PalmPay, an Africa-focused fintech platform, has achieved a user milestone of 35 million on its super app.
In other words, 1 in 5 people in Nigeria transact, save & pay with PalmPay.
The company also boasts a network of 1.2 million mobile money agents and merchants within its payments ecosystem.
The growth of PalmPay, which entered the Nigerian market about five years ago, reflects its strategy of providing secure, user-friendly, and inclusive financial services tailored to the needs of underserved populations in Africa.
Techeconomy gathered that about 30% of the users picked PalmPay as their first finance app.
PalmPay attributes its success to the simplicity and convenience of its application, facilitating seamless digital transactions and driving a shift from cash to digital payments.
Interestingly, the financial app has received 4.6 ratings out of 5 stars with a total of 581K user ratings and reviews on Google Play.
Affordable Savings Offer
One of the key drivers of PalmPay’s customer growth is its flexible savings offerings.
With N4 billion paid as returns on savings in 2024, PalmPay’s savings product has been offering highly competitive returns, thereby driving financial inclusion goal of the Central Bank of Nigeria.
The app offers the 10 million monthly active users up to 20% flexible savings annual interest and up to 22% ‘Smart Earn’ annual interest.
The platform which currently processes over $6 billion in transactions each month and offers a comprehensive suite of financial services, consolidating customers’ finances in one place, reiterates it is not a loan app.
