Financial Inclusion in Nigeria: PalmPay Announces Commitment to Foster A Future of Accessible Financial Services

PalmPay, a Nigerian Fintech platform, and mobile wallet that offers a range of financial and payment solutions in Nigeria, making it easy for users to send and receive money and pay for airtime and bills, has announced its commitment to deepen financial inclusion in Nigeria, by fostering a future of accessible financial services.

The Fintech startup which recently celebrated its fourth anniversary operating in Nigeria, announced that it has onboarded 1.1 million businesses and has over 600,000 merchants and 500,000 agents.

During the anniversary event, the Managing Director of PalmPay Nigeria, Chika Nwosu, announced that despite the company’s outstanding achievement since it launched in Nigeria, it aims to bridge the gap in financial inclusion to cater to the unbanked and underbanked population.

In his words,

“We have served more than 100 million people during the past four years with our app and business network in Nigeria. Over 40 million people use our platform for transactions each month. We aim to bridge the gap in financial inclusion by providing accessible and affordable financial services to the unbanked and underbanked.”

Nwosu said PalmPay has helped to transform consumer behavior in the country and sensitize citizens to making cashless transactions, noting that each user of the app makes up to 50 transactions per month, a figure that has quadrupled since its launch.

He further gave the assurance that PalmPay was committed to delivering excellent customer service, addressing queries, and ensuring a seamless user experience with its 36 offices across Nigeria. He added that community engagement and support is key because it drives financial literacy and empowerment.

PalmPay innovative technology and remarkable offerings have seen it gain wide acceptance in Nigeria. The company boasts of an impressive 99.5 percent success rate in processing transactions within 10 seconds.

The startup says one in five Nigerians use the platform via smartphone apps, agents, and merchants for money transfers, bill payments, and savings. 

PalmPay has continued to record new user sign-ups every month on the platform, processing up to 15 million transactions daily and $6 billion monthly transaction value.

One remarkable thing about the PalmPay app which has seen it become the preferred option amongst other Mobile wallets, is that since its inception, the platform has constantly evolved to bring financial empowerment to the fingertips of millions across the country.

PalmPay’s success in Nigeria underscores its understanding of local needs and its capability to provide services that resonate with Nigerians from all walks of life. 

By constantly upgrading its services and offerings, PalmPay aims to bridge the financial inclusion gap in Nigeria, making financial services more accessible and empowering individuals and businesses to participate fully in the formal economy. 

In doing so, PalmPay contributes to economic development and financial empowerment for a broader segment of the population.

Having achieved an impressive success rate in Nigeria, the company plans to expand operations to Ghana while consolidating the gains of its success and driving growth increasing its subscriber base.