer in the fintech sector, Nwosu's leadership has played a pivotal role in Palmpay's success and the transformation of Nigeria's digital payment ecosystem.
Source: UGC
His strategic vision and unwavering commitment to innovation have solidified Palmpay's position in the industry, earning it the award for the most innovative fintech company of the year.
Palmpay's remarkable achievements in 2024
Palmpay achieved significant milestones in 2024, solidifying its position as a leader in the Nigerian fintech sector.
These accomplishments align with its mission to drive financial inclusion, particularly in underserved communities, and advance accessibility to digital financial services.
Among its accolades this year, Palmpay was honoured by BrandCom as the Most Outstanding Fintech on Financial Inclusion, a testament to its impactful contributions to bridging financial accessibility gaps.
A major highlight of this initiative was the launch of its USSD code, *861#, designed to bring seamless financial services to regions with limited smartphone pen*tration.
The company's commitment to customer-centric services also earned it the title of Customer Focused Digital Bank of the Year at Africa's Beacon of ICT Merit and Leadership Awards, hosted by Nigeria Communication Week.
On a global scale, Palmpay was recognised by CNBC and Statista as one of the Top 250 Global Fintech Companies for 2024, marking it as one of only nine African Fintech firms on the prestigious list.
Additionally, the GSMA acknowledged Palmpay's role in the growth of Africa's mobile money ecosystem in its State of the Industry Report.
These achievements reflect Palmpay's dedication to innovation, customer focus, and broader vision of transforming financial services in Africa.
As it continues to expand its impact, Palmpay is setting new standards for excellence in the fintech industry.
Palmpay in 2025
Going into 2025, Nwosu said PalmPay aims to advance financial inclusion, promote cashless payment adoption, and expand its reach across Africa by leveraging its agent network and strategic partnerships with key stakeholders.
Nwosu, a two-time winner of Legit.ng's business award said:
"Looking forward, PalmPay will continue its efforts to drive financial inclusion through our network of agents, who serve as our heroes for reaching the underbanked population. As we continue to grow, we are helping to digitise and transform Nigeria’s economy by promoting cashless payment adoption among consumers and retailers. We will also utilize the smartphone-based strategy to onboard millions of Nigerians."
Nwosu added that Palmpay plans to partner with stakeholders; the government and other financial institutions to grow the fintech space and lead cashless payment adoption for consumers and retailers.
Currently thriving in Nigeria, Ghana, and Tanzania, Palmpay, under Nwosu's leadership, is setting its sights on broader horizons with plans to expand into additional African countries and regions, solidifying its position as a key player in the continent's fintech landscape.
Source: UGC
More potentials in the fintech sector
Nwosu expressed optimism about the future of Nigeria's fintech ecosystem, envisioning a vibrant digital economy fueled by the entry of more players into the market and the resulting innovation and competition.
Nwosu said:
"As at Q4 2023, the CBN pegged the financial inclusion rate at 74% with the target of over 90% in 2024. Definitely, there are more potentials in the fintech sector. In the near future, we will see even more digital transformation, with solutions that address everyday financial needs while making technology more accessible to everyone, particularly in rural and underserved areas."
Stay resilient, Nwosu advises entrepreneurs
Nwosu used the opportunity to advise aspiring entrepreneurs to embrace resilience, prioritise customer needs and adopt digital banking practices.
He said:
"My advice is to stay resilient and adaptable. The business landscape can be challenging, but success comes from continuously learning, staying focused on customer needs, and building sustainable solutions that create real value. Aspiring entrepreneurs should integrate digital banking practices to facilitate smooth transactions and enhance customer retention."
He also advised them to leverage platforms like PalmPay Business for secure transactions and operational efficiency for customer satisfaction.
Palmpay introduces free bank transfers
Legit.ng previously reported that PalmPay customers can now benefit from free transfers to all banks via the app.
The platform stated that the initiative would enable millions of users to make unlimited transfers to family and friends and manage bill payments effortlessly.
Its managing director highlighted that the upgrade reflected PalmPay's commitment to delivering affordable and convenient financial services to its users.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
