PalmPay Advocates for Enhanced Financial Infrastructure for SMEs in Nigeria
PalmPay is emphasizing the need for robust infrastructure and improved access to financing for small and medium-sized enterprises (SMEs) as crucial elements for Nigeria’s next phase of financial inclusion and economic advancement.
Insights from the Digital Pay Expo 2026
This perspective was articulated by Chika Nwosu, the Managing Director of PalmPay Nigeria, during a panel discussion at the Digital Pay Expo 2026. This event convenes regulators, fintech leaders, payment operators, and other pivotal players in the ecosystem to explore the future of digital payments in Africa.
Barriers to Financial Access for SMEs
During a session dedicated to advancing financial inclusion and the growth of SMEs, Nwosu highlighted that while micro, small, and medium-sized enterprises (MSMEs) are vital to economic activity, many continue to encounter significant obstacles in accessing credit, dependable payment infrastructure, and essential digital tools necessary for sustainable growth.
Addressing Structural Challenges in Financial Inclusion
Nwosu stressed that true financial inclusion transcends merely increasing user numbers on formal financial platforms. The focus must shift toward resolving structural challenges that hinder SMEs from participating fully, trading efficiently, and scaling their operations.
The Economic Role of Small Businesses
With small businesses comprising 40 percent of Nigeria’s GDP, Nwosu reiterated PalmPay’s commitment to a broader definition of financial inclusion. It aims not just to facilitate transactions but also to provide enterprises with the tools and support required for expansion, resilience-building, and job creation.
The Importance of Digital Literacy
He also underscored the critical role of digital literacy, noting that as digital tools and artificial intelligence become increasingly integrated into financial services, it is essential for business owners to be equipped to utilize these technologies effectively and responsibly.
Collaborative Efforts for SME Support
PalmPay envisions a future where financial inclusion thrives, contingent not only on innovation but also on the ecosystem’s ability to diminish barriers for small businesses, offering them the necessary infrastructure and financial support to scale. Discussants at the event highlighted the urgent need for enhanced collaboration across the ecosystem and a more pragmatic approach to assisting SMEs in transitioning from awareness to the adoption of digital financial services.
Unlocking Potential through Financial Education and Support
Nwosu stated that realizing the full potential of Nigerian SMEs requires a multifaceted approach that combines accessible financing, financial education, trusted platforms, and tailored ecosystem support.
About PalmPay
Founded in 2019, PalmPay Group is a multinational fintech company dedicated to providing widespread digital financial services in high-growth emerging markets, including Africa and South Asia. The company operates on a fully independent technology infrastructure, encompassing consumer and merchant services such as payments, savings and wealth management, credit, and merchant acquisition. Where smartphone ownership presents a barrier to digital finance, PalmPay often funds devices, enabling individuals to acquire their first phone along with their first financial account in a single transaction.
PalmPay has established itself as a leader in several high-growth regions and has been recognized globally as one of the top financial companies by esteemed organizations like TIME, the Financial Times, and CNBC. Additionally, the group’s contributions to enhancing financial inclusion have received formal acknowledgment from central banks in its primary markets.
For further information, please visit palmpay.com.
