PalmPay marks 5 years of transformative fintech solutions in Nigeria
Business a.m.
L-R: Chibuzor Melah, head of partnership, PalmPay; Ebehijie Juliet Momoh, managing director/CEO, AfriGOPay Financial Services Limited; Chika Nwosu, managing director, PalmPay; Vincent Ogbunude, MD, Payment Tokens (Verve); Femi Hanson, head, marketing and communications, PalmPay at the recent 5th Anniversary celebration of the fintech in Ikeja, Lagos.
PalmPay, an innovative and Africa-focused payment platform,has marked its fifth anniversary in the Nigerian market, celebrating the company’s remarkable journey of driving financial inclusion and strenghtening the country’s financial ecosystem.
Established five years ago, PalmPay has garnered considerable success in its mission to empower Nigerian consumers and businesses with accessible and secure digital payment solutions
Since its entry into the Nigerian market, PalmPay has made remarkable strides in the fintech industry, driving financial inclusion through its accessible and reliable payment solutions.
In the last quarter of 2023, Nigeria recorded a 74 percent financial inclusion rate, a significant improvement that PalmPay has played a vital role in supporting.
The company’s contributions have not gone unnoticed, with accolades such as the Award of Excellence in Fintech by the National Information Technology Development Agency (NITDA), and being recognized by CNBC & Statista as one of the World’s Top 250 Fintech Companies 2024, among many other honours.
At the core of PalmPay’s operations is a mission to simplify financial services, making them faster, more secure, and more inclusive for all users. This focus has enabled the platform to grow its user base to over 35 million, a sharp increase from the 25 million users reported just last year. Additionally, PalmPay supports a network of 1 million mobile merchants and agents who have benefited from its robust ecosystem.
PalmPay’s relentless innovation has resulted in a diverse range of financial products on its platform, from money transfers and bill payments to credit services and savings. The platform continues to empower millions of Nigerians, enhancing the country’s digital financial landscape and fostering economic empowerment across Africa.
Looking ahead, PalmPay reiterated its commitment to deepening its impact on Africa’s digital economy. By leveraging its deep understanding of local financial technology needs and partnering with regulatory bodies, the company continues to enhance security measures, including live detection and AI-driven fraud monitoring.
Amidst the celebration of its fifth year anniversary, PalmPay extended gratitude to its extensive network of users and merchants, whose trust and dedication have propelled the company’s success.
Chika Nwosu, managing director of PalmPay Nigeria, stated that the company’s growth over the past five years is a direct result of the hard work and commitment of its team and partners.
“We remain committed to delivering seamless, secure, and innovative financial services that meet the needs of our customers,” Nwosu said.
“As we continue to innovate, PalmPay will remain at the forefront of fintech in Nigeria,” the managing director added.
The company also promised to keep prioritising user security, privacy, and financial literacy to ensure the best experience for its users.
Since launching in Nigeria in 2019 under a Mobile Money Operator licence, the platform has grown to over 35 million users, and over one million businesses, merchants, and agents are part of its cashless payment ecosystem.
The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.
The company has also disclosed $140m of funding, underscoring its expansive market reach in the Fintech landscape.