The company also stated that it processes over 5 billion USD
per month in transactions while delivering equitable business solutions in
Nigeria using fintech.
The Managing Director, PalmPay Nigeria, Chika Nwosu made
this known at a media parley in Lagos on Tuesday where he emphasized that at
the heart of the company rests the mission to build an ecosystem that would
accommodate everyone including individuals and businesses, bridging the gap in
the nation’s financial industry while contributing to the growth of the
economy.
“We are proud to be a driving force of financial inclusion
and cashless payment adoption in Nigeria. Our growth and acceptance within just
four years of market entry in Nigeria is a testament to the company’s robust
strategy centred on offering secure, user-friendly and inclusive financial
services.
Nwosu added that the company’s next strategic step is to
bridge the gap between consumers and businesses by digitising merchant
payments. “PalmPay is onboarding tens of thousands of offline retailers every
month, many of whom are spurred to join the platform following requests from
its customers who want to be able to pay with the transfer.
“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,” he added.
Chief Marketing Officer at PalmPay Sofia Zab, while
announcing the company’s new savings service, which includes a 20 per cent
annual interest savings plan available to all users, noted that the efforts in
promoting financial inclusion have been notably impactful, with around 30 per
cent of its users stating that their first-ever financial account was created
on the app.
“Looking ahead, PalmPay is extending its operations to more
countries and plans to offer cross-border transactions. The company is already
piloting services in Ghana and is preparing launch plans for several other
African markets,” she said.
The PalmPay app offers a comprehensive suite of financial
services that empower its customers with tools to manage their finances in one
place.
“We are proud to be a driving force of financial inclusion
and cashless payment adoption in Nigeria and providing innovative fintech
solutions that addresses the unique needs of Africa’s underserved population.”
The company’s success in Nigeria has been propelled by its
proprietary payment infrastructure, which offers unmatched reliability in a
market that has long grappled with unstable financial systems. The platform
boasts a 99.5 per cent 10-second transaction success rate, distinguishing
PalmPay in a highly competitive fintech space.
“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,” added Zab
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