… Forecasts 65% Smartphone Penetration By 2026
Foremost Financial Technology firm, PalmPay Limited, has revealed its plan to execute two major expansion plans in 2025.
Speaking during a media parley in the company’s head office in Lagos on Friday, PalmPay noted that it has set two major expansion plans in motion. While one will see the fintech company move its business closer to the people by opening up major regional offices in Nigeria, the other plan will see it expanding into some African countries and into Middle East Asia and South East Asia. The firm is currently operational in Nigeria, South Africa, Ghana, Tanzania and Kenya.
The plan to create regional offices in Nigeria will enable PalmPay render Last Mile services to the unbanked and under-banked communities.
The company, which operates Nigeria’s biggest financial App, with 16 million monthly active users, serving over 35 million customers and 1.2 million business users, was founded in 2019 with a focus on emerging markets.
Making industry forecast for the year, Marketing Manager, Femi Hanson noted that there will be stronger drive for financial inclusion and increased adoption of smartphones as services requiring smartphones innovate in the fintech sector.
Furthermore, he stated that while there will be more collaborations between fintech companies and the regulators, and other financial institutions, there will also be increased demand for affordability, especially with solutions. “From under 10,000 agents in 2015, to over 15 million in 2023, agent networks have become the backbone of mobile money in Nigeria, we expect to witness growth in this aspect.”
There will also be an expansion of new technologies, including AI, Blockchain and Big Data along with diversification of digital services, with more operations in Insurance Tech, health tech, savings and wealth, all on the fintech platform.
Speaking on security, Chief Compliance Officer, Donald Udeh disclosed that PalmPay has put mechanisms and systems in place to ensure customers’ transactions are safe and to prevent fraud. These include device management features that incorporate multiple verification layers; AI-based risk management systems; transaction monitoring tools that include AML transaction monitoring tool and Tondun fraud management case system. Also, the system offers fingerprint, facial recognition and Biometrics login.
The Managing Director of PalmPay Limited, Chika Nwosu, in his speech noted that one out of five people in Nigeria transact, save and pay with PalmPay.
The company further clarified that PalmPay is not a loan App and does not grant loans to, or process loans for customers.
Some of the reviews that stand PalmPay out include a 4.6 stars by a total of 581 thousand user ratings and reviews on Google Play; an 80% customer subscription with word-of-mouth reference and a 30% customer subscription as first finance App.
PalmPay also boasts of flexible savings annual interest of up to 20%; N4 billion interst payout in 2024 and up to 22% Smart Earn annual interest.
Ranked as top 3 Fintech Companies by KPMG, PalmPay was recognised by the CNBC and Statista on the 2024 World’s Top 250 Fintech Companies list; and was also recognised by the CBN as Financial Inclusive Agent of the Year and Key Driver of Financial Inclusion. GSMA also recognised PalmPay as a key contributor to the growth of the African Mobile Money Industry in the state of the industry report.