PalmPay Processes 15m Transactions Daily On Its Consumer App
News Highlights:
- PalmPay earns global recognition as it is named in CNBC and Statista’s “Top 250 Fintech Companies in the World” for 2024
- PalmPay’s recognition reflects the fintech’s rapid expansion and significant impact on financial inclusion across Africa.
- PalmPay’s innovative approach to financial services has contributed to financial inclusion in a market where over 40% of adults are unbanked.
PalmPay, a prominent fintech platform with a focus on Africa, has been featured in the 2024 edition of CNBC and Statista’s esteemed “Top 250 Fintech Companies in the World” list.
This accolade highlights PalmPay’s swift expansion and notable efforts in promoting financial inclusion.
The CNBC/Statista list recognizes fintech pioneers who are significantly transforming the financial services industry through technology.
Over 2000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection.
In 2024, the list included some of the most influential fintechs worldwide, such as Alipay, Nubank, Monzo, and Revolut.
Six other African firms also made the list including Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial Planning; and Yoco (South Africa) – Payments.
PalmPay has created an integrated platform serving both consumers and businesses in the African market.
Since its inception in 2019, the startup has pioneered a unique model in Nigeria, offering financial services such as money transfers, bill payments, credit services, and savings through a comprehensive fintech ‘superapp’ and a network of mobile money agents.
This dual strategy of user-friendly digital banking, combined with offline touchpoints for those without smartphones, has helped advance financial inclusion in a market where over 40% of adults remain unbanked.
In 2023, PalmPay celebrated a significant milestone, reaching 30 million registered users on its smartphone apps and 1.1 million businesses in its network of mobile money agents and retail merchants.
Notably, one-third of PalmPay customers reported that the platform was their first-ever financial account.
PalmPay has rapidly become a market leader in Nigeria due to its user-friendly interface, reliable transactions, and emphasis on increasing market share through fee-free transfers and promotions.
The platform processes 15 million transactions daily on its consumer app, boasting a 99.5% transaction success rate.
To reach this scale in a market where 10% transaction failure rates were common, the company developed its payment infrastructure, channel integrations, and transaction routing systems.
Besides its consumer wallet, PalmPay provides services to businesses through its suite of POS machines, APIs, and checkout solutions, all leveraging the PalmPay platform.
“We are honored that PalmPay has been recognized by CNBC and Statista as one of the World’s Top Fintech Companies,” said Sofia Zab, Global CMO.
“This accolade validates our distinctive approach to financial services and our dedication to advancing financial inclusion.
“We are continually expanding PalmPay’s reach and offerings, ensuring more people have access to essential financial services, and fostering economic development in emerging markets.”
PalmPay operates in several key markets across Africa, including Nigeria, Ghana, and Tanzania, with plans for further expansion in the region and other emerging markets.
The company has global headquarters in China and London.