Onome Amuge
PalmPay, one of Africa’s fastest-growing neobanks, is marking its sixth anniversary with a user base that has swelled to more than 35 million people in Nigeria, reflecting how digital platforms are reshaping the country’s financial services market amid intensifying competition.
Launched in 2019, the company has emerged as a formidable rival in Nigeria’s crowded mobile payments space. Its rapid scale-up reflects both rising demand for digital banking in Africa’s most populous country and the appetite of investors and entrepreneurs to capture a market where nearly 60 per cent of adults remain unbanked or underbanked.
PalmPay said it has processed millions of daily transactions ranging from everyday bill payments to merchant services for small and medium-sized businesses. The company positions itself not just as a payments processor but as a platform helping entrepreneurs expand and households manage money more effectively.
Chika Nwosu, PalmPay’s managing director, said the neobank’s growth has been driven by trust and accessibility, highlighting its focus on making financial services smarter, simpler, and more inclusive.
“PalmPay was built on the belief that banking should be accessible to everyone, safe, easy, and rewarding. Over the last six years, we’ve earned the trust of our users, and their impact stories remind us that our solutions are not just about technology, but enabling smarter banking habits tailored to individual needs,”Nwosu said.
The anniversary is being marked with promotional campaigns designed to showcase PalmPay’s impact and retain user loyalty. These include the “Lucky Wish Campaign,” offering rewards such as iPhones and Samsung devices, and the ongoing “Hustle Grant Campaign,” which provides N500,000 each to nine small business owners,further amplifying the celebrations and reinforcing PalmPay’s user-centric approach to marking this milestone.
As it looks ahead, PalmPay is betting that its combination of mass-market reach, user incentives, and support for entrepreneurs will allow it to remain at the forefront of Nigeria’s fintech revolution.
