aik Digital and PalmPay introduce shariah-compliant BNPL smartphone financing in Pakistan. aik Digital and PalmPay are preparing to introduce Shariah-compliant Buy Now, Pay Later (BNPL) handset financing in Pakistan, aiming to make smartphones more accessible through flexible payment arrangements aligned with Islamic finance principles. The proposed initiative brings together digital financial services and smartphone financing, addressing a market where the upfront cost of mobile devices can be a barrier for consumers seeking to purchase or upgrade their handsets. The announcement indicates that the two companies are working to expand access to smartphones through a payment model designed around Islamic financial principles, although further details about the launch, eligibility requirements and financing terms have not yet been disclosed. The initiative reflects the growing intersection of digital finance and consumer technology in Pakistan, where smartphones serve as essential tools for communication, digital payments, online services and access to financial platforms. For many consumers, purchasing a smartphone requires a significant upfront payment, particularly when considering devices with features needed for modern applications and digital services. Flexible handset financing can provide an alternative to paying the full purchase price at once, potentially allowing eligible customers to spread payments over an agreed period. Through their planned collaboration, aik Digital and PalmPay are seeking to make this purchasing option available within a framework that follows Shariah-compliant financing principles. Buy Now, Pay Later arrangements generally allow customers to obtain a product immediately and pay for it over a specified period under agreed terms. In handset financing, this model can help customers manage the cost of a smartphone without having to make the entire payment at the time of purchase. However, the structure of a Shariah-compliant arrangement requires particular attention to the underlying transaction, contractual obligations and applicable Islamic finance principles. The announcement from aik Digital and PalmPay emphasises that the planned offering will be aligned with these principles, distinguishing it from financing arrangements that may involve conventional interest-based charges. The specific contractual structure, payment schedule and Shariah governance arrangements for the proposed service have not yet been publicly detailed in the supplied announcement. The planned offering could also contribute to wider efforts to improve access to digital services by reducing one of the financial barriers associated with smartphone ownership. Mobile devices increasingly provide access to digital wallets, banking applications, e-commerce platforms, educational resources and other online services. For customers who cannot comfortably pay the full cost of a handset upfront, structured payment options may create an additional route to obtaining a suitable device. The practical impact of the initiative will depend on factors including the range of smartphones covered, the affordability of instalments, customer eligibility and the availability of the service across different markets in Pakistan. The partnership also highlights the role of fintech companies in developing financing models that connect consumer purchases with digital financial services. As digital transactions and mobile-based services become more prominent, financial technology providers are exploring ways to address specific customer needs through payment solutions and alternative financing arrangements. Smartphone financing represents one area where consumer demand, technology access and financial services can intersect. By focusing on Shariah-compliant payments, aik Digital and PalmPay are positioning their planned initiative for consumers who want access to financing that is consistent with Islamic financial principles. Despite the announcement, several important details remain outstanding. The companies have not specified an official launch date, the financing limits, the duration of payment plans, the devices that will qualify or the process customers will need to follow to apply. Information about any fees, late-payment policies, eligibility conditions and the merchants participating in the programme will also be important for customers evaluating the offering. These details will help determine how the financing arrangement works in practice and whether it can provide an affordable option for different consumer groups. Clear disclosure of payment obligations and the Shariah-compliant structure will be particularly important for customers comparing handset financing options. The planned collaboration between aik Digital and PalmPay signals an effort to connect smartphone ownership with flexible digital financing in Pakistan. By introducing a Buy Now, Pay Later model based on Islamic finance principles, the companies aim to offer consumers another way to access mobile devices without making the full payment upfront. The announcement presents the initiative as a step towards greater access and convenience, while further information about its terms, availability and implementation is awaited. Its eventual contribution to smartphone affordability and digital inclusion will depend on how the service is structured and delivered to customers once additional details are announced.

PalmPay deepens infrastructure investment to improve digital banking. The future of digital payments belongs to customer-first innovators, says MD. PalmPay Nigeria is prioritising transaction security, affordability and reliable digital infrastructure as competition intensifies in Nigeria's expanding digital financial services market, with the fintech firm arguing that sustained adoption will depend increasingly on customer trust rather than transaction growth alone. Nigeria Investment Guide Discover more Business News Subscription Nigeria Investment Guide Business Intelligence Reports Chika Nwosu, managing director of PalmPay Nigeria, said the next phase of digital financial services would require providers to deliver secure, accessible and dependable experiences as more Nigerians turn to digital platforms for payments, transfers and everyday money management. His comments followed PalmPay's recognition as Digital Innovative Platform of the Year at the BAFI Awards 2026, an accolade the company said underscores the importance of customer-focused innovation in a rapidly evolving financial technology sector. Finance Investment Tips According to Nwosu, expanding access to digital financial services is only part of the challenge, as providers must also ensure that customers can use their platforms confidently, affordably and consistently. "At PalmPay, we believe innovation must begin with the customer. Technology should make financial services more accessible, affordable and secure, while addressing the everyday needs of the people who use them," he said. The focus on reliability and consumer protection comes as financial inclusion and digital financial service usage continue to expand in Nigeria. According to the 2026 Access to Financial Services in Nigeria Survey by Enhancing Financial Innovation and Access (EFInA), financial inclusion has reached 79 per cent, representing approximately 94.2 million Nigerian adults, while the use of digital financial services has risen to 64.4 per cent of adults. Read Economics The figures point to growing engagement with formal and technology-enabled financial services, while also raising the importance of ensuring that users can transact safely and access support when problems occur. The market opportunity extends beyond acquiring new customers for fintech operators to retaining them through dependable services, transparent processes and effective complaint resolution. Transaction failures, fraud concerns and poor customer support can undermine confidence, even where digital platforms offer convenience. Nwosu said PalmPay was continuing to invest in technology and infrastructure to support digital banking, facilitate everyday payments and transfers, and lower transaction costs through offerings such as free transfers. He maintained, however, that access alone would not deliver meaningful financial inclusion without stronger customer education and financial literacy. Users need to understand how digital financial services work, how to protect their account information and how to identify suspicious activity. Business Intelligence Reports Security has consequently become a central consideration for digital payment providers as the volume of electronic transactions grows and fraudsters develop new methods of targeting customers. Nwosu said effective protection requires a combination of technology, proactive security measures and sustained public awareness, rather than relying solely on customers to identify threats after they emerge. PalmPay is using its PalmPay Dey For You campaign and upgraded Security Center to reinforce consumer protection, combining security features with guidance on safer digital banking practices. The company advises users to keep their personal identification numbers (PINs) and one-time passwords (OTPs) confidential, avoid suspicious links and seek assistance through official support channels. Discover more Global Economy Analysis Online Newspaper Access According to Nwosu, security should form an integral part of the customer experience, allowing users to benefit from protection without sacrificing the speed and convenience expected of digital payments. Nigeria Investment Guide He added that customer confidence also depends on service reliability, the quality of support and how effectively providers resolve problems when transactions do not go as expected. The BAFI Awards recognition, Nwosu said, represents an important milestone for the company but does not alter its priority of delivering practical value to customers through continuous investment in infrastructure, customer experience and security. Onome Amuge serves as online editor of Business A.M, bringing over a decade of journalism experience as a content writer and business news reporter specialising in analytical and engaging reporting. You can reach him via Facebook ,X and LinkedIn * Trending * Comments * Latest May 30, 2017 July 29, 2025 August 28, 2026 August 8, 2025

Police stage cybercrime awareness walk, warn against investment scams, sextortion. The Nigeria Police Force (NPF) has warned Nigerians against falling victim to investment fraud, romance scams and sexual extortion, urging citizens to adopt safer online practices as cybercriminals increasingly exploit digital platforms to defraud unsuspecting victims. The director of the Nigeria Police Force National Cybercrime Centre (NPF-NCCC), AIG Akaninyene Ezima, said public education and sensitisation remained critical to reducing cybercrime, stressing that preventing citizens from falling into the traps of fraudsters would make the work of law enforcement agencies easier. Speaking during a cybercrime awareness programme in Abuja, said tackling cybercrime required more than arrests and prosecutions, noting that citizens must understand the risks associated with their online activities and learn how to protect themselves. "It is not all about enforcement. This is more about sensitisation. This is more about letting the people know what they should and should not do," he said. He expressed appreciation to the Inspector-General of Police, IGP Olatunji Disu, for supporting the centre, as well as other stakeholders who participated in the awareness campaign. The director of the centre acknowledged the media's role in public enlightenment, stressing that their partnership would help disseminate information about cybercrime prevention to a wider audience. Ezima identified investment scams as one of the major forms of cybercrime reported to the police, particularly schemes that lure victims with promises of extraordinary returns on investments in the stock market and other financial ventures. According to the director, victims were often shown online dashboards displaying steadily increasing profits, only to discover that they cannot withdraw their money after investing substantial sums. He said some Nigerians had lost hundreds of millions of naira, while others had suffered losses running into billions of naira through fraudulent investment schemes. The NPF-NCCC director also raised concerns about romance scams and the increasing incidence of sexual extortion, commonly known as sextortion. He explained that fraudsters sometimes exploit relationships established online to obtain intimate photographs from their victims before threatening to publish the images when relationships deteriorate or victims refuse further demands. Ezima urged Nigerians to exercise caution when sharing personal information, photographs and financial details online. He warned against investment offers that promise unusually high returns, advising prospective investors to investigate the legitimacy of financial opportunities before committing their money. "If an investment looks too good to be true, then it should be true," he said, apparently cautioning against unrealistic offers. He questioned the credibility of schemes promising monthly returns of 30 per cent when conventional savings interest rates in Nigeria are significantly lower. The police chief also rejected the perception that cybercrime in Nigeria was perpetrated exclusively by Nigerians, saying the country had become a target for international criminal networks and that the police had arrested foreign nationals in connection with cybercrime cases. He urged citizens to avoid providing criminals with opportunities to exploit their personal information, financial accounts and online relationships. Also speaking, the Deputy Inspector-General of Police in charge of the Department of Logistics and Supply at Force Headquarters, DIG Kenechukwu Onwuemelie, said the awareness programme reflected the inspector-general's broader approach to strengthening internal security. Onwuemelie described cybersecurity as an important component of national security, noting that the programme was designed to educate Nigerians on the dangers confronting them in the digital space. He said the week-long initiative culminated in the sensitisation exercise, which was intended to deepen public understanding of cybercrime and encourage safer online behaviour. The managing director and chief executive officer of PalmPay Limited in Nigeria, Chika Reginald Nwosu, said the fintech company was supporting the police campaign because digital security must be accompanied by consumer education. Nwosu said the company had partnered with the NPF-NCCC on the awareness initiative for the second consecutive year, adding that financial literacy was necessary to protect consumers and maintain a healthy digital financial ecosystem. He urged customers to keep their personal identification numbers (PINs), passwords and one-time passwords (OTPs) confidential, warning that disclosing such information could expose their accounts to fraud. "Building a well-secured digital platform is not enough. We also believe that consumer education, what we call financial literacy programme, is very important to protect the consumers and have a very healthy financial ecosystem," he said. Nwosu claimed that, based on the company's internal investigations, about 85 per cent of fraud incidents it examined involved victims who had compromised their security information. He said PalmPay had also introduced technological safeguards, including facial verification, to strengthen security on its digital platform and make it more difficult for fraudsters to operate. The fintech executive maintained that a combination of technological protection and informed consumers would help reduce exposure to financial fraud.