Nigeria’s drive improved financial inclusion has received a boost as PalmPay, Africa-focused fintech platform, hit a record 25 million users, a network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.
Sofia Zab, Global CMO, PalmPay, said the company is proud to be a driving force of financial inclusion and cashless payment adoption in the country. She added that its growth validates its approach and illustrates the increasing demand for innovative fintech solutions that address the unique needs of Africa’s underserved population.
She went on to reveal that the firm’s user-friendly application simplifies digital transactions, making it swift and convenient; driving a shift in consumer behaviour from cash to digital payments. Today, she said, the company processes over five billion dollars monthly.
This week, the company launched its savings service, which includes a 20 per cent annual interest savings plan available to all users. The fintech also provides banking services for businesses, equipping it with dedicated apps, web portals and POS.
Zab added that the team’s efforts in promoting financial inclusion have been impactful, with around 30 per cent of its users stating that their first-ever financial account was created on the app.
