PalmPay Promises Financial Inclusion Deepening

PalmPay has promised to continue to deepen financial inclusion in the country, following it being included in the 2024 edition of CNBC and Statista’s prestigious list of the ‘Top 250 Fintech Companies in the World.’

This recognition, according to its Global CMO, Sofia Zab! underscores PalmPay’s rapid growth and significant contributions to advancing financial inclusion.

“It’s an honour for PalmPay to be recognised by CNBC and Statista as one of the World’s Top Fintech Companies. This recognition validates our unique approach to financial services and our commitment to driving financial inclusion. We are actively expanding PalmPay’s reach and offerings, ensuring more people have access to essential financial services and promoting economic development in emerging markets,” she stressed.

The CNBC/Statista list honours fintech pioneers significantly transforming the financial services industry through technology. More than 2000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection. In 2024, some of the most influential fintechs in the world were included in the list, including Alipay, Nubank, Monzo, and Revolut. Six other African firms made the list: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial planning; and Yoco (South Africa) – Payments.

PalmPay operates in several key markets across Africa, including Nigeria, Ghana and Tanzania, with plans to expand further in the region and other emerging markets. The company has global HQs in China and London

PalmPay has developed an integrated platform that caters to consumers and businesses in the African market. The startup, which has been operating since 2019, pioneered a unique model in Nigeria that provides financial services such as money transfers, bill payment, credit services and savings via a one-stop-shop fintech ‘superapp’ and mobile money agents.

This dual approach of easy-to-use digital banking, combined with offline touchpoints for those without smartphones, has contributed to driving financial inclusion in a market where more than 40 per cent of adults remain unbanked.

In 2023, PalmPay announced a major milestone of reaching 30 million registered users on its smartphone apps and 1.1 million businesses in its network of mobile money agents and retail merchants. A third of PalmPay customers report that the platform was their first-ever financial account.

It has quickly grown to become a market leader in Nigeria thanks to its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions. PalmPay processes 15 million transactions on its consumer app daily and maintains a 99.5% transaction success rate.