PalmPay, a pioneering Africa-focused fintech platform, has demonstrated it’s dominance in driving financial inclusion in Nigeria as it celebrates 25 million users on its smartphone app and an extensive network of over 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.

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