PalmPay Celebrates Fifth Anniversary with 35m Users

PalmPay, a premier Africa-focused payment platform, is celebrating its fifth anniversary in the Nigerian market growing its customer base to 35 million within the period.

As the fintech firm continued to innovate and impact the Nigerian fintech space, it gained additional 10 million users in the last one year alone.

Since its launch, PalmPay has achieved significant milestones in its mission to enable financial inclusion and strengthen Nigeria’s financial ecosystem.

Amidst the celebration, PalmPay extended gratitude to its extensive network of users and merchants, whose trust and dedication have propelled the company’s success.

“Our growth over the past five years is a direct result of the hard work and commitment of our team and our partners,” said Chika Nwosu, Managing Director of PalmPay Nigeria.

“We remain committed to delivering seamless, secure, and innovative financial services that meet the needs of our customers,” he added.

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% 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 has restated commitment to remain focused on 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.

“As we continue to innovate, PalmPay will remain at the forefront of fintech in Nigeria. We will keep prioritizing user security, privacy, and financial literacy to ensure the best experience for our users,” Nwosu added.

What to know about Palmpay

PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa.

Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians.

PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents.

Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) licence, the platform has grown to over 35 million users, and over 1 million businesses, merchants, and agents are part of its cashless payment ecosystem.

The company has disclosed $140 million of funding. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.