PalmPay Recognized as Key Contributor to Growth of African Mobile Money Industry in GSMA’s Report

PalmPay, a prominent pan-African fintech company, has been recognized by the GSMA in its latest report, ‘The State of the Industry Report on Mobile Money 2024,’ for its significant role in advancing the adoption of mobile money in Nigeria.

In the report, PalmPay was commended by the GSMA as a “prominent non-MNO-led mobile money provider” with substantial market influence in Nigeria. The company was lauded as a key driver of financial inclusion within Africa’s thriving $912 billion mobile money industry.

Commenting on the report, Sofia Zab, Global Chief Marketing Officer, PalmPay said;

“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 superapp 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.”

Since its launch in 2018, PalmPay has emerged as Africa’s leading Fintech, making a tangible impact on the continent’s financial landscape. The fintech company has registered over 30 million accounts on its smartphone apps. In addition to the self-serve app, it has a network of 1.1 million agents and merchants serving over 15 million customers monthly.

Palmpay commitment to delivering secure, accessible, and innovative digital payment services has garnered the trust and support of millions of users and merchants, driving financial inclusion across the African continent.