Palmpay, an Africa-focused fintech platform has said that its contribution to financial inclusion and cashless payment adoption in Nigeria is receiving positive impact as users of its platform have grown to over 25 million in just four years.
The growth in the number of users of its platform is also a reflection of the increasing desire by bank customers to have easy and innovative banking transactions without unnecessary bottlenecks.
The company also recorded a net growth of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem in the short period of its market entry in Nigeria.
Speaking to newsmen recently in Lagos, Chika Nwosu, PalmPay Nigeria Managing Director said the company’s performance is a testament to the robust strategy centred on offering secure, user-friendly and inclusive financial services.
Also speaking, Sofia Zab, Global CMO of PalmPay said “We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria.”
According to her, “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.”
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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, Zab said boosts a 99.5% 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 super app. ”, added Zab. “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.”
PalmPay’s user-friendly application simplifies digital transactions, making them swift and convenient. This has driven a shift in consumer behaviour from cash to digital payments. Today, the company processes more than 5 billion USD per month, Chika Nwosu further said.
“The consumer base has now become one of the major driving forces of wider cashless adoption in the Nigerian payments ecosystem”, said Chika Nwosu.“We see 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.”
