PalmPay, a leading Africa-focused fintech app has become largest mobile money app in Nigeria. The company on Tuesday 27 said it had hit 25 million users on its smartphone app with an “extensive” network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.
Licensed by the Central Bank 4 years ago as a mobile money operator to carry out financial services in Nigeria, PalmPay has grown to become the leader in Nigeria’s Fintech market, a growth the Company’s Global Chief Marketing Officer, Sofia Zab attributed to the company’s robust strategy centred on offering secure, user-friendly and inclusive financial services.
“We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria,” Global Chief Marketing Officer (CMO) of PalmPay, Sofia Zab, stated at a press conference in Lagos.
“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 credits the user-friendliness of its application for simplified digital transactions, allowing for swift and convenient transfers. This, it said, had driven a shift in consumer behaviour from cash to digital payments.
As a mobile money operator, users can use PalmPay wallet to send and receive money, pay bills such as TV subscription, PHCN; buy internet data, mobile phone airtime etc.
The company also offers Point of Sales, POS services. It has many mobile money agents in different locations in Nigeria especially areas not covered by the conventional banks. This helps to drive financial inclusion of the unbanked Nigerians. Businesses and merchants also use PalmPay POS for in-store purchase payments.
The app became so prominent during the cash crunch that followed naira redesign early this year.
According to the figures released by the company, PalmPay processes more than five billion USD per month. The app offers a comprehensive suite of financial services that empowers its customers with tools to manage their finances in one place.
The fintech has just launched its savings service, which offers a 20% annual interest savings plan to all users.
The company in a statement said it’s committed to promoting financial inclusion in Nigeria, stating that about 30% of its users attest that their first-ever financial account was created on the PalmPay App. And with regard to transactions completed within 10 seconds, the platform said it had a 99.5 percent success rate.
“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 super-app.
“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 said it’s targeting to bridge the gap between consumers and businesses by digitizing merchant payments.
PalmPay onboard tens of thousands of offline retailers monthly, of which many are based on referrals.
“The consumer base has now become one of the major driving forces of wider cashless adoption in the Nigerian payments ecosystem,” Managing Director, PalmPay Nigeria, Chika Nwosu, said.
“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.”
Looking ahead, PalmPay says it is extending its operations to more countries and plans to offer cross-border transactions in the future. The company further noted that is already piloting services in Ghana and is preparing launch plans for several other African markets.