Palmpay’s Managing Director Chika Nwosu announced at a press conference on Wednesday that Nigerian fintech PalmPay will grow into South Africa, Côte d’Ivoire, Uganda, and Tanzania by the end of 2025, building on momentum from handling more than 15 million daily transactions in the first quarter. He, however, did not disclose the value of the transactions.
The move would expand PalmPay’s reach to six African nations after it was first introduced in Ghana and Kenya. A successful expansion could enhance the company’s visibility and position it for a potential Initial Public Offering (IPO).
Business-to-business services will be provided in Tanzania by the corporation, but it did not define what products it will offer in other additional markets.
PalmPay customers process 50 transactions monthly
Additionally, Nwosu disclosed that consumers now successfully complete 50 transactions on average every month, including bank transfers and airtime purchases, with a 99.5 percent success rate.
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“Mobile money wasn’t always perceived as viable, but we identified a core problem: system reliability, especially for simple things like free and seamless transfers,” he said. “So we invested in technology that’s efficient and reliable.”
9 million customers made ₦4 billion via PalmPay’s wealth product in 2024
In 2024, 9 million customers received over ₦4 billion ($2.4 million) using PalmPay’s wealth product, which enables users to earn interest fees on a regular basis.
Since PalmPay gives consumers up to 22% yearly interest on deposits made into its wealth product, a 2024 interest payout of ₦4 billion indicates that the fintech held more than ₦18 billion ($11 million) in client deposits on its wealth wallet alone. Deposits made by customers are also kept outside of the fintech’s wealth wallet.
Despite the restrictions on its mobile money license, PalmPay’s relationships with investment houses like ARM and insurance businesses like Leadway Assurance allow customers to buy treasury bills and earn interest.
“We have effectively built a super app that integrates banking, investment, insurance, and payments,” Nwosu said. “Think of it like a one-stop financial marketplace that is fully compliant through layered partnerships.”
PalmPay to expand to underserved areas
According to Nwosu, the fintech will open an office in each of the six geopolitical zones and expand its presence in Nigeria’s underserved areas, even though it now operates in all 774 local governments.
Following the March introduction of its first debit card in collaboration with Verve, Nwosu informed reporters that the company is on track to issue more than 5 million cards by the end of 2025.
The cards will be distributed by Palmpay via its nationwide network of more than one million agents, who provide monthly services to more than 13 million customers.
Investment of PalmPay in technology to improve customers’ service
PalmPay will not rest on its Q1 numbers, as it is investing in technology, listening to customers, and continuously improving security, reliability, and product depth to attract more customers, Nwosu said.
The Nigeria Inter-Bank Settlement Systems (NIBSS) reports that authorised mobile money providers, such as PalmPay and OPay, handled ₦71.5 trillion in transactions in 2024, up 53.4 percent from ₦46.6 trillion in 2023.