Tag: PalmPay

Fintech platform and full-stack digital neobank for emerging markets, PalmPay, has partnered with AXA Mansard Health, a member of the globally trusted AXA Group, to provide millions of Nigerians with affordable, accessible digital health insurance.

This strategic partnership enables PalmPay users to seamlessly access a range of health insurance packages from AXA Mansard directly within the PalmPay app. With plans starting as low as N500 per month, users can now choose from flexible insurance options tailored to fit their everyday needs.

The plans are designed to meet a wide range of needs; for example, the AXA Digital Health plan offers access to telemedicine consultations with doctors, N5,000 worth of medications, and up to N40,000 in surgical coverage. Users can also opt for the AXA Mansard MicroHealth plan at N1,000 per month, which provides unlimited diagnostic tests and funeral benefits. Additionally, the AXA Mansard Accident plan, available for N500 monthly, offers comprehensive death cover for both accidental and non-accidental cases.

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Speaking on the partnership, Head of Wealth Product at PalmPay, Habib Kowontan, said: “Insurance is a key pillar of financial security, yet millions of Nigerians remain underserved. Our partnership with AXA Mansard Health breaks down long-standing barriers by placing reliable and affordable insurance solutions right at our users’ fingertips.”

In her remarks, Chief Distribution Officer, AXA Mansard Insurance Jumoke Odunlami, said the partnership with Palmpay presents the AXA with another opportunity to improve health and productivity of Nigerians. “Through partnerships like this, we are covering over 1.8 million Nigerians and ensuring that healthcare is accessible, available and affordable.

“So we are excited about joining forces with a brand like Palmpay to compliment the range of financial possibilities they offer their customers with health plans. It fits well with our mission and our purpose of acting for human progress by protecting what matters, and we are looking forward to doing even more with Palmpay,” she said. 

This partnership reflects PalmPay’s broader mission to create a more inclusive digital financial ecosystem, one that empowers users to not only manage their money efficiently, but also secure their future.

This partnership reflects PalmPay’s broader mission to create a more inclusive digital financial ecosystem, one that empowers users to not only manage their money efficiently, but also secure their future.

PalmPay reinforced its commitment to data protection and youth empowerment with partnership with the Federal Ministry of Youth Development to launch the Youth Data Protection Awareness and Training (YDPAT) Program, which is targeted at equipping over 1,000,000 Nigerian youths digitally over three years.

The training program, commissioned last week at the Shehu Musa Yar’ Adua Centre in Abuja, will focus on providing youths with the right knowledge and skills required to navigate the digital landscape safely.

 With over 70per cent of the Nigerian population consisting of youths, this is an important move to foster trust, security and youth-focused innovation.

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Speaking at the launch, the Minister of Youth Development, Comrade Ayodele Olawande, commended PalmPay’s partnership in the actualisation of the program and described YDPAT as a bold step toward building a digitally literate and security-conscious generation.

He said: “This is about building a privacy-first generation, one that is inclusive, future-facing, and globally competitive.”

He also emphasised the low awareness of the Nigerian Data Protection Act (NDPA), 2023 and the critical shortage of certified Data Protection Officers (DPOs), despite over 500,000 data controllers operating in the country.

This position was equally supported by PalmPay’s Managing Director, Mr Chika Nwosu, who stated how data protection is as important as innovation in tech. He noted that PalmPay integrates privacy into every stage of its product development, ensuring that user information is safe.

Beyond ensuring data protection, PalmPay is committed to empowering young Nigerians with real opportunities for growth, with mentorship and internship placements for top-performing participants. It has led several youth-oriented initiatives, including the Purple Woman campaign, and Passing the Baton CSR for thousands of youths and women in urban and rural communities.

With a drive to achieve nationwide digital literacy, PalmPay is championing campaigns in Northern Nigeria, with more activations planned across various states.

A neobank and fintech platform focused on emerging markets, PalmPay, has been recognised in CNBC and Statista’s 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world’s most innovative and impactful financial technology firms.

The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact.  This year’s list includes a mix of global leaders – including Revolut, Nubank and Ant Group-alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay.

PalmPay’s inclusion reflects its continued momentum as one of Africa’s leading fintech platforms.

 With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities.

In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance – all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients.

“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system. Through cutting-edge technology, deep local distribution, and a customer-first mindset, we’ve built Nigeria’s leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact,” Founding Chief Marketing Officer at PalmPay, Sofia Zab, said.

As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services.

Also speaking, Group Chief Commercial Officer at PalmPay, Jiapei Yan, said: “PalmPay is building a neobanking platform tailored to the realities of emerging markets. We are creating the infrastructure for a connected digital economy – where people and businesses can thrive through reliable, inclusive financial tools. This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.”

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PalmPay’s inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times – Africa’s Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay’s rapid scale and market traction across Africa.

PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth.

Africa’s digital banking platform, PalmPay, has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.

This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.

With only about 8.9per cent of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa.

Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.

PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.

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Head of Wealth Product at PalmPay, Habib Kowontan, said: “Insurance is often perceived as complex or inaccessible, especially among underserved communities. Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”

With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.

Managing Director of PalmPay, Mr Chika Nwosu, said: “Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone. Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”

This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.

Mobile banking platform, PalmPay, has launched a series of corporate social responsibility (CSR) programs across Kano and Kaduna in a strategic move to expand financial inclusion in the country. The CSR initiative named “Passing the Baton” represents the brand’s commitment to passing on knowledge and providing the resources individuals and businesses need to achieve financial independence and drive economic empowerment.

This initiative is a move by PalmPay to bridge the opportunity gap in the North by providing financial literacy training and micro-business branding support to 5,000 women-owned businesses in Kano and Kaduna.

This strategic initiative reaffirms PalmPay’s commitment to inclusive development and economic empowerment, particularly in underserved regions.

“At PalmPay, we believe that real financial inclusion must be far reaching and cover the grassroots. “Our new CSR program is focused on supporting gender equity by equipping women with the knowledge, tools, and visibility they need to thrive as entrepreneurs in their communities,” Managing Director of PalmPay, Chika Nwosu, said.

Through the initiative, beneficiaries will receive free health insurance, hands-on training workshops, enhanced store branding to boost visibility, and branded merchandise to strengthen their business presence.

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The initiative is part of PalmPay’s broader strategy to extend its innovative solutions, expand its footprint in Northern Nigeria, while building sustainable partnerships with local stakeholders for long-term impact.

In a show of support, His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, has endorsed the initiative, calling on other stakeholders to join forces with PalmPay in ensuring the North benefits fully from the growing digital economy.

PalmPay has received commendation from community stakeholders, as the initiative aims to serve as a model for similar projects across other northern states.

As PalmPay continues to scale across Nigeria, the company remains committed to bridging the financial inclusion gap and empowering underserved groups, particularly women and youth, through its innovative solutions and impact initiatives.

A digital bank, PalmPay, has pushed for the promoting the widespread adoption of contactless-enabled payment terminals, reaffirming its dedication to advancing the future of payments in the country.

The company gave its commitment at the BusinessDay Future of Payment Conference, that had: “Fintech Evolution: Gateway to Payments” as theme in Lagos.

Senior Business Development Manager at PalmPay, Ifeanyi Uzoka, who spoke about the impact of the company in the digital payment space in the country during a panel session titled: “The Next Wave of Digital Payments: Trends and Innovation,” analysed the evolving landscape of digital payments in the country.

He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remained a key barrier to widespread adoption.

“At PalmPay, financial inclusion is central to everything we do. To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security,” Uzoka said.

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He said PalmPay will continue to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.

This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.

In his welcome address on the occasion, BusinessDay Publisher, Frank Aigbogun, said the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.

To deepen digital payment in adoption, frequent transaction failures, high fees and putting a robust infrastructure in place are very important, fintech company PalmPay has said.

Its Chief Marketing Officer, Sofia Zab, who shared insights on accelerating the shift from cash to digital payments in Africa at Tech Unite Africa 2025 conference in Lagos also unveiled the company’s latest innovative product, the PalmPay Debit Card.

During a panel discussion, Zab identified reliability and cost as the critical barriers hindering digital payment adoption encountered by PalmPay when the company launched in Nigeria. She noted that in 2019, many Nigerian consumers and merchants avoided digital payments due to frequent transaction failures and high fees.

To overcome these challenges, PalmPay developed a robust infrastructure ensuring a 99.95per cent transaction success rate and pioneered a user-friendly model with zero rated bank transfers, fee-free bill payments and cashback rewards.

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“Once users experience the benefits, they don’t want to return to cash. The key to shifting consumer behaviour is making digital payments more convenient, more rewarding, and less stressful than using cash,” she said, adding that as consumers adopted cashless payments, they began seeking out merchants that would accept payment with transfer, driving digitisation in retail payments organically.

Zab also highlighted PalmPay’s inclusive approach to building a cashless ecosystem, especially in areas with unreliable internet access. Beyond its smartphone app, Nigerians can transact through PalmPay’s nationwide network of mobile money agents, who are equipped with multiple devices and SIM cards from various providers and can transact on behalf of users if a particular network is experiencing an outage.

Last year, PalmPay went a step further by introducing a USSD code (*861#) for users without data access, and with the new PalmPay Debit Card, its customers now have another access point and can withdraw cash from ATMs or point-of-sale terminals when digital transactions are not feasible.

 “For us, the key is about meeting people where they are, rather than waiting for the perfect infrastructure to arrive”, Zab emphasized.

In alignment with its mission to drive financial access, PalmPay unveiled the PalmPay Debit Card at the conference. Developed in partnership with Verve, Africa’s largest domestic card scheme, the card offers zero maintenance fees, easy in-app application with nationwide delivery, and integration into PalmPay’s full suite of financial services – including cashback, merchant rewards, and high-yield savings. This initiative marks a significant milestone in PalmPay’s evolution into a comprehensive digital banking platform.

With over 35 million users on its smartphone app and a MSME network of 1.1 million agents and merchants across Nigeria, PalmPay continues to build one of the continent’s most dynamic fintech ecosystems, dedicated to redefining digital banking to be more personalised, comprehensive, and accessible to everyone.