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Palmpay adds 20 million users in 12 months

By Adaku Onyenucheya
03 October 2023   |   3:44 am
PalmPay said it has grown its user base from 10 million to 30 million within 12 months in its drive to deepen financial inclusion.

Head of Operations, PalmPay, Foluso Aduloju (left); Managing Director, PalmPay Nigeria, Chika Nwosu; Chief Marketing Officer, PalmPay, Sofia Zab and Assistant General Manager, Business Development, Zenith Bank, Edwin Ofogba, at PalmPay’s fourth anniversary celebration in Lagos at the weekend.

PalmPay said it has grown its user base from 10 million to 30 million within 12 months in its drive to deepen financial inclusion.

It also recorded an expansive network growth of 1.1 million businesses in the past four years.

Marking its years of championing financial inclusion in the country, the Africa-focused fintech platform said its explosive growth includes 500,000 agents and 600,000 merchants and over 30 million users, who are part of its 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.

He said the phenomenal growth has been fueled by PalmPay’s innovative services and unwavering commitment to bridging the financial divide.

According to him, the dedicated agents have extended the fintech’s platform reach across Nigeria, serving millions of consumers with essential financial services.

He said one in five Nigerians are now using the platform via its smartphone apps, agents and merchants for money transfers, bill payments and savings.

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 further emphasised PalmPay’s commitment to reliability in payments, citing an impressive 99.5 per cent success rate in processing transactions within 10 seconds.

Nwosu said Nigeria, with its young and dynamic population, represents an immense potential for digital financial solutions.

He said the firm’s successes in the country underscore its understanding of local needs and its capability to provide services that resonate with Nigerians from all walks of life.

The Chief Marketing Officer, PalmPay, Sofia Zab, said the firm has invested heavily in building its proprietary financial infrastructure to drive consumers to choose to shift towards cashless payments.

She said the firm set out with the goal to serve 100 million users and 10 million businesses with secure, user-friendly and inclusive financial services.

According to her, these efforts have resulted in millions of new users joining every month as the platform processes up to 15 million transactions daily and $6 billion monthly transaction value.

“Since we entered the market in 2019, we built a super app platform that prioritises simplicity, security and accessibility. We have constantly evolved and leveraged technology to bring financial empowerment to the fingertips of millions across the country,” she stated.

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