E-Financial
PalmPay Processes Over 300m Transactions Monthly
PalmPay, one of Nigeria digital banks processes over 300 million volume of transactions every month worth N6trillion.
Chika Nwosu, managing direction, PalmPay stated this at the 5th anniversary event of the Fintech company held on Monday in Lagos.
Chika Nwosu, managing direction, PalmPay
He said that, the past 5 years have been about problem solving, innovative thinking and enabling Nigerians for a digital economy. “We have grown immensely as an organization by launching diverse range of financial products making payments solutions more accessible and reliable.
“We are bigger, stronger and better in every way having been recognized as one of the world top 250 Fintech companies in 2024 by CNBC and Statista’.
“We have established ourselves as a top player in Nigeria Fintech space. Our impact is tangible with products like money transfer, e-payment, credit services and saving. PalmPay contribution to financial inclusion is very significant, as the country achieved 74 percent inclusion rate as at last year and we are just getting started,” he said.
He noted that the recently launched USSD service *861# is an innovative solution designed to bring financial services to Nigerians without smartphones. “This innovation is driven by our understanding of local needs and our commitment to delivering real solutions.
“Looking ahead of us in the next 5 years of our operation, will be about sterling innovations and deepening our impact, we are not just looking at adding zeros to our user base but bringing financial empowerment to every nooks and crane of Nigeria. We want to continue to prioritize security, innovation and user experience, enhancing our anti-fraud features in collaborating closely with regulators.
“As we want to deepen financial inclusion in Nigeria, we want to reach especially the last mile, – the people who don’t use smartphones. This is actually our major target going forward.
“For us in PalmPay our major objective is to use technology to support financial inclusion not just in Nigeria but in other African countries. We are promising our customer that we will give them the best of service and so, they should stick with us, ” he added.