PalmPay Bridging Nigeria’s Financial Literacy Gap

 Omolabake Fasogbon

PalmPay, a leading fintech company, is helping to bridge the financial literacy gap in Nigeria. At a recent Moonshot by TechCabal Conference on Thursday, October 12, PalmPay’s Global CMO Sofia Zab highlighted the company’s significant strides in driving a financially literate Nigeria.

Through its extensive network of Mobile Money Agents spread across all states of the country, the Mobile Money Operator is leading the charge in sensitising the population in underbanked areas to financial services. It uses its rich pool of mobile money agents as resource personnel to educate marginalized communities and empower them through access to financial services.

At a panel discussion on ‘Building the Future of Financial Services’ on October 12, in Eko Hotel, Lagos, Zab said, “Financial literacy is very important in the context of Nigeria. While there is a population that is extremely tech savvy, a large proportion of adults remain financially excluded or underserved, and so we need to bridge that gap.”

Speaking further, Zab said that PalmPay trains its agents, who then expose people to financial products, serving as an onramp to the financial system by enabling even those without smartphones to transact through its 500,000-strong network.

Beyond the 30 million registered users on PalmPay’s smartphone apps, an additional 13 million Nigerians engage in transactions monthly via the company’s extensive network of agents and merchants. In total 1 in 5 Nigerians are now using the PalmPay platform through its smartphone apps, merchants and agents for money transfers, bill payments and savings.

More than just facilitating transactions, PalmPay’s agents take the time to educate individuals with smartphones on how to make use of their devices and navigate PalmPay’s app to access financial services.

Its customer care team also plays a pivotal role in bridging the digital divide by offering personalised assistance in both English and local languages. PalmPay’s team is equipped to speak to enquirers in pidgin as well as Nigeria’s various indigenous languages, ensuring that even those new to digital financial services have the knowledge to make use of cashless payments confidently.

Through these efforts, PalmPay is democratising financial access and ensuring that no one is left behind in the digital revolution. 

Commenting at the end of the event, Zab revealed that PalmPay is actively exploring partnerships to further promote financial literacy. As a leading fintech platform, PalmPay boasts a wide footprint, comprising 36 offices across the country, and 1.1 million businesses.

“This expansive reach positions PalmPay as an ideal collaborator for governmental and non-governmental institutions aiming to drive financial literacy initiatives. By joining forces with like-minded partners, PalmPay aims to leverage its platform and resources to amplify the impact of financial education,” commented Zab.

Such collaborations will not only enhance the value proposition for PalmPay’s customers but also contribute significantly to building a financially informed and empowered populace.

The MoonShot by TechCabal conference brought together over 50 speakers, considered as some of the foremost thought leaders and operators in African tech, to discuss opportunities in the continent’s digital economy, from fintech to ecommerce, energy, Web3 and AI, communications and investments.

Other panel speakers included Olugbenga Agboola, Founder & CEO, Flutterwave; Uzoma Dozie, CEO, Sparkle, with Aanu Adeoye, West Africa correspondent, Financial Times, as moderator.