Nigeria: Palmpay gains 20 million users in a year

PalmPay reports rapid growth, expanding its user base from 10 million to 30 million in just one year as part of its efforts to enhance financial inclusion.

PalmPay has seen its network expand significantly, with 1.1 million businesses joining in the past years.

In its celebration of years of promoting financial inclusion in Africa, the fintech platform has achieved remarkable growth, boasting 500,000 agents, 600,000 merchants, and a user base exceeding 30 million, all contributing to its thriving cashless payment ecosystem.

The Managing Director, PalmPay Nigeria, Chika Nwosu, while reeling out the firm’s milestone in Lagos at the weekend, said the platform has grown to over 30 million users on its smartphone apps, tripling its user base from 10 million last year.

This remarkable growth has been driven by PalmPay’s innovative services and steadfast dedication to closing the financial gap.

He stated that these dedicated agents have expanded the fintech’s platform across Nigeria, providing crucial financial services to millions of consumers.

Nwosu said the company has helped to transform consumer behaviour in the country and sensitised 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.

“This remarkable achievement firmly establishes PalmPay as a trusted and reliable platform for conducting a wide range of financial transactions. As we move forward, we are excited about the opportunities that lie ahead and are committed to fostering a future where financial services are accessible to all,” he stated.

He emphasized that the firm’s achievements in the country highlight its deep understanding of local needs and its ability to offer services that resonate with people from diverse backgrounds in Nigeria.