• About
  • Advertise
  • Careers
  • Contact Us
Sunday, June 15, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Mobility
    • Environment
    • Travel
    • StartUPs
  • Economy
  • TECHECONOMY TV
  • TBS
  • About Us
  • Contact Us
  • Telecoms
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Mobility
    • Environment
    • Travel
    • StartUPs
  • Economy
  • TECHECONOMY TV
  • TBS
  • About Us
  • Contact Us
  • Telecoms
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Fintech

PalmPay: 7 Mobile Money Forecasts for 2025

…Smartphone penetration, internet connectivity innovation pivotal to increased access to mobile money services, says Chika Nwosu, MD of PalmPay

by Peter Oluka
January 25, 2025
in Fintech
1
PalmPay Forecasts 2025
PalmPay Forecast | 2025

PalmPay Forecast | 2025

UBA
Advertisements

PalmPay, an emerging markets-focused, multinational fintech company, has released its forecasts for the mobile money sub-sector in 2025, Techeconomy can report.

Nigeria’s mobile money sector experienced significant growth, in 2024, marked by substantial increases in transaction volumes, user adoption, and strategic investments.

For instance, between January and July 2024, licensed mobile money operators, including PalmPay, processed transactions totaling ₦41.5 trillion.

This represents a 74% increase compared to the ₦23.9 trillion recorded during the same period in 2023.

Given that the total transaction value for the entire year of 2023 was ₦46.6 trillion, the 2024 figures indicate a trajectory toward surpassing previous records.

PalmPay Mobile Money Forecasts
Advertisements
MTN ADS
L-r: Femi Hanson, head, Marketing and Communications, PalmPay; Chika Nwosu, managing director, and Donald Ubeh, head, Risk and Compliance, MLRO at PalmPay’s media roundtable discussing 2025 fintech forecast

Flip to 2025, PalmPay is forecasting that with smartphone penetration projected to reach 65% by 2026 as well as improved internet infrastructure, more Nigerians will be enabled to access mobile money services.

Speaking during a media parley at their Lagos office, Chika Nwosu, the managing director, PalmPay, reiterated that smartphone penetration, internet connectivity and innovative technologies as key factors that are crucial to increased access to mobile money services in Nigeria.

According to him, with smartphone penetration projected to reach 65% by 2026 as well as improved internet infrastructure, more Nigerians will be enabled to access mobile money services.

He disclosed that, with fintech companies such as PalmPay evolving through digital wallets and seamless payment gateways, accessibility to mobile money service was bound to expand soon.

He emphasized that with demand for affordability of financial services growing, more opportunities would be unlocked for PalmPay in the nearest future.

“From under 10,000 agents in 2015 to over 1.5 million agents in 2023, agent networks have become the backbone of mobile money operations in Nigeria. For this reason, we are more likely to see a sharp increase in the number of mobile money agents and merchants. Apart from that, MMOs will increasingly use artificial intelligence to improve customer experiences, such as machine learning, predictive analytics, and fraud detection,” he said.

Donald Ubeh, head, Risk and Compliance, MLRO at PalmPay, in a presentation on impact of Fintech, stated that with more collaboration with regulators and other financial institutions, it was only a matter of time that Nigeria’s name will be expunged from the list.

While highlighting the impact of fintech companies such as PalmPay, Ubeh explained that the berth of PalmPay has led to economic empowerment particularly for individual users and several Small and Medium Scale enterprises.

He noted that many Nigerians including bank customers have migrated their funds to PalmPay owing to convenience and accessibility it provides.

He added that mobile money operators were conceived with the aim of driving financial inclusion for the underserved and unbanked population.

According to EFInA, increasing adoption of fintech companies by Nigerians has led to increase in financial inclusion rate by 13% in 13 years.

In his presentation, Femi Hanson, head, Marketing and Communications, PalmPay, disclosed the company’s seven (7) Mobile Money Forecasts for 2025:

1. Financial Inclusion

Fintech companies integrated innovative technologies, such as digital wallets and seamless payment gateways, USSD to expand service accessibility.

2. Collaboration with Regulators, Financial Institutions

More Fintech collaboration with regulators is crucial to fostering a stable financial ecosystem and address compliance concerns to ensure that Nigeria’s removal from the FATF grey list.

Interestingly, just last Friday, the Nigerian government, through the efforts of the National Information Technology Development Agency (NITDA), and the Nigerian Financial Intelligence Unit, (NFIU) have kick-started an initiative that would ensure the exclusion of the country from the FATF Grey List by May 2025.

This initiative was a directive of President Bola Tinubu to the request of the NFIU to develop and implement an Anti-Money Laundering/Counter Financial Terrorism/Counter Proliferation of Firearms Data Management Framework and Platform in collaboration with NITDA. [READ MORE here]

3. Increased Smartphone Adoption

PalmPay has said that increased adoption of smartphones and Internet connectivity will enable more Nigerians to have access to mobile money services, particularly the unbanked and underserved.

Smartphone penetration is projected to reach 65% by 2026, will enable more Nigerians to access mobile money services. – PalmPay

4. Increased Demand for Affordability

The demand for affordable offerings and savings will increase and this is where the fintech will plug in.

5. Extensive Agency Network

From under 10,000 agents in 2015 to over 1.5 million agents in 2023, agent networks have become the backbone of mobile money operations in Nigeria. “We expect to witness growth in this aspect”, Mr. Hanson said.

6. Expansion of AI, Blockchain, and Big Data.

MMOs will increasingly use artificial intelligence to improve customer experiences, such as through machine learning, predictive analytics, and fraud detection.

7. Diversification of Digital Services

“We will see more operations in insurance tech, health tech, savings & wealth all on the fintech platform”, he added.

PalmPay Story:

PalmPay is an emerging markets-focused, multinational fintech founded in 2019.

By leveraging cutting-edge technology, the Fintech makes world-class financial services available to the mass market in regions that need it the most.

PalmPay operates Nigeria’s biggest financial app by monthly active users of 16 million and are rapidly expanding into new markets.

Today, PalmPay serves over 35 million customers and 1.2 million business users with digital accounts, real-time payments and savings and credit solutions.

Loading

0Shares
Tags: 2025 fintech forecastDonald UbehEFInAFATFFATF Grey ListFemi HansonFinancial inclusionMMOsmobile money Forecast
Peter Oluka

Peter Oluka

Peter Oluka (@peterolukai), editor of Techeconomy, is a multi-award winner practicing Journalist. Peter’s media practice cuts across Media Relations | Marketing| Advertising, other Communications interests. Contact: peter.oluka@techeconomy.ng

Next Post
Co-founders of SeamlessHR - Dr. Emmanuel Okeleji and Deji Lana

SeamlessHR Raises additional $9million from Gates Foundation, Helios

Comments 1

  1. Pingback: 30% Users Picked PalmPay as their First Finance App | Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Mitchell Elegbe letter to Interswitch Staff

Interswitch Founder, Mitchell Elegbe Highlights 20 Years of Sheer Grit in Anniversary Letter to Staff

3 years ago
Unilever Faces Tough Quarter Amidst Inflation, Escalating Costs

Unilever Nigeria Records 44% Turnover Growth in 2024 Unaudited Report

5 months ago

Popular News

    Connect with us

    Currently Playing

    How to be productive this year ! #productivity #timelimit

    How to be productive this year ! #productivity #timelimit

    00:00:51

    TE Weather

    TE PODCAST

    Techeconomy Podcast
    Techeconomy Podcast

    Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

    Follow us @techeconomyng for more.

    Listen OnSpotify
    Audio Player
    TECH TALK EPISODE 2
    Techeconomy Podcast
    TECH TALK EPISODE 2
    [...]
    • 0.8
    • 1
    • 1.2
    • 1.5
    • 2
    Download
    • Facebook
    • Twitter
    • Linkedin
    • Copy episode link Copied
    • Download
    Captions
    00:00
    00:00
    TECH TALK EPISODE 2
    byTecheconomy

    PRODUCTIVITY AND WORK-Life Balance

    Episode play icon
    TECH TALK EPISODE 2
    Episode Description
    Episode play icon
    CYBERSECURITY ESSENTIALS
    Episode Description
    Episode play icon
    Digital Marketing Trends and strategies for 2025 and beyond
    Episode Description
    Episode play icon
    Major Lesson for Techies in 2024 and Projections for 2025
    Episode Description
    Episode play icon
    Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
    Episode play icon
    Maximizing Profitability Through Seasonal Sales: Strategies For Success
    Episode play icon
    Techeconomy Business Series
    Episode Description
    Episode play icon
    PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
    Episode Description
    Episode play icon
    Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
    Episode Description
    Episode play icon
    The Role of Ed-tech in Life Long Learning and Continuous Education
    Episode Description
    Search Results placeholder
    Listen OnSpotify
    • About
    • Advertise
    • Careers
    • Contact Us

    © 2017 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Mobility
      • Environment
      • Travel
      • StartUPs
    • Economy
    • TECHECONOMY TV
    • TBS
    • About Us
    • Contact Us

    © 2017 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »