PalmPay, a prominent pan-African fintech platform, has received recognition from the GSMA in their recently released “The State of the Industry Report on Mobile Money 2024,” solidifying their position as a key driver of mobile money adoption in Nigeria.
GSMA commended PalmPay as a leading non-MNO (Mobile Network Operator)-led mobile money provider, emphasizing the platform’s substantial market share in Nigeria and its significant contribution to fostering financial inclusion in Africa’s thriving $912 billion mobile money industry.
Sofia Zab, Global Chief Marketing Officer at PalmPay, expressed her thoughts on the report, stating, “This recognition underscores our commitment to drive financial inclusion and economic empowerment across the continent. By leveraging the increase in smartphone adoption, PalmPay made a significant contribution to growing the use of mobile money in Nigeria. Our easy-to-use and comprehensive digital and financial super App not only provides access to seamless and secure transactions but also opens the door to cutting-edge, affordable financial services for the unbanked and underbanked population.”
PalmPay’s feature-rich app offers a wide range of services, including money transfers, airtime and data purchases, bill payments, as well as access to credit and savings options. Notably, even customers without personal devices can access PalmPay’s services through the company’s extensive network of 500,000 mobile money agents.
Since its launch in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has witnessed remarkable growth, registering over 30 million accounts on its smartphone apps. In addition to the self-serve app, PalmPay’s network of 1.1 million agents and merchants diligently serves a staggering 15 million customers on a monthly basis. The fintech platform has also expanded its operations to Ghana and Tanzania, further solidifying its presence in the African market.
Mats Granryd, the Director General of GSMA, highlighted the industry’s substantial growth over the past decade, with mobile money contributing a staggering “$600 billion to the GDP of countries with a mobile money service.” Granryd emphasized the immense opportunities that mobile money has brought to citizens, businesses, and economies worldwide. Sub-Saharan Africa, home to nearly three-quarters of the world’s mobile money accounts, played a pivotal role in the industry’s success, with West African countries such as Nigeria, Ghana, and Senegal driving significant growth.
PalmPay, as a leading Africa-focused fintech platform, remains committed to driving economic empowerment across the continent. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay continues to bring top-tier products directly into the hands of everyday Nigerians, fostering financial inclusion and revolutionizing the cashless payment ecosystem. With over 30 million app users and counting, PalmPay is poised to further accelerate its impact and positively transform the financial landscape in Africa.
