Xpress Payment targets AI, IoT expansion after processing trillions of Naira in transactions

Xpress Payment Solutions Limited has announced plans to deepen its investment in emerging technologies, including Artificial Intelligence (AI) and the Internet of Things (IoT), as it enters the next phase of growth following a decade of operations in Nigeria’s digital payments industry.

The company disclosed that it has processed transactions worth trillions of naira over the past 10 years which reflects the rapid evolution of Nigeria’s fintech ecosystem and the growing adoption of digital financial services.

Speaking at a public lecture organised to mark its 10th anniversary in Lagos, Wale Olayisade, the managing director and chief executive officer of Xpress Payment Solutions Limited, said the company’s future strategy would focus on leveraging technology to improve payment experiences and expand financial inclusion.

The event, themed ‘A Decade of Innovation, A Future of Possibilities,’ highlighted the company’s journey from its early days in the payments sector to becoming a major player in Nigeria’s digital financial services space.

Olayisade said the company’s growth mirrors the transformation of Nigeria’s payment landscape, where consumers can now access services that previously required physical visits and lengthy processes.

“From processing zero transactions at inception, we have grown to process trillions of naira in transaction value,” he said.

“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.”

According to him, AI and IoT will play a critical role in shaping the future of payments by enabling more personalised, predictive and seamless financial services.

“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 added that digital payments have significantly improved access to financial services, particularly for 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 recognised the role of regulators, particularly the Central Bank of Nigeria (CBN), in creating a secure and stable environment for the growth of the financial technology sector.

He noted that Xpress Payments has expanded its operations through multiple regulatory licences covering areas such as switching and processing, payment solutions, payment terminal services and agency banking.

Temitope Ajanaku, the executive director of finance at Xpress Payment Solutions Limited, described the 10-year milestone as a reflection of the company’s resilience despite economic pressures, including the COVID-19 pandemic and foreign exchange challenges.

She said the company’s strong compliance culture and commitment to regulatory standards had contributed significantly to its credibility and sustainability in the industry.

“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 added that customer feedback has remained central to the company’s product development strategy, stressing that the firm’s focus extends beyond technology to improving customers’ everyday experiences.

“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 of Xpress Payment Solutions Limited and chairman of Xpress Holdings Limited, described the company’s decade-long journey as a major achievement, considering the challenges of operating in Nigeria’s financial services sector.

Ibraheem said the company’s ability to survive and grow was driven by resilience, adaptability and strong engagement with regulators.

He identified the COVID-19 pandemic as one of the company’s earliest major challenges, noting that the disruption tested the organisation shortly after it began operations.

“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.

Beyond the pandemic, he noted that operating in Nigeria requires businesses to remain proactive in managing regulatory, economic and operational pressures.

“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,” Ibraheem said.

Xpress Payment Solutions said it remains focused on innovation, customer satisfaction and deploying next-generation technologies to strengthen Nigeria’s digital payment ecosystem.