News
PalmPay Named Among Top 250 Fintech Companies in the World by CNBC and Statista
Africa-focused fintech platform, PalmPay, has been included in the 2024 edition of CNBC and Statista’s prestigious list of the “Top 250 Fintech Companies in the World.” This recognition underscores PalmPay’s rapid growth and significant contributions to advancing financial inclusion.
The CNBC/Statista list honours fintech pioneers significantly transforming the financial services industry through technology. More than 2000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection.
In 2024, some of the most influential fintechs in the world were included in the list, including Alipay, Nubank, Monzo, and Revolut. Six other African firms made the list: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial planning; and Yoco (South Africa) – Payments.
PalmPay has developed an integrated platform that caters to consumers and businesses in the African market. The startup, which has been operating since 2019, pioneered a unique model in Nigeria that provides financial services such as money transfers, bill payment, credit services and savings via a one-stop-shop fintech ‘superapp’ and mobile money agents.
This dual approach of easy-to-use digital banking, combined with offline touchpoints for those without smartphones, has contributed to driving financial inclusion in a market where more than 40% of adults remain unbanked.
In 2023, PalmPay announced a major milestone of reaching 30 million registered users on its smartphone apps and 1.1 million businesses in its network of mobile money agents and retail merchants. A third of PalmPay customers report that the platform was their first-ever financial account.
PalmPay has quickly grown to become a market leader in Nigeria thanks to its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions. PalmPay processes 15 million transactions on its consumer app daily and maintains a 99.5% transaction success rate.
To achieve this scale in a market where 10% transaction failure rates were common, the company built out its payment infrastructure, channel integrations and transaction routing systems. In addition to its consumer wallet, PalmPay offers services to businesses that leverage the PalmPay platform via its suite of POS machines, APIs and checkout solutions.
“It’s an honour for PalmPay to be recognised by CNBC and Statista as one of the World’s Top Fintech Companies,” said Sofia Zab, Global CMO, “This recognition validates our unique approach to financial services and our commitment to driving financial inclusion. We are actively expanding PalmPay’s reach and offerings, ensuring more people have access to essential financial services and promoting economic development in emerging markets”
PalmPay operates in several key markets across Africa, including Nigeria, Ghana and Tanzania, with plans to expand further in the region and other emerging markets. The company has global HQs in China and London.
News
World Bank says 40% Nigerian MSMEs are Owned by Women
A report by the World Bank has established that 40 per cent of Micro, Small and Medium Enterprises (MSMEs) in Nigeria are owned by women, with most of the businesses growing at a remarkable rate.
In the World Bank latest report released on Wednesday, the global bank, through its Nigeria Women Entrepreneurs Finance Initiative (We-Fi), partnership with the Development Bank of Nigeria (DBN) and two commercial banks in Nigeria – Access Bank and Sterling Bank, established development of innovative credit solutions that expanded access to finance for women entrepreneurs.
The report summarizes key lessons, which include initial diagnostic; an assessment of demand for business loans; analysis of SMEs who applied to and/or received Access Bank cash flow loans, and administrative data from Access Bank’s cashflow loan programme.
“Our objective is to provide insights into the successes and challenges of disbursing loans to women-led SMEs (WSMEs) in Nigeria.
This research is being conducted in partnership with the World Bank’s Africa Gender Innovation Lab (GIL), which is also carrying out an impact evaluation that will capture how cashflow-based lending impacts male- vs female-led firms’ access to credit and business performance,” the report added.
News
FG Launches Digital Quality Assurance Platform For Basic Education
The Federal Government has launched an electronic quality assurance system, Federal Education Quality Assurance Service Cloud Server-FEQAS-collect, to boost the quality of basic and secondary education delivery in the country.
The Minister of State for Education, Dr Yusuf Sununu who spoke at the launch on Thursday in Abuja, noted that the system was designed to streamline collection, analysis and reporting of data related to the quality of education in schools across the nation.
Represented by the Director, Information and Communication Technology (ICT), Abubakar Isa, he explained that with establishment of the cloud server, the Federal Ministry of Education would be better equipped to monitor, evaluate, and improve education quality assurance processes and practices across the nation with the
He said: “Enhance data capturing and management, streamline processes and improve efficiency, boost collaboration, networking and efficient reporting, ensure scalability and flexibility; and fortify security and data protection”.
Executive Secretary of Universal Basic Education Commission (UBEC), Dr. Hamid Bobboyi, said the manual conduct of school quality assurance evaluation and reporting was fraught with many challenges including delay and human errors, hence the need to automate the system.
Bobboyi disclosed that the Commission adopted the use of digital technology for the school quality assurance evaluation activities, with a view to promoting flexibility, accuracy, timely reporting and reduction in human errors.
According to him, the progress in this direction was facilitated by the technical support the Commission received from the National Space Research and Development Agency (NASRDA), leading to the development of “UBEC Collect,” which is currently being used by Quality Assurance Officers in the Commission, State Universal Basic Education Boards (SUBEBs) and Local Government Education Authorities (LGEAS).
“I am glad to say that this innovation is helping the officers to conduct their work efficiently and provide timely feedback to school and stakeholders.
“The impact of the technological intervention in our school quality assurance evaluation encouraged us to decide to extend the facility to the Federal Quality Assurance Services (FEQAS) in the overall interest of educational development in the country,” he stated.
While stressing that the initiative would help tremendously in addressing the challenge of learning poverty in the country, Bobboyi said quality assurance evaluation in basic education is conducted to evaluate learners’ performance for improvement.
He added that the Commission places emphasis on school quality assurance evaluation as an essential process for diagnostic, assessment and remediation purposes.
Mrs. Helen Okoro, Director, Quality Assurance, UBEC, said with the launch of the initiative, both Federal Education Quality Assurance Services (FEQAS) and UBEC Quality Assurance Officers (QAOs) would now be on the same page towards achieving common goal in monitoring and evaluation of schools.
“The use of the digital Tablet in conducting school evaluation is meant to simplify the work of the field officers so that all areas of whole school evaluation are effectively covered without difficulties,” she said.
News
Bridging the Digital Divide: Governor Soludo Empowers Disability Rights Commission
In alignment with Mr. Governor’s vision for “Everything Technology, Technology Everywhere,” the Disability Rights Commission recieved digital tools designed to transform how they advocate for and support persons with disabilities.
These tools will improve communication, enhance access to essential services, and foster inclusivity in decision-making processes.
With innovative software to boost accessibility, the Commission is now better equipped to fulfill its mandate and ensure that no one is left behind in the state’s digital transformation drive.
This integration of technology is a game-changer, empowering ‘those who need it most’.
This significant advancement was made possible through the collaborative efforts of the Anambra State ICT Agency, which played a crucial role in facilitating the digital transformation.
As part of its mission to drive e-government initiatives and support technology integration across state institutions, the agency provided the technical expertise and resources necessary to implement these tools effectively.
Receiving the digital tools, the Chairman of the Commission, Barr. Chuks Ezeawuzie, described it as a welcome development, highlighting the rapid pace of technological adoption and its potential to enhance productivity.
“Anyone without technology is still living in the stone age, the analog stage. But with these tools, our office is now digitalized,” he stated.
Barr. Ezeawuzie added, “We feel that the solution is here—solutions to our equipment problems.”
He noted that the pre-digital era involved strenuous work, particularly for those physically challenged.
However, with the provision of these tools by the Solution Governor, Prof. Charles Chukwuma Soludo, these challenges are being addressed.
Reflecting on his past, Ezeawuzie shared, “It reminds me of my time at the school for the blind, where everything was done manually and with great effort.
“During my postgraduate studies in the United States, I learned to appreciate how technology can enhance the lives of the blind.
“However, when I returned years before the Solution Government took office, there were no tools available to put that knowledge into practice.”
He added, “With these tools, not only will our productivity be enhanced, but they will also enable even more persons living with disabilities to receive training at our Access to Technology Training Center within the Commission.”
In addition to the digital tools, the Commission has also been provided with Cable TV, air conditioners, water dispensers, stabilizers, refrigerators, cameras, tripod stands, and others too numerous to mention, creating a more inclusive and functional work environment.
As the Disability Rights Commission steps into this new era of digital empowerment, it not only strengthens its capability to serve but also exemplifies Governor Soludo’s commitment to integrating technology into every facet of governance.
This initiative, supported by the Anambra State ICT Agency, underscores a broader vision where technology bridges gaps and fosters a more inclusive society, reflecting a promising future for all stakeholders involved.
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