PalmPay To Deepen Financial Inclusion in Nigeria

Managing director of Africa-focused fintech platform, PalmPay Nigeria, Chika Nwosu has reiterated the firm’s plan to further deepen financial inclusion within the fintech space.

Nwosu, who noted that the company has blazed the trail garnering 30 million subscribers within four years of operation, is set to consolidate on this feat by ensuring financial services are accessible to all.

The managing director, who spoke to the media at the fourth year anniversary of the fintech platform, stated that, PalmPay had an impressive 99.5 per cent success rate in processing transactions within 10 seconds and this has further  emphasised the firm’s commitment to reliability in payments,

“With our achievements, we fully embody our tagline which is ‘Finance That Fits Your Life’  As we move forward, we are excited about the opportunities that lie ahead and are committed to fostering a future where financial services are accessible to all.

PalmPay has witnessed explosive growth and now boasts 30 million users on its smartphone apps – tripling its user base from announcing 10 million users only last year. This phenomenal growth has been fueled by PalmPay’s innovative services and unwavering commitment to bridging the financial divide. PalmPay also had an impressive 99.5% success rate in processing transactions within 10 seconds,” says Nwosu.

Speaking further on its success story, the Managing Director noted that a cornerstone of PalmPay’s strategy is its extensive network of 1.1 million businesses, including 500,000 agents and 600,000 merchants, who embrace PalmPay’s POS or Pay With Transfer services.

These dedicated agents, he added “have further extended PalmPay’s reach across the entire breadth of Nigeria, serving millions of additional consumers with essential financial services. In total, 40 million consumers, or 1 in 5 Nigerians, are now using the PalmPay platform via its smartphone apps, agents and merchants for money transfers, bill payments and savings.

“The company has helped to transform consumer behaviour in the country and sensitised Nigerians to making cashless transactions. This remarkable achievement firmly establishes PalmPay as a trusted and reliable platform for conducting a wide range of financial transactions. On average, each user of the PalmPay app makes up to 50 transactions per month, a figure that has quadrupled since its launch.

The company has disclosed $140m of funding”,  says Nwosu.

Chief marketing officer, Sofia Zab who spoke to selected journalists, noted that the company was planning to expand operations to Ghana while consolidating the gains of its success and drive growth increasing its subscriber base.

“We intend to expand our operations to Ghana as another West African hub. PalmPay’s successes in the country underscore its understanding of local needs and its capability to provide services that resonate with Nigerians from all walks of life. Nigeria, with its young and dynamic population, represents an immense potential for digital financial solutions,” says Zab.