Firm commits to cashless policy as app users hit 16 million

The Managing Director of PalmPay, one of Africa’s fintech platforms, Chika Nwosu, has restated the commitment of the company to growing cashless payments across the country. Nwosu disclosed this during a media roundtable held at the weekend in Lagos.

Speaking during the interactive session, he 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.

He disclosed that the platform remains the biggest financial app in Nigeria given the fact that it currently boasts 16 million active users monthly. According to him, the platform remained 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 $6 million with a success rate of transactions at 99.5 per cent.

The PalmPay boss explained that the platform currently serves over 35 million customers and 1.2 million business users, who operate as both merchants and agents adding that the users operate digital accounts, make real-time payments and offer savings and credit solutions.

“In 2024, PalmPay recorded a total of 10 million monthly active users with N4 billion paid as returns for savings. With PalmPay, you enjoy 20 per cent flexible savings yearly 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.

He added the future of Mobile Money Operators (MMOs) and mobile banking in Nigeria is exciting as smartphone access, a key component of their operation, surges.

He noted that Nigeria has about 170 million active mobile phone users, which will drive MMO operations in the future as Nigeria achieved a 75 per financial inclusion rate in 2023, a milestone PalmPay helped to achieve.