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The marketing banners adorning Nigerian billboards paint a flawless picture of financial liberation, emphasizing zero-fee transactions, instant peer-to-peer transfers, and ubiquitous point-of-sale terminals. Front and center of this retail fintech renaissance is PalmPay, a platform that captured over 35 million accounts by deeply embedding itself into the fabric of the underbanked population.
Yet, behind the slick animations of cashback games and the convenience of a three-second transfer lies a dark, algorithmic undertow. As millions of Nigerians pivot away from traditional banking toward agile mobile-money platforms, a growing chorus of consumer distress echoes across social media.
