E-Financial
PalmPay Celebrates 25M User Milestone in Nigeria, 800,000 Mobile Money Agents
PalmPay, a pioneering Africa-focused fintech platform, today celebrates a significant landmark in its journey, marking 25 million users on its smartphone app and an extensive network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.
This rapid growth within just four years of its market entry in Nigeria is testament to the company’s robust strategy centered on offering secure, user-friendly and inclusive financial services.
“We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria.”, stated Sofia Zab, Global CMO of PalmPay. “PalmPay’s growth validates our approach and illustrates the increasing demand for innovative fintech solutions that address the unique needs of Africa’s underserved population.”
PalmPay’s user-friendly application simplifies digital transactions, making them swift and convenient. This has driven a shift in consumer behaviour from cash to digital payments. Today, the company processes more than 5 billion USD per month.
The PalmPay app offers a comprehensive suite of financial services that empower its customers with tools to manage their finances in one place.
This week, the company is launching it’s savings service, which include a 20% annual interest savings plan available to all users. The fintech also provides banking services for businesses, equipping them with dedicated apps, web portal and POS.
PalmPay’s efforts in promoting financial inclusion have been notably impactful, with around 30% of its users stating that their first-ever financial account was created on the app.
Its expansive network of mobile money agents help users deposit and withdraw money and guide consumers on how to use the PalmPay app. Its agents also serve consumers who do not have access to smartphones by transacting on their behalf, thereby extending access to PalmPay’s services to millions of additional people.
The company’s success in Nigeria has been propelled by its proprietary payment infrastructure, which offers unmatched reliability in a market that has long grappled with unstable financial systems. The platform boasts a 99.5% 10-second transaction success rate, distinguishing PalmPay in a highly competitive fintech space.
“PalmPay is more than a digital wallet – we are building a comprehensive platform to offer consumers all the tools they need to thrive financially. As we move forward, our aim is to become Africa’s financial superapp,” added Zab.
“Our partners benefit from our robust payment infrastructure and data-driven approach, which enables us to connect their offerings directly to their target customers, fostering mutual growth within our digital ecosystem.”
The company’s next strategic step is to bridge the gap between consumers and businesses by digitising merchant payments. PalmPay is onboarding tens of thousands of offline retailers every month, many of whom are spurred to join the platform following requests from its customers who want to be able to pay with transfer.
“The consumer base has now become one of the major driving forces of wider cashless adoption in the Nigerian payments ecosystem”, said Chika Nwosu, PalmPay Nigeria Managing Director, “We see an enormous potential in digitising payments for the retail and informal economy, which reduces their cost of doing business and helps them build the digital track record to qualify for credit and other financial services.”
Looking ahead, PalmPay is extending its operations to more countries and plans to offer cross-border transactions in future. The company is already piloting services in Ghana and is preparing launch plans for several other African markets.
Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards
Flutterwave Secures 20 more US Money Transmitter Licences
Court Affirms NIBSS Authority to Manage BVN
NIMC Says NIN Services Back Online
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