PalmPay intensifies drive for cashless payments

PalmPay, one of Africa’s leading fintech platforms, has reiterated its commitment to advancing cashless payments and promoting financial inclusion in Nigeria.

The mobile money operator, which serves over 35 million customers, is rapidly expanding into underserved markets to make financial services more accessible.

As part of its ongoing efforts, PalmPay aims to support Nigeria’s transition to a cashless economy by offering world-class financial services where they are needed the most.

Speaking at a recent media roundtable in Lagos, the Managing Director of PalmPay, Chika Nwosu, emphasised that the platform’s expansion is integral to its goal of driving financial inclusion across the country.

Arguably, it remains the biggest financial app in Nigeria, given the fact that it currently boasts 16 million active users every month.

According to him, the platform remains committed to driving financial inclusion in underserved communities, hence the reason for expanding rapidly into new markets.

He revealed that the value of monthly transactions on the app was estimated to be worth $6m, with a success rate of transactions at 99.5 per cent.

The CEO noted that the platform would continue to leverage cutting-edge technology by making world-class financial services available to the mass market, particularly in regions where it is needed the most.

“In 2024, PalmPay recorded a total of 10 million monthly active users with N4bn paid as returns for savings. With PalmPay, you enjoy 20 per cent flexible savings annual interest,” he said.

Buttressing the fact that the platform was not a loan app, he described it as a reputable financial institution that is licensed and regulated by the Central Bank of Nigeria.

He stated that a lot of systems and mechanisms have been put in place to save unsuspecting victims of fraud.