PalmPay, a fintech innovator aiming to make digital payment more accessible and flexible, has announced that it has reached 10 million users in Nigeria, making it one of Africa’s leading and fastest-growing payment providers.
The milestone, the company said, represents a doubling in its user base within just six months and puts its customer numbers in the same league as major institutions only three years after entering the Nigerian market.
The fintech company, which operates under a Mobile Money Operator licence from the Central Bank of Nigeria (CBN), has since its introduction in 2019 gained significant traction with its payments app and nationwide agency banking network.
Its proposition of instant financial account creation, fee-free bank transfers and cashback rewards on airtime and bill payments have also appealed to Millennial and Gen-Z consumers, who are looking for more affordable banking options and prefer the convenience of a digital-first service.
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“Nowadays PalmPay is processing millions of transactions a day. And around 20 percent of the company’s customer base report that the PalmPay app was their first financial account, demonstrating that the Mobile Money Operator is contributing to driving progress towards financial inclusion targets in Nigeria, where 36 percent of the population remains unbanked,” the company stated.
In addition, the company said Nigerians without smartphones can visit one of its 200,000 mobile money agents across the country, who can transact on their behalf or issue an innovative QR card that can be used to hold a balance. Consumers can also use PalmPay agents to deposit cash to their PalmPay accounts and to withdraw money using their debit cards through PalmPay-branded POS machines.
Chika Nwosu, managing director, PalmPay Nigeria, said the company is delighted to be able to celebrate its growth milestone as well as its track record of making cutting-edge financial services accessible to every Nigerian, including the unbanked.
“The pandemic has accelerated the shift from cash to digital payments and we are looking forward to continuing to work together with regulators and our partners to innovate to meet the financial needs of consumers,” Nwosu added.
Sofia Zab, chief marketing officer, PalmPay Global, said the company’s significant growth in Nigeria demonstrates its ability to innovate and meet the financial needs of consumers. Zab added that the company, currently operating in Nigeria and Tanzania, looks forward to replicating its success in Nigeria as it scales in more markets across Africa.