PalmPay, a premier Africa-focused payment platform, proudly celebrates its fifth anniversary in the Nigerian market. Since its launch, PalmPay has achieved significant milestones in its mission to enable financial inclusion and strengthen Nigeria’s financial ecosystem.
Amidst the celebration,
PalmPay extended gratitude to its extensive network of users and merchants,
whose trust and dedication have propelled the company’s success. “Our growth
over the past five years is a direct result of the hard work and commitment of
our team and our partners,” said Chika Nwosu, Managing Director of PalmPay
Nigeria. "We remain committed to delivering seamless, secure, and
innovative financial services that meet the needs of our customers."
Since its entry into the Nigerian market, PalmPay has made remarkable strides in the fintech industry, driving financial inclusion through its accessible and reliable payment solutions. In the last quarter of 2023, Nigeria recorded a 74% financial inclusion rate, a significant improvement that PalmPay has played a vital role in supporting. The company’s contributions have not gone unnoticed, with accolades such as the Award of Excellence in Fintech by the National Information Technology Development Agency (NITDA), and being recognized by CNBC & Statista as one of the World’s Top 250 Fintech Companies 2024, among many other honours.
At the core of PalmPay’s
operations is a mission to simplify financial services, making them faster,
more secure, and more inclusive for all users. This focus has enabled the
platform to grow its user base to over 35 million, a sharp increase from the 25
million users reported just last year. Additionally, PalmPay supports a network
of 1 million mobile merchants and agents who have benefited from its robust
ecosystem.
PalmPay’s relentless
innovation has resulted in a diverse range of financial products on its
platform, from money transfers and bill payments to credit services and
savings. The platform continues to empower millions of Nigerians, enhancing the
country’s digital financial landscape and fostering economic empowerment across
Africa.
Looking ahead, PalmPay
remains focused on deepening its impact on Africa’s digital economy. By
leveraging its deep understanding of local financial technology needs and
partnering with regulatory bodies, the company continues to enhance security
measures, including live detection and AI-driven fraud monitoring.
"As we continue to
innovate, PalmPay will remain at the forefront of fintech in Nigeria,"
Nwosu added. "We will keep prioritizing user security, privacy, and
financial literacy to ensure the best experience for our users."
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
35 million users, and over 1 million businesses, merchants, and agents are part
of its cashless payment ecosystem.
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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