PalmPay Targets 35million People With Digital Insurance Services

PalmPay, in its move to deepen insurance penetration in the country, is targeting its 35 million customers with digital insurance products.

PalmPay is a digital banking platform in Africa with a strong presence in Nigeria.

To this end, it has cemented strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.

This initiative, it pointed out, reflects its continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.

With insurance penetration still below 1 per cent in a country of over 200 million people, Nigeria remains one of the least insured populations in Africa.

PalmPay said, its new insurance offering simplifies the purchase and management of insurance policies within the app.

Speaking on this development, the head of Wealth Product at PalmPay, Habib Kowontan, disclosed that its insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.

“Insurance is often perceived as complex or inaccessible, especially among underserved communities.

“Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app, “ he pointed out.

With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform.

The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.

“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” managing director of PalmPay, Chika Nwosu ,said.

“Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances,” he pointed out.