Nigerian fintech PalmPay has announced it has reached 25 million users on its smartphone app and signed up 800,000 businesses to its mobile money agent and merchant networks.
PalmPay was introduced four years ago to simplify digital transactions by making them quicker and more convenient for the user. The firm, which helps customers manage their finances in one place said it now processes more than 5 billion USD per month as part of the shift in consumer behaviour from cash to digital payments.
According to PalmPay around 30% of its users have stated that their first-ever financial account was created on the app.
In a statement, Sofia Zab, Global CMO of PalmPay said: “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.”
As well as helping users deposit and withdraw money PalmPay’s network of mobile money agents also serve consumers who do not have access to smartphones by transacting on their behalf. The company has also launched its savings service which includes a 20% annual interest savings plan available to all users. It said its next strategic step is to bridge the gap between consumers and businesses by digitising merchant payments. It is also looking to extend its operations to more countries including Ghana where it is already piloting services.
Chika Nwosu, PalmPay Nigeria Managing Director, added: “The consumer base has now become one of the major driving forces of wider cashless adoption in the Nigerian payments ecosystem. 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.”
Image from PalmPay
