L-R: Head of Operations, PalmPay, Foluso Aduloju; Managing Director, Chika Nwosu; Chief Marketing Officer, Sofia Zab, and Assistant General Manager, Business Development, Zenith Bank, Edwin Ofogba, during the PalmPay’s 4th Anniversary celebration in Lagos.
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PalmPay, a leading Africa-focused fintech platform, proudly marks its fourth anniversary with a series of remarkable milestones that highlight its commitment to financial inclusion across the nation.
In just four years, PalmPay has witnessed explosive growth and now boasts 30 million users on its smartphone apps – tripling its user base from announcing 10 million users only last year. This phenomenal growth has been fueled by PalmPay’s innovative services and unwavering commitment to bridging the financial divide.
A cornerstone of PalmPay’s strategy is its expansive network of 1.1 million businesses, including 500,000 agents and 600,000 merchants, who embrace PalmPay’s POS or Pay With Transfer services.
These dedicated agents have further extended PalmPay’s reach across the entire breadth of Nigeria, serving millions of additional consumers with essential financial services. In total, 40 million consumers, or 1 in 5 Nigerians, are now using the PalmPay platform via its smartphone apps, agents and merchants for money transfers, bill payments and savings.
The company has helped to transform consumer behaviour in the country and sensitised Nigerians to making cashless transactions. On average, each user of the PalmPay app makes up to 50 transactions per month, a figure that has quadrupled since its launch.
“This remarkable achievement firmly establishes PalmPay as a trusted and reliable platform for conducting a wide range of financial transactions,” said Chika Nwosu, PalmPay’s Nigeria Managing Director.
“With our achievements, we fully embody our tagline – Finance That Fits Your Life. As we move forward, we are excited about the opportunities that lie ahead and are committed to fostering a future where financial services are accessible to all.”
Furthermore, he emphasised PalmPay’s commitment to reliability in payments, citing an impressive 99.5% success rate in processing transactions within 10 seconds.
Nigeria, with its young and dynamic population, represents an immense potential for digital financial solutions. PalmPay’s successes in the country underscore its understanding of local needs and its capability to provide services that resonate with Nigerians from all walks of life.
About PalmPay
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians.
PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents.
Since launching in Nigeria in 2019 under a Mobile Money Operator licence, the platform has grown to over 30 million users, and over 1.1 million businesses with 600,000 merchants and 500,000 agents are part of its cashless payment ecosystem.
To cap it all, the company has disclosed USD 140m of funding. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.
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