Nigerian Tech Daily: PalmPay's UK Arm Posts £21.3m Loss, UBA Wins N156 Billion Debt Judgment

PalmPay's UK Arm Posts £21.3m Loss

PalmPay's UK holding company has reported a £21,343,014 loss before tax for the full year 2025, after writing off a £3.65 million loan. According to The Condia, the company's revenue fell ~9.1% (£49,169) to £489,409 from £538,578 in 2024.

Why It Matters

The significant loss posted by PalmPay's UK arm is a cause for concern, especially considering the company's previous profit of £21,409 in 2024. This development highlights the challenges faced by fintech companies in the UK, which may have implications for their Nigerian counterparts.

UBA Wins N156 Billion Debt Judgment

United Bank for Africa (UBA) Plc has secured a favorable judgment at the Federal High Court in Lagos in its long-running dispute with Stallion Group and the Vaswani brothers over an alleged N156 billion debt. The judgment is a significant victory for UBA, which has been pursuing the debtors for several years.

Why It Matters

The judgment is a significant win for UBA, which has been working to recover the debt from the Stallion Group and the Vaswani brothers. This development highlights the importance of credit management and the need for businesses to prioritize debt recovery.

AI Adoption Gains Momentum in Nigeria's SME Sector

Small and medium-sized businesses contribute 46% of Nigeria's GDP, but most still rely on traditional ways of buying and selling. However, with the launch of the AI Skills for Business Programme, there is a growing trend towards AI adoption in Nigeria's SME sector. The programme, launched by Gori Yahaya, CEO of Upskill Universe, in partnership with the HP Skills Foundation, aims to train 55,000 SME owners across the country.

Why It Matters

The adoption of AI in Nigeria's SME sector has the potential to revolutionize the way businesses operate. By leveraging AI, SMEs can improve their efficiency, reduce costs, and increase their competitiveness in the market.

The Takeaway for Nigerian Businesses & SME Operators

In today's fast-paced business environment, rapid response times and customer availability are crucial for success. With the increasing adoption of AI in Nigeria's SME sector, businesses must be prepared to adapt to new technologies and leverage them to improve their operations. By prioritizing customer availability and responding promptly to customer inquiries, Nigerian businesses can stay ahead of the competition and drive growth in the market.