Xpress Payment Solutions Limited has processed transactions worth trillions of naira in its 10 years of operation, saying its next phase of growth will be driven by emerging technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT).
Mr Wale Olayisade, Managing Director and Chief Executive Officer, Xpress Payment Solutions Limited, disclosed this at a public lecture organised as part of the company’s 10th anniversary celebrations in Lagos.
Speaking on the theme, ‘A Decade of Innovation, A Future of Possibilities,’ he said the firm’s journey reflects the rapid transformation of Nigeria’s payments ecosystem and the increasing adoption of digital financial services across the country.
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 said the AI and IoT phase was expected to make payments more predictive, personalised and seamless.
“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,” Olayisade said.
He reiterated the company’s renewed commitment to innovation, financial inclusion and the development of next-generation payment technologies.
According to Olayisade, innovations in digital payments have fundamentally changed how Nigerians access financial services.
“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 Payments 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.
Temitope Ajanaku, Executive Director of Finance, Xpress Payment Solutions Limited, 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.
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 Payments 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 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.
Ajanaku further emphasised the company’s customer-centric philosophy, noting that feedback from users 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.
Awa Ibraheem, Founder, Xpress Payment Solutions Limited & Chairman, Xpress Holdings Limited, expressed satisfaction with the company’s 10-year journey, describing its survival and growth in Nigeria’s challenging business environment as a significant achievement.
Ibraheem said he was “grateful 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 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 CBN. We have never had any problem with them. We have been coping very well,” he said.
Ibraheem 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 the company 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.
Beyond the pandemic, he noted, 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, Ibraheem said the company 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 reflected 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.
