Visa, the global payments technology company and PalmPay, a new player in Africa’s Fintech industry, have announced a partnership to advance financial inclusion across Africa through access to digital payment services.
As part of the partnership, PalmPay would launch an app with a mobile wallet in Nigeria, Ghana and Tanzania. The mobile wallet would offer customers a platform to top up funds electronically or via offline access points, with the ability to make and accept individual and merchant payments.
Visa cardholders would be able to initiate payments within the app and make online and mobile payments by attaching their card details to their PalmPay profile. Non-card carriers can generate a virtual Visa card upon registration.
Additionally, the PalmPay app would provide access to a variety of financial products offered by third parties. PalmPay is also introducing a loyalty points programme to incentivise the growth of the service.
Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures at Visa, said, “Advancing financial inclusion remains a priority for us at Visa and this collaboration with PalmPay will help us reach consumers and merchants not previously addressed by traditional financial services, across Africa.
“Around the world, there is a growing recognition that cash is a major impediment to advancing financial inclusion and Africa remains a cash centric region. Delivering access to digital payment services on more mobile phones will be a significant step towards the continued expansion of financial inclusion on the continent.”
Speaking on the partnership, CEO of PalmPay, Greg Reeve said, “We are building a digital financial ecosystem that brings together the best services and offers from across each market, which will be made available to anyone with a smartphone, including the unbanked.
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