Despite the rapid growth of Nigeria’s digital payments ecosystem, lingering concerns around cost and reliability continue to slow widespread adoption, according to Sofia Zab, global chief marketing officer at PalmPay.
Zab, speaking on the barriers still facing consumers and merchants, noted that when the fintech entered the Nigerian market in 2019, users were often deterred by high transaction fees and frequent service failures.
“These issues discouraged many Nigerians from embracing digital payments,” she said.