PalmPay has been acknowledged for its dedication to promoting financial inclusion in Nigeria, receiving the Financial Inclusion Agent of the Year and Key Driver of Financial Inclusion Awards at the 2024 International Financial Inclusion Conference (IFIC) held on November 13-14 in Lagos.
The conference was organized by the National Financial Inclusion Governance Committees, an initiative led by the Central Bank of Nigeria (CBN) that brings together regulatory bodies, financial service providers, and development partners.
This year’s conference, themed “Inclusive Growth: Harnessing Inclusion for Economic Development,” gathered national and international stakeholders to explore the vital role of financial inclusion in economic empowerment and to propose strategies for achieving Nigeria’s goal of 95% financial inclusion by the end of 2024.
Mr. Chika Nwosu, Managing Director of PalmPay Nigeria, expressed his appreciation for the recognition, stating that the awards validate the company’s mission to make financial services accessible to everyone.
“Our innovative approach, which combines a user-friendly smartphone app with a nationwide network of over 500,000 mobile money agents, has enabled us to broaden financial access and provide complex financial products to a larger audience. Currently, we have over 35 million users on our consumer app, with a third indicating that PalmPay was their first financial account,” he noted.
“Moreover, our mobile money agents assist millions of consumers, including those without smartphones or personal accounts. These agents play a crucial role in educating and onboarding the unbanked into the financial ecosystem, helping PalmPay contribute to Nigeria’s financial inclusion goals.”
Since its launch in 2019, PalmPay has made significant strides in financial inclusion, offering a reliable payment platform with an impressive 99.95% success rate, which has encouraged increased online consumer spending in a market where failure rates of 10% were common.
By combining this reliability with a customer-focused business model—providing free bank transfers, discounts, and cashback on transactions like airtime and bill payments—PalmPay has rapidly gained market share in Africa’s most populous nation.
The company aims to develop a comprehensive financial ecosystem that caters to both consumers and businesses. Recent innovations include the introduction of USSD capabilities for seamless offline transactions and API-based services for online merchants seeking to facilitate payments in Nigeria and across Africa.
PalmPay is a leading fintech platform focused on emerging markets, committed to fostering economic empowerment in Africa. Through its reliable, user-friendly, and inclusive range of financial services, PalmPay delivers high-quality products directly to everyday consumers and local and international merchants.
PalmPay provides money transfers, bill payments, credit services, and savings through its apps and mobile money agents. Since its inception in Nigeria in 2019 under a Mobile Money Operator license, the platform has expanded to over 35 million smartphone app users and 1.2 million MSMEs. For more information, visit PalmPay’s social media channels or their website at www.palmpay.com.
