A PalmPay, an innovative fintech aiming to make digital payment more accessible and flexible, announced that it has reached 10 million users in Nigeria.
This represents a doubling in its user base in just six months and puts its customer numbers in the same league as the big institutions just 3 years after the company launched in the market.
A fintech, which operates under a Mobile Money Operator license from the Central Bank of Nigeria, has gained significant traction with the payment app and national branch banking network.
Its proposition of instant financial account creation, fee-free bank transfers and rewards of cashback in airtime and bill payments appeals to millennials and gen-z consumers, who are looking for more affordable banking options and prefer the convenience of a digital-first service.
"We are delighted to be able to celebrate this milestone of growth and are proud of PalmPay's track record of making cutting-edge financial services accessible to all Nigerians – including the unfunded. The pandemic has accelerated the shift from cash to digital payments, and we look forward to continuing to work together with regulators and our partners to innovate to meet consumers' financial needs. Our significant growth in Nigeria demonstrates PalmPay's ability to innovate to meet consumers' financial needs, and we look forward to replicating this success as it scales into more markets across Africa.“, said Sofia Zab, Global CMO of PalmPay.
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Nowadays, PalmPay is processing millions of transactions a day. And around 20% of the company's customer base report that the app was their first financial account, demonstrating that the Mobile Money Operator is contributing to driving progress towards financial inclusion goals in Nigeria, where 36% of the population remains. unbanked.
Nigerians without smartphones can visit one of PalmPay's 200.000 mobile money agents across the country, who can transact on their behalf or issue an innovative QR card that can be used to maintain a balance.
Consumers can also use PalmPay agents to deposit money into their accounts and withdraw money using their debit cards through PalmPay branded machines.
