BusinessDay BAFI Awards Honour PalmPay and RMB Nigeria Across Digital Payments and Merchant Banking

Awards ceremony in Lagos The BusinessDay Banks and Other Financial Institutions (BAFI) Awards were held in Lagos, with the event organised by BusinessDay. The ceremony presented a range of honours to firms operating in Nigeria’s financial services landscape.

PalmPay recognised for digital payments According to ThisDay, PalmPay received the Digital Payments Platform of the Year award. The accolade acknowledges the company’s role in expanding digital payment usage and promoting financial inclusion since it entered the Nigerian market in 2019. The platform now supports more than 35 million users, offering services that include bill payments, merchant transactions and broader financial products through an extensive network of agents and merchants. The award was handed to PalmPay by BusinessDay publisher and co‑founder Frank Aigbogun, underscoring the firm’s commitment to reliable and secure financial services for everyday Nigerians.

RMB Nigeria repeats as top merchant bank Nairametrics reported that RMB Nigeria secured two distinctions at the same awards. The bank was named Merchant Bank of the Year for the eighth time, a milestone that reflects consistent performance and strategic leadership in the corporate and institutional market. In addition, RMB Nigeria earned the Deal Advisory Excellence of the Year award, recognising the depth of its sector expertise, market insight and ability to execute complex transactions for clients.

Industry perspectives Representatives from both firms commented on the significance of the recognitions. PalmPay’s managing director highlighted the award as evidence of the company’s focus on building financial services around the daily needs of Nigerians, while RMB Nigeria’s chief executive emphasized the strength of client partnerships and the bank’s ongoing commitment to innovative thinking and market understanding. Both statements, as reported by the respective news outlets, suggest that the awards serve as validation of each organisation’s growth strategies and contribution to the broader financial ecosystem.

Implications for the sector The dual recognitions at the BAFI Awards illustrate the rapid development of digital finance and merchant banking in Nigeria. PalmPay’s expanding user base and extensive merchant network point to a growing appetite for digital transaction solutions, whereas RMB Nigeria’s repeated success signals sustained confidence among corporate clients in the bank’s advisory capabilities. Together, the awards underscore the diversification and maturity of Nigeria’s financial services sector as it adapts to evolving consumer and business demands.