PalmPay, an innovative fintech platform focused on Africa, announced on Tuesday that it has reached a milestone of 25 million users on its smartphone app.
The platform boasts an extensive network consisting of 500,000 mobile money agents and 300,000 merchants within its payments ecosystem.
“We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria,” Global Chief Marketing Officer (CMO) of PalmPay, Sofia Zab, stated at a press conference in Lagos.
“PalmPay’s growth validates our approach and illustrates the increasing demand for innovative fintech solutions that address the unique needs of Africa’s underserved population.”
PalmPay attributes its rapid growth in Nigeria, achieved within a span of four years, to its robust strategy centered on providing secure, user-friendly, and inclusive financial services.
The platform’s user-friendly application has simplified digital transactions, facilitating swift and convenient transfers. This shift in consumer behavior from cash to digital payments has been a key driver of PalmPay’s success.
Currently, the company processes over $5 billion per month, offering a comprehensive range of financial services that empower customers to manage their finances in one place.
This week, PalmPay launched its savings service, featuring a 20 percent annual interest savings plan available to all users. The fintech company also caters to businesses by offering dedicated apps, web portals, and point-of-sale (POS) machines.
PalmPay places a strong emphasis on promoting financial inclusion, with approximately 30 percent of its users reporting that their first-ever financial account was created on the app.
The platform prides itself on its high success rate of 99.5 percent for transactions completed within 10 seconds, setting it apart in the highly competitive fintech space.
“PalmPay is 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, our aim is to become Africa’s financial super-app,” Zab added.
“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.”
The company’s next strategic move involves bridging the gap between consumers and businesses by digitizing merchant payments. PalmPay is onboarding tens of thousands of offline retailers every month, largely through referrals.
“The consumer base has now become one of the major driving forces of wider cashless adoption in the Nigerian payments ecosystem,” Managing Director, PalmPay Nigeria, Chika Nwosu, said.
“We see an enormous potential in digitizing payments for the retail and informal economy, which reduces their cost of doing business and helps them build the digital track record to qualify for credit and other financial services.”
Looking ahead, PalmPay plans to expand its operations to more countries and intends to offer cross-border transactions in the future. The company is already piloting services in Ghana and has imminent launch plans for several other African markets.
