Chika Nwosu, the Managing Director of PalmPay, has disclosed that the financial technology company served 10 million active monthly users in 2024, a year when the influence of fintech companies grew in the face of traditional banking platform failures.
He noted that the platform now serves over 35 million customers and 1.2 million business users, including merchants and agents, offering digital accounts, real-time payments, and savings and credit solutions. “With over 16 million active monthly users, PalmPay remains committed to driving financial inclusion in underserved communities,” he said. Nwosu also shared insights into the platform’s financial operations, noting that monthly transactions on the app are valued at approximately $6 million, with a 99.5 percent success rate.
“In 2024, PalmPay recorded a total of 10 million monthly active users, with N4 billion paid as returns for savings. With PalmPay, you enjoy 20 percent flexible savings annual interest,” Nwosu added.
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The managing director also clarified that the fintech company does not provide loan services. Speaking at a media roundtable, Nwosu explained that loan services accessible via the PalmPay app are operated exclusively by Blooms Microfinance Bank under the product name “Flexi.”
“The loans on our platform are given by Blooms Microfinance Bank with the product name Flexi. So PalmPay doesn’t give out the loan. The microfinance bank does,” Nwosu stated.
He further emphasised that PalmPay is not involved in loan recovery efforts, including customer interactions regarding defaults. “Even when the customers default on the loans, and they have to be called, that has nothing to do with PalmPay,” he said.
Nwosu also disclosed that the company would begin prosecuting loan merchants misusing PalmPay-branded merchandise to impersonate the fintech company. In a related Facebook post, PalmPay reiterated its position. “PalmPay is not a loan company and takes a firm stand against any misrepresentation or unauthorised use of our branded merchandise. Such actions will now face legal consequences.”
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