Xpress Payments leans on AI for next growth phase

Xpress Payment Solutions Limited has unveiled plans to deploy Artificial Intelligence (AI) and the Internet of Things (IoT) to power the next phase of its growth, following a decade in which the company processed transactions worth trillions of naira and expanded its footprint in Nigeria’s digital payments ecosystem.

The Managing Director and Chief Executive Officer of the company, Wale Olayisade, disclosed the plans in Lagos during a public lecture organised to commemorate the firm’s 10th anniversary.

Olayisade said the company’s journey reflects the rapid evolution of digital payments in Nigeria, noting that it had grown from processing no transactions at inception to handling transaction volumes valued in trillions of naira.

“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. According to him, the company is now looking beyond traditional payment channels and intends to leverage emerging technologies such as AI and IoT to deliver more personalised, efficient 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 noted that the Nigerian payments industry has undergone a dramatic transformation over the last decade, driven by technological innovation and increased adoption of digital channels.

“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 also acknowledged the contribution of regulators, particularly the Central Bank of Nigeria, to the growth and stability of the financial services sector.

“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 chief executive disclosed that Xpress Payment Solutions currently operates under six regulatory licences spanning switching and processing services, payment solutions, payment terminal services and agency banking operations.

Also speaking at the event, Executive Director, Finance, Temitope Ajanaku, said the company had weathered several challenges during its decade-long journey, including the COVID-19 pandemic and periods of foreign exchange volatility.

“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 attributed part of the company’s success to its commitment to regulatory compliance and corporate governance.

“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.

Founder of Xpress Payment Solutions and Chairman of Xpress Holdings Limited, Awa Ibraheem, recalled the difficulties the company encountered shortly after launching operations, particularly the disruption caused by the COVID-19 pandemic.

“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.

Ibraheem added that businesses operating in Nigeria must remain proactive and adaptable in navigating economic and operational challenges.

“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.

The company said its focus on innovation, regulatory compliance and technology-driven solutions would continue to shape its growth strategy as it enters its second decade of operations in Nigeria’s rapidly evolving digital payments market.