PalmPay expands offices nationwide as CBN tightens oversight of fintech operations

Nigerian fintech firm PalmPay is expanding its network of physical offices across the country, saying stronger infrastructure is essential for financial inclusion and to meet growing regulatory expectations in Africa’s largest economy.

The company currently operates 28 offices across Nigeria, located in cities including Lagos, Abuja, Port Harcourt, Benin City and Enugu, providing operational support, merchant partnerships and customer engagement as digital financial services continue to expand.

Chika Nwosu, PalmPay’s managing director, said building physical infrastructure is critical to delivering financial services to more Nigerians.

“Financial inclusion must be built on infrastructure,” Nwosu said during the launch of one of the company’s offices in Lagos, noting that the firm’s expanding office network helps improve service delivery and deepen access to financial tools nationwide.

While many fintech firms operate largely online, PalmPay has continued to invest in on-ground offices to support operations and build closer relationships with customers and partners.

In 2025, the company opened two new offices in Lagos, located in Ikeja and Yaba, further strengthening its presence in Nigeria’s largest commercial city.

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The strategy also aligns with broader regulatory efforts by the Central Bank of Nigeria (CBN) to strengthen oversight of the country’s rapidly growing fintech ecosystem.

Nigeria’s fintech sector has expanded quickly in recent years, prompting regulators to introduce stricter operational guidelines for payment service providers, including licensing requirements, stronger supervision and enhanced infrastructure for payment operations.

The CBN has introduced several frameworks governing payment services and digital financial platforms as part of its wider strategy to build a safer and more resilient payments system while expanding financial inclusion.

Industry analysts say the regulatory push is encouraging fintech firms to strengthen their operational presence beyond digital platforms, including physical offices and structured agent networks that allow regulators to better supervise activities and protect consumers.

PalmPay said its office expansion also supports economic development and job creation in communities where it operates.

Each new office generates employment opportunities while supporting financial literacy and small business development programmes.

Through its Purple Woman programme, the company is training and employing more women across its offices, increasing female participation in Nigeria’s fintech workforce.

In 2025, PalmPay also organised capacity-building programmes in Kano and Kaduna, reaching about 3,000 women with financial literacy training and business tools aimed at improving their livelihoods.

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As Nigeria’s digital payments sector becomes more competitive and regulated, PalmPay said combining technology with physical infrastructure will remain central to its growth strategy.

The company said building both digital platforms and on-ground infrastructure will help extend financial services to underserved communities while supporting Nigeria’s broader financial inclusion goals.