PalmPay Celebrates 25m Users, Links Success to Cash Crunch

The digital payment company, PalmPay is celebrating 25 million users in Nigeria and has said it achieved the feat mostly during the period of  cash crunch in Nigeria.

Global Chief Marketing Officer of PalmPay,  Sofia Zab, told journalists at a media parley in Lagos, the  company  is rolling out savings service, which includes a 20 per cent interest savings plan available to all users. According to her,  the  25 million user milestone is an  important landmark in the company’s journey to reckoning among top fintech players in Nigeria.

 She added that Palmpay is also  celebrating an extensive network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.

 Zab  explained that  the company  achieved the remarkable growth in just four years of its operations in Nigeria as it applies a robust marketing strategy and user-friendly inclusive financial services.

“We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria. PalmPay’s growth validates our approach and illustrates the increasing demand for innovative fintech solutions that address the unique needs of Africa’s underserved population,” she said.

Zab  stated that PalmPay’s user-friendly application simplifies transactions, making them fast and easy, and has driven a shift in consumer behaviour from cash to digital payments.

 The fintech firm said it also provides banking services for businesses, equipping its customers dedicated apps, web portals and PoS.

Zab said: “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 super app. Our partners benefit from our robust payment infrastructure and data-driven approach, which enables us to connect their offerings directly to their target customers, fostering mutual growth within our digital ecosystem.”

 Managing Director/ CEO, PalmPay, Chika Nwosu said the firm sees enormous potential in digitising payments for the retail and informal sector of the Nigerian economy, adding  that the move would  reduce their cost of doing business and helps them grow.

 “The consumer base has now become one of the major driving forces of wider cashless adoption in the Nigerian payments ecosystem, ”Nwosu said.

According to him,  PalmPay is extending its operations to more countries and plans to offer cross-border transactions in the future.

The company, he said, is already piloting services in Ghana and is preparing launch plans for several other African markets.