PalmPay reaffirms commitment to advancing cashless payment solutions in Nigeria

Onome Amuge

PalmPay Nigeria, one of Africa’s leading fintech platforms, has reaffirmed its focus towards the adoption of cashless payments across the country. The renewed commitment reinforces PalmPay’s status as the largest financial app in Nigeria, with an monthly user base of 16 million active users.

Chika Nwosu, the managing director,PalmPay disclosed this during a media roundtable held on Friday, January 17, 2025 at the company’s headquarter in Lagos.

Speaking during the interactive session, Nwosu noted that the platform would continue to leverage cutting-edge technology by making world-class financial services available to the mass market particularly in regions where it is needed the most.

According to the PalmPay MD, the platform remains committed to driving financial inclusion in underserved communities hence the reason for expanding rapidly into new markets.

He also revealed that the value of monthly transactions on the app was estimated to be worth $6 million with a success rate of transaction at 99.5 percent.

Also speaking, Donald Ubeh, head, risk and compliance, MLRO, PalmPay, explained that the platform currently serves over 35 million customers and 1.2 million business users who operate as both merchants and agents adding that the users operate digital accounts, make real-time payments, and offer savings and credit solutions.

“ In 2024, PalmPay Wealth pays out N4 billion in returns to customers, reinforcing its commitment to financial empowerment for Nigerians,” Ubeh said.

Buttressing the fact that the platform was not a loan app, he described it as a reputable financial institution that is licensed and regulated by the Central Bank of Nigeria.

He stated that a lot of systems and mechanisms have been put in place to save unsuspecting victims of fraud.