XPress at 10: Firm bets on AI, IoT to shape next phase of digital payments

By Ambrose Nnaji

XPress Payment Solutions Limited has celebrated its 10th anniversary with a renewed commitment to innovation, financial inclusion and the development of next-generation payment technologies, revealing that it has grown from processing zero transactions at inception to handling transactions worth trillions of naira.

The fintech company, which marked the milestone under the theme, “A Decade of Innovation, A Future of Possibilities,” said its journey reflects the rapid transformation of Nigeria’s payments ecosystem and the increasing adoption of digital financial services across the country.

Speaking at a public lecture organised as part of the anniversary celebrations, the Managing Director and Chief Executive Officer of XPress Payment Solutions Limited, Wale Olayisade, said innovations in digital payments have fundamentally changed how Nigerians access financial services.

According to him, activities that once required physical visits to service providers can now be completed within seconds from the comfort of homes and offices.

“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.

Olayisade noted that while the industry’s progress is sometimes taken for granted, a comparison between today’s payment ecosystem and that of a decade ago reveals significant improvements in speed, convenience and accessibility.

He credited regulators, particularly the Central Bank of Nigeria (CBN), for helping to create a stable and secure operating environment through policies designed to protect consumers and maintain confidence in the financial system.

“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.

The CEO disclosed that XPress Payment Solutions has evolved into a major player in Nigeria’s digital payments industry, supported by six regulatory licences that enable it to operate across multiple segments of the fintech value chain, including switching and processing, payment solutions, payment terminal services and agency banking.

According to him, the company has contributed to expanding financial inclusion by extending access to financial services to underserved communities while supporting Nigeria’s transition to a cashless economy.

“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.

He added that the company’s next growth phase would be driven by emerging technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), which are expected to make payments more predictive, personalised and seamless.

“AI will enable us to better understand customer needs and anticipate the next steps in their financial journeys, reducing friction and enhancing convenience. The future is filled with possibilities,” Olayisade said.

The Executive Director of the company, Temitope Ajanaku, described the anniversary as a significant milestone and a testament to the resilience of the organisation in navigating economic disruptions, including the COVID-19 pandemic and foreign exchange volatility.

“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 explained that the public lecture was organised to facilitate knowledge sharing and stimulate conversations around the future of technology and payments in Nigeria.

She noted that the company chose the event theme to reflect the speed at which innovation is reshaping industries and creating new opportunities for businesses and consumers.

“When we look at Nigeria’s digital and payments ecosystem, innovation is happening at a remarkable pace. New technologies are emerging and businesses must continuously adapt to remain relevant,” she said.

The Executive Director also highlighted the firm’s commitment to regulatory compliance, describing it as one of the key factors behind its sustained growth and credibility within the industry.

According to her, XPress Payment Solutions has consistently complied with guidelines issued by the CBN and other regulators, despite the operational challenges that such requirements can sometimes create.

“We have always ensured that we comply with every guideline and regulation issued by the Central Bank of Nigeria 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.

Ajanaku further emphasised the company’s customer-centric philosophy, noting that feedback from users has played a critical role in shaping its products and services over the last decade.

She added that the company remains focused on innovation, customer satisfaction and continuous improvement as it positions itself for the next phase of growth.

“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 said.

Founded to provide digital payment solutions and facilitate commerce, XPress Payment Solutions today serves businesses, government institutions and consumers through a broad portfolio of services that includes payment processing, revenue collection, merchant services, account onboarding solutions, digital storefronts and point-of-sale terminals.

The company said its nationwide network of agents, merchants and partners has helped broaden access to financial services, reinforcing its vision of enabling secure, convenient and inclusive digital transactions across Nigeria.

Chairman of the Xpress Payment Solutions, Awa Ibrahim, expressed satisfaction over the company’s 10-year journey, describing its survival and growth in Nigeria’s challenging business environment as a significant achievement.

Ibrahim said he was “great to be alive” to witness the fintech firm reach its 10th year, noting that the journey had been marked by resilience, regulatory engagement and adaptability.

According to him, operating in Nigeria’s financial services sector requires continuous engagement with multiple regulatory authorities, particularly the Central Bank of Nigeria (CBN), which he described as the most important regulator in the ecosystem.

“This is Nigeria; we report to many regulatory agencies, but the chief of them all is the Central Bank of Nigeria. We have never had any problems with them. We have been coping very well,” he said.

Ibrahim commended the company’s strong compliance culture, adding that regulatory obligations and taxation requirements remain integral parts of doing business in the country.

“We always brace up for tax obligations and ensure we meet all regulatory expectations,” he added.

Reflecting on the company’s journey, the chairman said one of the earliest and most significant challenges faced by Xpress Payment Solutions was the COVID-19 pandemic, which struck just a few years after its establishment.

“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 explained.

He noted that beyond the pandemic, operating in Nigeria’s complex business environment comes with inherent difficulties, stressing that resilience and proactive management are essential 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 said.

Despite these hurdles, Ibrahim said the company has remained focused on strengthening its operations and sustaining growth over the past decade, crediting its resilience to strategic planning and adaptability.

He added that the milestone reflects not only the company’s endurance but also its ability to navigate regulatory demands and economic uncertainties while maintaining stability in a competitive fintech sector.

Xpress Payment Solutions, a key player in Nigeria’s digital payments ecosystem, has grown over the last decade amid rapid changes in the financial technology landscape, expanding its services and strengthening its presence in the country’s payment infrastructure space.