PalmPay reaches 25 million users

As the drive for better financial inclusion continues to resound, Africa-focused fintech platform, PalmPay, has recorded 25 million users, a network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.

The growth in just four years of its market operation in Nigeria is a testament to the company’s robust strategy centered on offering secure, user-friendly and inclusive financial services, the company said.

Global CMO, PalmPay, Sofia Zab, said the company is proud to be a driving force of financial inclusion and cashless payment adoption in the country. She added that its growth validates its approach and illustrates the increasing demand for innovative fintech solutions that address the unique needs of Africa’s underserved population.

She went on to reveal that the firm’s user-friendly application simplifies digital transactions, making it swift and convenient; driving a shift in consumer behaviour from cash to digital payments. Today, she said, the company processes over five billion dollars monthly.

This week, the company launched its savings service, which include a 20 per cent annual interest savings plan available to all users. The fintech also provides banking services for businesses, equipping it with dedicated apps, web portal and POS.

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Zab added that the team’s efforts in promoting financial inclusion have been impactful, with around 30 per cent of its users stating that their first-ever financial account was created on the app.

The company’s success in Nigeria has been propelled by its proprietary payment infrastructure, which offers unmatched reliability in a market that has long grappled with unstable financial systems.

The platform boasts a 99.5 per cent 10-second transaction success rate, distinguishing PalmPay in a highly competitive fintech space.

“We are more than a digital wallet, we are building a comprehensive platform to offer consumers all the tools they need to thrive financially. As we move forward, we aim to become Africa’s financial super app. Our partners benefit from our robust payment infrastructure and data-driven approach, which enables us to connect their offerings directly to their target customers, fostering mutual growth within our digital ecosystem,” she said.

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