Mohammed Shosanya
PalmPay, a pioneering Africa-focused fintech platform,has celebrated significant landmark in its journey, marking 25 million users on its smartphone app.
It has also celebrated an extensive network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.
Speaking at a press conference in Lagos recently,the company said that it will unveil its saving services to serve its teeming customers just as it is also ready to bridge the gap between consumers and businesses by digitizing merchant payments.
Sofia Zab, Global CMO of PalmPay, said:
“We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria. 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.
PalmPay’s efforts in promoting financial inclusion have been notably impactful, with around 30 per cent 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.
Zab added, “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.
“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 digitizing 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.”
