PalmPay Celebrates 25 million Users, Says Cash Crunch Brought Company Into Limelight
The digital payment company, PalmPay is celebrating 25 million users in Nigeria
The company revealed in a recent conversation with journalists that it achieved the feat mostly during the cash crunch in Nigeria
The company said it is rolling out a savings service, which includes a 20% interest savings plan available to all users
PalmPay is celebrating a 25 million user milestone, an important landmark in the company’s journey to reckoning among the top fintech players in Nigeria.
It also celebrates an extensive network of 500,000 mobile money agents and 300,000 merchants in its payment’s ecosystem.
Company Reveals Services that Endeared it to Users
The company stated that it achieved remarkable growth in just four years of its operations in Nigeria as it applies a robust marketing strategy and user-friendly inclusive financial services.
Sofia Zab, Global CMO of PalmPay, told journalists at a media parley on Tuesday, June 27, 2023, that the company is proud to be a driving force in financial inclusion in Nigeria.
According to her, the company’s growth validates its approach, innovation, and unique user experience.
Zab said:
“We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria. 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.”
She stated that PalmPay’s user-friendly application simplifies transactions, making them fast and easy, and has driven a shift in consumer behaviour from cash to digital payments.
PalmPay to Launch New Product
The company also announced the launch of its savings service, which includes a 20% interest savings plan available to all users.
The fintech firm also provides business banking services, equipping its customers with dedicated apps, web portals, and PoS.
Zab said:
“PalmPay is more than a digital wallet – we are building a comprehensive platform to offer consumers all the tools they need to thrive financially.
We aim to become Africa’s financial super app as we move forward.
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 Nigeria’s Managing Director and CEO, Chika Nwosu, said the firm sees enormous potential in digitizing payments for the retail and informal sector of the Nigerian economy, stating that the move will reduce their cost of doing business and helps them grow.
“The consumer base has now become one of the major driving forces of wider cashless adoption in the Nigerian payments ecosystem,” Nwosu said.
Nwoosu highlighted how the recent cash crisis in Nigeria brought the company to the consciousness of Nigerians, stating that it thrives mostly by word of mouth from its users.
PalmPay is extending its operations to more countries with plans to offer cross-border transactions and payment solutions.
The company has already tested the service in Ghana and has plans to expand to several other African markets.
To deepen financial inclusion, the Central Bank of Nigeria has approved a license for a digital payment platform to operate microfinance banking and point of sale (PoS) services in Nigeria.
Although confined to the digital space, these platforms are ubiquitous and have solved countless economic problems for Nigerians in recent years.
