Earlier in 2024, financial technology company PalmPay made the CNBC and Statista list of the world’s top 250 fintech companies. With only nine African fintechs on this list, this recognition highlights PalmPay’s contribution to the financial services industry and improving financial access globally.
Established in 2019 as a Mobile Money Operator (MMO), PalmPay Limited has rapidly expanded its footprint. In Nigeria alone, the company boasts over 35 million users, supported by a network of 1.2 million businesses processing up to 15 million transactions daily. This impressive growth reflects PalmPay’s commitment to advancing financial inclusion across Africa.
Spearheading financial inclusion
Mobile money services contribute $600 billion to the GDP of countries with their services, creating opportunities for citizens, businesses, and economies globally. In 2018, the Central Bank of Nigeria (CBN) introduced the Payments Service Bank (PSB) licence for non-bank mobile money providers to offer financial services. This licence came with the requirement that 25% of company operations be in rural areas. This directive also coincided with the increase in mobile internet users in Nigeria enabling the licence holders to reach the unbanked in remote areas.
According to an industry report by the GSMA, PalmPay is recognised as a key contributor to the growth of the African Mobile Money industry. With its significant market share, the fintech is leading the charge on financial inclusion in Africa, through mobile money. This milestone achievement in five years as a financial technology firm has come from pioneering accessible and reliable finance solutions. The platform has a 99.9% transaction success rate and is the only fintech that offers unlimited free transfers to users. Nigeria has reached 74% financial inclusion in 2024 and PalmPay has contributed significantly to this growth with its vibrant agent network and user base converting the unbanked to the banked.
According to Chika Nwosu, managing director at PalmPay Nigeria, “PalmPay was founded with a clear vision and mission of using the power of technology to accelerate financial inclusion. We set out with the goal to serve 100 million users and 10 million businesses with secure, user-friendly, and inclusive financial services. Since we entered the market in 2019, we have built a SuperApp platform that prioritises simplicity, security, and accessibility. We have constantly evolved and adapted to the changing needs of our customers, leveraging technology to bring financial empowerment to the fingertips of millions across the country. We invested heavily in building our proprietary financial infrastructure to drive consumers to choose to shift towards cashless payments. These efforts have resulted in millions of new users joining us every month.”
PalmPay, the reliable payment network
As traditional banks recently struggled with service disruptions, many customers have turned to PalmPay for its reliable and user-friendly services. Offering free transfers, an easy account creation process, and a reliable infrastructure the bank has made formal financial access simple and accessible.
The fintech provides services for both business and personal needs. These products enable users to access cash on the go through dependable POS agents. It also allows users to send and receive money, pay bills, shop in-person and online, make bulk business payments, and do much more on the app.
Expanding accessibility with *861#
To continue prioritising accessibility, PalmPay has launched its long-awaited USSD code feature. This *861# code enables customers to access essential financial services in poor network conditions or when they run out of data. This feature also protects customers by allowing them to freeze their accounts with a simple code to safeguard against unauthorised account access.
In collaboration with regulatory bodies, the company recently enhanced its security features with live detection and AI monitoring, alongside identity verification using NIN and BVM to reduce fraud and enhance user trust.
PalmPay prioritises user security, privacy, and financial literacy and regularly explores avenues to educate users. The company uses media channels to reach its target demographics and the general public on financial education and security consciousness.
The company is optimistic about its future. It intends to expand its market presence in the coming months while enhancing its customer support to ensure users continue to have seamless experiences.
“We will continue to help transform and digitise Nigeria’s economy as we grow,” says Chika Nwosu. “PalmPay has been at the forefront of driving the adoption of a cashless payment culture for consumers and the retail sector. We want to build on that and provide our individual and business users with more tools to help them reach their financial goals.”
Visit PalmPay to find out more and join the fintech revolution.
