LAGOS, Nigeria, June 28, 2023 /PRNewswire/ -- PalmPay, a pioneering Africa-focused fintech platform, celebrates a significant landmark in its journey, marking 25 million users on its app and an extensive network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.
PalmPay executives at the Media Parley in Lagos
This rapid growth within just four years of its market entry in Nigeria is testament to the company's robust strategy centered on offering secure, user-friendly and inclusive financial services.
"We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria.", stated Sofia Zab, Global CMO of PalmPay. "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's user-friendly application simplifies digital transactions, making them swift and convenient. This has driven a shift in consumer behaviour from cash to digital payments. Today, the company processes more than 5 billion USD per month.
The PalmPay app offers a comprehensive suite of financial services that empower its customers with tools to manage their finances in one place.
This week, the company is launching its savings service, which include a 20% annual interest savings plan available to all users. The fintech also provides banking services for businesses, equipping them with dedicated apps, web portal and POS.
PalmPay's efforts in promoting financial inclusion have been notably impactful, with around 30% of its users stating that their first-ever financial account was created on the app.
Its expansive network of mobile money agents help users deposit and withdraw money and guide consumers on how to use the PalmPay app. Its agents also serve consumers who do not have access to smartphones by transacting on their behalf, thereby extending access to PalmPay's services to millions of additional people.
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% 10-second transaction success rate, distinguishing PalmPay in a 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 superapp. ", added Zab. "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 step is to bridge the gap between consumers and businesses by digitising merchant payments. PalmPay is onboarding tens of thousands of offline retailers every month, many of whom are spurred to join the platform following requests from its customers who want to be able to pay with transfer.
"The consumer base has now become one of the major driving forces of wider cashless adoption in the Nigerian payments ecosystem", said Chika Nwosu, PalmPay Nigeria Managing Director, "We see an enormous potential in digitising 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 is extending its operations to more countries and plans to offer cross-border transactions in future. The company is already piloting services in Ghana and is preparing launch plans for several other African markets.
About PalmPay
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment across the continent. 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 network of 500,000 mobile money agents.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to 25 million users. Over 300,000 merchants are part of its cashless payment ecosystem.The company has raised $140m USD.
The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.
