Palmpay, a licensed and insured mobile money operator in Nigeria, that offers money transfer and bill payments, has announced a surge in daily transactions to 15 million in Q1 2025, up from 10 million in 2024.
This disclosure was made during a media roundtable in Lagos on Thursday, during which the company reviewed its first-quarter performance. Palmpay said in its Q1 report that “our performance in Q1 2025 reflects our deep integration into users’ daily financial lives.”
As part of its growing wealth management offerings, Palmpay disclosed that it had disbursed N4bn in interest to internet users, with more than nine million monthly active users engaging with its savings and investment products.
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Chika Nwosu, Managing Director of PalmPay, emphasized the company’s commitment to financial inclusion, stating,
“We focus on making everyday payments reliable, seamless, and accessible for millions of Nigerians.” He noted growth across all major business verticals, including transaction volume, merchant acquisition, and customer satisfaction.“Our users’ trust drives every milestone and service we launch,” he added.
Addressing fraud concerns in Nigeria’s fintech sector, Nwosu outlined PalmPay’s robust security measures, including real-time transaction monitoring, multi-factor authentication, and account lock features.
“Fraud is a pressing challenge, and we are aggressively enhancing our security systems to protect users and boost confidence in our platform,” he said.
Since its launch in 2018, Palmpay has emerged as Africa’s leading fintech, making a tangible impact on the continent’s financial landscape. The company’s commitment to delivering secure, accessible, and innovative digital payment services has garnered the trust and support of millions of users and merchants, driving financial inclusion across the African continent.
For customers, Palmpay has been at the forefront of offering accessible and diversified financial services to individual users. For Businesses, the fintech has continued to help them expand with tech-powered solutions and smooth digital payment services.
In July 2024, Palmpay received significant recognition as it debuted on CNBC’s top 250 fintech companies globally for 2024. The fintech innovator was recognized in the payments section, highlighting its remarkable growth, innovative solutions, and increasing impact on the global payments landscape.
With a large portion of the population unbanked or underbaked in Nigeria, Palmpay plays a crucial role in bridging the gap. By providing accessible financial services, it has helped to bring more people into the formal financial system, promoting economic participation and growth. In 2023, it recorded over 30 million users and currently boasts of 600k+ merchants.
Notably, PalmPay, has pushed for the promoting the widespread adoption of contactless-enabled payment terminals, reaffirming its dedication to advancing the future of payments in Nigeria. This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
In February this year, Palmpay announced partnership with contactless payment infrastructure provider CashAfrica, to roll out tap-to-pay functionality on its POS terminals. Palmpay will rely on CashAfrica’s contactless technology, which enables its POS terminals to process NFC-based transactions from debit and credit cards, mobile wallets, and wearables. This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
Looking forward, PalmPay plans to expand into underserved regions by establishing offices in all six geo-political zones and distributing five million debit cards. The company also teased upcoming partnerships with key institutions and the next phase of its corporate social responsibility initiative, focused on empowering Nigerians and fostering sustainable economic growth.