PalmPay Seeks Collaboration to Strengthen Nigeria’s Payment Infrastructure

Olufemi Adeyemi 

PalmPay, a leading financial technology platform, has called for strategic collaborations within the financial sector to drive inclusivity. 

This call was made during the 2023 annual conference of the Finance Correspondents Association of Nigeria, which centered on the theme ‘Strengthening Digital Infrastructure for an Efficient Innovative Payment System in Nigeria’ and was held in Lagos.

Head of Operations at PalmPay, Foluso Aduloju, stressed the imperative for industry regulators and players to join forces in driving financial inclusion.

He noted that the regulatory bodies such as Central Bank of Nigeria, Nigeria Inter-Bank Settlement System and Nigerian Communications Commission have made substantial contributions through policies and regulations, fostering growth in the financial sector.

“Introduction of fintech in the last five to six years has helped bridge the gap, actualising what the banks had been striving to achieve over the years. However, more can be achieved through enhanced collaboration since the banks laid the foundation upon which fintechs are now building,” Aduloju added.

“We firmly believe that collaboration is the cornerstone of sustainable growth and innovation in the financial sector. By joining forces, we can create a positive impact on the industry and, ultimately, the lives of the people we serve,” he stressed further.

PalmPay encouraged industry stakeholders to engage in open dialogue, share best practices, and collaborate on initiatives that align with the collective goal of fostering a more inclusive and innovative financial ecosystem.

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 network of 500,000 mobile money agents.

Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 25 million users, and over 400,000 merchants are part of its cashless payment ecosystem.

The company has raised USD 140m. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.

September 23, 2023