E-Financial
Grow Your Business and Make More Money with PalmPay

In today’s world of e-commerce, the right financial tool can gravitate from the more technical accounting software and payroll management tool to the less complicated but secure digital payment platform and Point of Sales (POS) machine.
Big on secure digital payments, leading fintech platform PalmPay offers digital financial tools such as PalmPay Business app and Point of Sales (POS) machines for business owners to collect payments from customers and help grow their sales and increase profit.
As of 2023, PalmPay’s cashless payment ecosystem processed up to 15 million daily transactions and $6 billion monthly transaction value, earning it one of the highest retention rates in the market, with 75% of users returning every month to transact.
More than 40 million people, representing 1 in 5 Nigerians, trust PalmPay’s network to shop and pay for utilities monthly. This number represents the number of people who have accessed PalmPay services through its secure and seamless smartphone apps or merchant and agent networks.
PalmPay POS
One challenge faced by business owners before the coming of fintech platforms was the lack of more options to receive payments. With fintech apps or POS machines, businesses can now effortlessly receive payments.
Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has grown to over 30 million users and 1.1 million businesses, including 600,000 merchants and 500,000 agents, as part of its cashless payment ecosystem.
The PalmPay POS is fully certified by the Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement System (NIBSS) and supported by private organizations in Nigeria’s financial industry to receive payments from customers.
The over 600,000 merchants using the PalmPay POS experience an impressive 99.5% success rate and enjoy loads of other financial benefits on daily transactions.
PalmPay App
The PalmPay app is the jewel in the crown of digital payment platforms for business owners in Nigeria. The PalmPay app held the top spot on the Nigerian Google Play download chart as the most downloaded finance app for a long time.
One thing that makes PalmPay attractive is its reward system. Both business owners and their transacting customers get rewarded using the PalmPay app. Each time your customers make payments, they get discounts and cashback.
Customers enjoy cashback when they use the ‘Pay to Shop’ feature on the PalmPay app. With the PalmPay ‘Pay With Transfer,’ customers can experience a better way to shop and pay in-store by earning exclusive cashback.
Buyers using the PalmPay app can pay via the ‘Pay Shop’ feature to a network of over 500,000 shops, restaurants, and street vendors who accept the ‘Pay with Transfer’ and earn up to N500 cashback daily when paying the merchants.
Businesses or merchants of all sizes can display or paste the PalmPay Brand Mark Poster with their Merchant Account and accept payment from any Nigerian bank with the PalmPay app with no additional fee for any hardware.
Also, customers who make payments for purchases to traditional bank accounts of businesses through the PalmPay app enjoy discounts and cashback.
Why Use PalmPay?
As a small business owner, deciding to use PalmPay has its benefits. One is its reliable network. As the industry’s leading, reliable and seamless fintech platform, 99.5% of transactions are successful on the PalmPay app.
Then there are discounts. Unlike other competing fintech platforms, PalmPay offers its users several exciting discount packages and bonuses whenever they transact with the app, including 90 free monthly transfers to other banks.
How to Get Started
Entrepreneurs looking to get POS machines to receive payments for their business can fill out the application form with their personal and business details, including their name, address, phone number, and email address, and submit it for approval.
Are you interested in becoming a merchant? Download the PalmPay Business app from the Google Play store and join the thousands of businesses on the platform.
In the world of unending bank charges, PalmPay is an oasis in the desert. So, yes, turn your small business’s New Year resolution of “No gree for anybody” into a challenge on how to grow your business and earn more money.
E-Financial
Flutterwave Named in 2025 TIME100 Most Influential Companies List

Flutterwave, Africa’s leading payments technology company, has been named in the TIME100 Most Influential Companies List of 2025, marking its second appearance on the prestigious global ranking.
Previously honoured in 2021, Flutterwave joins industry giants such as Amazon, Netflix, and OpenAI in the TITANS category of the fifth-annual list, which recognizes companies driving significant global impact.
The selection process, led by TIME editors, evaluated nominees based on innovation, ambition, impact, and success, highlighting Flutterwave’s transformative role in the fintech sector.
Founded in 2016, Flutterwave has grown into a powerhouse facilitating seamless payments across Africa and beyond, empowering businesses and individuals in the digital economy.
Its solutions span critical sectors such as cross-border remittances, e-commerce, travel, payroll, and hospitality.
The company’s 2021 TIME100 recognition followed its impactful campaign to help businesses pivot online during the COVID-19 pandemic.
This year’s inclusion underscores Flutterwave’s sustained influence, with its technology now reaching over 34 African countries and expanding into new markets such as Bahrain, Turkey, and Saudi Arabia, supporting a leading global ride-hailing company’s operations.
Flutterwave’s flagship remittance product, SendApp by Flutterwave, has gained significant traction in the US, UK, and EU, offering faster and more affordable money transfers for the African diaspora.
In 2024, the company secured 20 additional licenses in the US, bringing its total to 34 and achieving near-complete coverage through strategic partnerships.
Flutterwave’s focus on profitability and market expansion, coupled with a strengthened executive team, has fuelled its growth, with nearly half of its customers receiving payments in new markets last year.
Olugbenga Agboola, founder and CEO, Flutterwave, expressed pride in the recognition, stating, “Being recognized by TIME once again is a true honour. It’s a testament to our team’s incredible work. We’re shaping Africa’s financial future and connecting the continent to the world.”
The accolade follows other recent honours, including topping Fast Company’s 2024 Most Innovative Companies list for Europe, the Middle East, and Africa, and earning a second consecutive ranking in the FXC Top 100 Cross-Border Payment Companies.
The TIME100 listing solidifies Flutterwave’s position as a global fintech leader, bridging Africa to the world through innovative payment solutions.
As the company continues to expand its reach and refine its growth strategy, its influence in transforming the financial landscape remains undeniable, setting a benchmark for innovation and connectivity in the digital economy.
E-Financial
Households Earning ₦250,000 Or Less Monthly Won’t Pay Tax – Oyedele

Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has said that under the new tax laws, Nigerian households earning ₦250,000 or less per month are classified as poor and exempt from paying taxes.
The former tax leader at PriceWaterhouseCoopers (PwC) stated this on Channels Television’s Politics Today on Thursday, a few hours after President Bola Tinubu assented to four new tax bills.
Oyedele, whom the President appointed in July 2023, described his two-year stint as chair of the tax reform committee as both eventful and challenging.
He said that the objectives of the new laws, which would take effect from January 2026, were not intended to increase taxes but to stimulate economic activity in the country and track tax evaders.
President Bola Tinubu sits as he signs four new tax bills into law at the Presidential Villa in Abuja on Thursday, June 26, 2025 in the presence of top government officials. C
Oyedele stated that the new laws would also protect businesses and ensure that the government doesn’t tax poverty, adding that the new laws are efficiency-driven, growth-focused, and people-centric.
“This tax law will not give you cash in your pocket, but at least it won’t take your cash away if you are poor.”
He said nobody earning below ₦250,000 would have to pay taxes because they don’t even have enough.
“We have eliminated the tax component for people at the bottom, we have reduced for people at the middle, and we have increased slightly for people at the top.
“That middle, we estimated it at about ₦1.8 to ₦2m a month. If you are earning that amount and below, your tax will not be zero but it will reduce from what you are paying today,” he stated, noting that those who earn this amount are about 5% of the total Nigerian population.
The tax boss said to arrive at a decision, his committee debated the poverty line of an average Nigerian.
Oyedele said, “We debated this question; we said: ‘Who is a poor person in Nigeria?
“First, we started with data like the World Bank and the UN will tell you two dollars, fifteen cents a day per person means you are at the poverty line but there are people who do not earn two dollars a day but they are not poor because they produce the food that they eat and they do not pay for transportation. I lived and grew up in the village.
“So, we had to factor that in. We drew our own (poverty) line for Nigeria on the basis of an average of five people per family: two people working if they are lucky, taking care of the five.
“When we did the maths, it gave us an amount, and that was what we used in determining the income below which nobody should pay taxes.
“We came up with a ₦120,000 or ₦130,000 per two people working in a household of five. If the earnings are about ₦250,000, they can take care of themselves. Of course, they are not going to have luxury, but at least they can take care of themselves. They are poor, and they shouldn’t pay taxes.”
“When we did the maths, it gave us an amount, and that was what we used in determining the income below which nobody should pay taxes.
“We came up with a ₦120,000 or ₦130,000 per two people working in a household of five. If the earnings are about ₦250,000, they can take care of themselves. Of course, they are not going to have luxury, but at least they can take care of themselves. They are poor, and they shouldn’t pay taxes.”
Oyedele stated that Nigeria currently collects only about 30% of what the country should be receiving in taxes, noting that the objective of the new tax laws is to close the 70% gap.
E-Financial
Fidelity Bank Joins Trillion-Naira Club as Market Value Hits ₦1 Trillion

The Cable NG reports that the market capitalisation of Fidelity Bank has crossed the N1 trillion mark as the share value of the company appreciated by 1.27 percent at the close of trading.
According data from the Nigerian Exchange Group (NGX), the bank’s market capitalisation hit N1 trillion after its share price rose from N19.75 on Tuesday to N20 on Wednesday.
The increase moved the company’s valuation from N991.6 billion to N1 trillion.
With the development, Fidelity Bank joins the list of financial institutions with a market capitalisation of over N1 trillion.
The companies are Zenith Bank, Access Bank, United Bank of Africa (UBA), Guaranty Trust Bank (GTB), and First Bank.
On May 21, Nneka Onyeali-Ikpe, the managing director (MD) and chief executive officer (CEO) of Fidelity Bank, acquired an additional 18 million shares in the bank.
Two days later, Onyeali-Ikpe bought additional 2 million units of shares in the bank.
According to a regulatory filing on the NGX, the shares were acquired on May 22, at N18.6 each — amounting to a total value of N37.2 million.
The acquisitions increased her shareholding in the bank to 114.64 million shares — from 94.64 million held as at December 31, 2024.
In its latest financial performance report, Fidelity Bank said it reported a 167.8 percent year-on-year increase in profit before tax (PBT), which increased to N105.8 billion in the first quarter (Q1) of 2025.
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