Palmpay to Launch in Four African Countries, Processes 1.35 Billion Transactions in 3 Months
- Nigerian financial technology company, Palmpay, has disclosed plans to expand to four African countries
- The company’s managing director, Chika Nwosu, said the firm will launch in South Africa, Tanzania, Côte d’Ivoire, and Uganda
- He disclosed that Palmpay processed over 15 million transactions daily in the first quarter of 2025
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Financial technology firm, Paypay, will expand to four African markets, including South Africa, Côte d’Ivoire, Uganda, and Tanzania by the end of 2025.
The company will leverage the momentum it built in Nigeria from processing over 15 million transactions daily in the first quarter of 2025.
Source: Getty Images
Palmpay to operate in 6 African countries
The company’s managing director, Chika Nwosu, disclosed this in a recent conference, but declined to state the value of the transactions.
The planned expansion will establish Palmpay’s operations in six African countries, as it had earlier launched in Ghana and Kenya.
The move would position the company for a future public offering, allowing it to scale its growth in those markets.
According to TechCabal, Palmpay will offer B2B services in Tanzania. It, however, did not specify its product offerings for other planned markets.
The company’s MD also disclosed that customers now perform about 50 transactions, including bank transfers and airtime purchases, monthly, with a 99.5% success rate.
Palmpay pays N4 billion to wealth wallet users
Nwosu revealed that mobile money was not seen as viable, but the company identified a need such as system reliability for simple tasks and seamless transfers, stating the firm invested in technology.
The company also reportedly paid out N4 billion in 2024 to nine million users with its wealth product, allowing users to earn daily interest fees.
The move means the company holds over N18 billion in customer deposits on its wealth wallet.
He revealed that Palmpay users can earn and purchase treasury bills via its partnerships with Leadway Assurance and ARM.
Nwosu said the Palmpay app is a super app, integrating banking, investment, insurance, and payments, making it a one-stop financial marketplace that is compliant via partnerships.
Palmpay to establish offices in each geopolitical zone
The firm will also grow its reach in Nigeria’s unbanked areas despite having a presence in all of Nigeria’s 774 local governments and will open offices in each geopolitical zones.
The firm launched a debit card in March, stating that it aims to distribute five million cards by the end of 2025.
It will leverage its over one million agents nationwide for the card distribution.
Source: Getty Images
Data from the Inter-Bank Settlement System (NIBBS) shows that licensed mobile money operators processed N71.5 trillion in transactions in 2024, an increase of 53.4% from N46.6 trillion in 2023.
Palmpay and Opay announce account changes
Legit.ng previously reported that OPay and Palmpay have announced key changes to how customers get verified on their platforms.
The two digital banking platforms made the changes in response to reports of loopholes exploited by fraudsters when opening accounts.
For Opay, there are changes in the identification method of securing bank accounts during the onboarding process.
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Source: Legit.ng
