After a decade of operations and processing transactions worth trillions of naira, Nigerian fintech company Xpress Payment Solutions Limited says its future growth strategy will be anchored on emerging technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT).
The company unveiled its next phase of innovation during a public lecture held in Lagos to commemorate its 10th anniversary, positioning AI-powered and connected payment experiences as the next frontier of Nigeria’s digital finance ecosystem.
Speaking at the event, the Managing Director and Chief Executive Officer of Xpress Payment Solutions, Wale Olayisade, said the company has evolved from processing no transactions at inception to becoming a major player in Nigeria’s digital payments industry.
“From processing zero transactions at inception, we have grown to process trillions of naira in transaction value. Whether it is paying school fees, settling hospital bills, renewing cable television subscriptions or paying utility bills, we have simplified processes that once required physical visits and long waiting times,” he said.
According to Olayisade, the integration of AI and IoT technologies will make digital payments smarter, more personalised and largely frictionless.
He explained that AI would allow financial platforms to better understand customer behaviour, anticipate their needs and deliver more seamless experiences.
“AI will enable us to better understand customers’ needs and anticipate the next steps in their financial journeys, reducing friction and enhancing convenience. The future is filled with possibilities,” he said.
Speaking on the theme, ‘A Decade of Innovation, A Future of Possibilities,’ Olayisade noted that Xpress Payments’ journey mirrors the broader evolution of Nigeria’s fintech sector and the increasing adoption of digital financial services across the country.
He added that the company has played a role in advancing financial inclusion by expanding access to digital services, particularly among underserved communities, while supporting Nigeria’s transition towards a cashless economy.
“Over the last decade, innovation has fundamentally transformed the payments landscape in Nigeria. A few years ago, paying utility bills or accessing financial services often required physically visiting the service provider or relying on a relationship with a bank manager. Today, people can conveniently carry out these transactions from the comfort of their homes,” he said.
The CEO also acknowledged the role of regulators, particularly the Central Bank of Nigeria, in creating a secure and stable environment for digital financial services to thrive.
“While some stakeholders may occasionally view regulatory measures as restrictive, their ultimate objective is to safeguard the integrity and sustainability of the financial system,” he said.
Over the years, Xpress Payment Solutions has expanded its operations across several segments of the fintech ecosystem.
According to Olayisade, the company currently operates under six regulatory licences, allowing it to provide services spanning payment processing, switching, agency banking, payment terminal services and other payment solutions.
Also speaking at the event, the company’s Executive Director of Finance, Temitope Ajanaku, described the 10-year milestone as a reflection of the organisation’s resilience in navigating difficult economic conditions.
She highlighted challenges such as the COVID-19 pandemic and foreign exchange volatility, noting that the company remained operational despite the disruptions.
“I feel extremely happy and elated. It is gratifying to see that all the hard work we have put in over the years is paying off. Most importantly, I am proud that we have remained resilient and sustained our operations over the past decade,” she said.
Ajanaku also identified regulatory compliance as one of the company’s biggest strengths, saying adherence to CBN guidelines and other industry regulations has helped build credibility and sustain long-term growth.
“We have always ensured that we comply with every guideline and regulation issued by the CBN and other relevant authorities. We take pride in our strong compliance culture because it has helped us maintain our reputation and credibility in the industry,” she said.
She further explained that customer feedback has remained central to product development over the years.
“We are not just focused on products; we are focused on people. Our goal is to provide solutions that are easy, fast and secure while ensuring that they positively impact the lives of our customers,” she added.
Founder of Xpress Payment Solutions and Chairman of Xpress Holdings Limited, Alhaji Awa Ibraheem, described reaching a decade in Nigeria’s business environment as a significant achievement.
According to him, the company’s growth has been shaped by resilience, adaptability and strong engagement with regulators.
“This is Nigeria; we report to many regulatory agencies, but the chief of them all is the CBN. We have never had any problem with them. We have been coping very well,” he said.
He added that tax obligations and regulatory compliance have remained essential parts of the company’s operating culture.
Reflecting on the company’s journey, Ibraheem recalled the COVID-19 pandemic as one of its earliest major tests.
“The first major challenge we encountered was the COVID-19 pandemic. We had just started operations when it hit, and it took us time to recover fully from its impact,” he said.
He noted that operating a business in Nigeria comes with constant challenges, making proactive decision-making critical for survival.
“There are always challenges in a system like Nigeria. The important thing is that whenever challenges arise, we must be proactive in addressing them before they cause any damage,” he added.
As Nigeria’s digital economy continues to expand, Xpress Payment Solutions is now betting that AI-driven intelligence, connected devices and personalised financial experiences will define the next chapter of the country’s fintech evolution.
