Tag: PalmPay

By Motunrayo Akintunde

Emerging markets-focused fintech, PalmPay, yesterday said it has contributed to deepening Nigeria’s financial inclusion policy of the Central Bank of Nigeria (CBN) with a total of 35 million users over the last five years.

Managing Director at PalmPay Nigeria, Chika Nwosu, who spoke in Lagos during a brief ceremony to commemorate the fifth anniversary of the fintech company, said commencing operation in 2019, the company has been instrumental in transforming how Nigerians make payments, supporting the country’s transition towards a cashless economy.

Palmpay highlighted key milestones in its journey and updates on its growth and impact in the country.  As part of the celebrations, the company officially launched its new Unstructured Supplementary Service Data (USSD) code, *861#.

He said over the last five years, PalmPay has addressed Nigeria’s unique financial needs with a broad range of products, including money transfers, bill payments, credit, savings and insurance, accessible through its mobile app and an extensive network of mobile money agents. The company also supports businesses with services such as the PalmPay Business app, point of sales (PoS) devices, APIs and merchant portal.

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These efforts, he said, have contributed to Nigeria’s push towards greater financial inclusion, which has reached a rate of 74 per cent as of this year. With over 35 million users and a network of 1.2 million agents and merchants that extends across Nigeria, PalmPay has established itself as a major player in the nation’s financial services sector.

“We’ve built a platform that 35 million users trust, and with our growing network of agents and merchants, PalmPay is playing a key role in digitising Nigeria’s economy. Looking ahead, our strategy is clear—continue to lead with secure, reliable solutions while fostering partnerships that empower more people and businesses to reach their financial goals,” Nwosu said.

At the core of PalmPay’s approach is making financial services more accessible in a market where traditional banking options have left many underserved.

He said the *861# USSD code allows customers to access PalmPay services without the internet, offering greater accessibility for users who run out of data or are in areas with low network coverage.

Nwosu also emphasized its commitment to security at a time when financial fraud is increasing globally. PalmPay has implemented security measures such as facial recognition, biometric login, and AI-driven transaction monitoring to ensure secure payments. Every account is verified through National Identity Number (NIN) or Bank Verification Number (BVN), and customers who lose their phones can now freeze their accounts via the newly launched USSD service.

“Over the past five years, PalmPay’s payment platform has been recognised for its speed and reliability, allowing the company to capture market share as demand for digital payments surged during the Covid-19 pandemic and the 2023 cash shortages. Today, the company processes up to 15 million transactions daily.

“Another key growth driver has been its commitment to adding value to its customers’ payment experiences with unlimited free bank transfers, as well as exclusive discounts and cashback on everyday payments,” Nwosu added.

Financial technology company platform with over 30 million users on its smartphone app in Nigeria, PalmPay, yesterday unveiled its Unstructured Supplementary Service Data (USSD) code, offering users additional way to manage their finances without the need for internet connectivity.

With the PalmPay USSD code, customers can now perform a wide range of banking transactions by dialing *861# from their mobile phones.

PalmPay has been operating in Nigeria since 2019 under a Mobile Money Operator license issued by the Central Bank of Nigeria (CBN). The fintech pioneered a model that provides financial services such as money transfers, bill payments, credit services and savings via a one-stop-shop financial ‘superapp’.

Customers without access to smartphones are able to make transactions via a nationwide network of over 500,000 Mobile Money Agents. The addition of a USSD access point is designed to further enhance the accessibility and convenience of its platform for consumers in a market where data network outages are common.

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Nigeria Managing Director, Chika Nwosu, said the company’ remained committed to financial inclusion. “At PalmPay, we aim to bridge the gap in digital access, and the introduction of our USSD service aligns with that mission. Our platform ensures seamless connectivity for our users.” he said. “In addition, our USSD platform comes with a security feature which allows our customers to remotely freeze their accounts in case their phone is lost or stolen, providing an extra layer of protection to safeguard their finances,” Nwosu said.

PalmPay has achieved significant milestones in Nigeria, reaching over 30 million registered users on its app and connecting 1.1 million businesses through its network of mobile money agents and merchants. The company has been a key driver of financial inclusion in Nigeria, with a third of PalmPay users reporting that they opened their first-ever financial account through the platform.

Recently, the company was recognized as one of the World’s Top 250 Fintech Companies in 2024 by CNBC and Statista.

With its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions, PalmPay continues to solidify its position as a major player in Nigeria’s fintech ecosystem.

Africa-focused fintech platform, PalmPay, has called for collaboration and innovation among banks and financial technology (fintech) companies to drive financial inclusion at the last mile.

Its Head of Partnerships, Chibuzor Melah, made the call during the Nigeria Fintech Forum held in Lagos.

The event themed which had:  Building the Next Frontiers for Nigeria’s Fintech, brought key stakeholders from both the public and private sectors, including regulators to discuss the rapid advancements in the country’s fintech space.

Speaking during a panel session that focused on: Rewriting the Rules: Building an Open, Innovative and Collaborative Bank of the Future, Melah said: “PalmPay is a technology driven company that believes in collaborating and innovating to deliver value to customers.

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 “What has given us success in the past 5 years of operation is our investment in data which gives us insights into customer behaviour. This enables us to create tailor-made solutions suitable for our customers. Our insight driven strategy has helped us reach out to the unbanked thereby building trust in open banking.

 “We have succeeded by collaborating with other players in the financial sector. We believe that there’s still a lot more to do in building trust, driving financial inclusion in the last mile.”

The financial sector has undergone incredible changes. According to the EFInA Access to Finance (A2F) Survey 2023 report, the formal financial inclusion in Nigeria has grown significantly from 56per cent in 2020 to 64per cent in 2023.

“This success can be attributed to collaborative efforts between banks and fintechs but more collaboration can take place. Interestingly, the challenges we face today have opened opportunities to collaborate to gain new markets, deliver new products to benefit the economy,” Melah said.

A fintech firm, PalmPay, yesterday restated its commitment to growing the micro, small and medium enterprises (MSMEs) in the country to reduce unemployment and deepen financial inclusion.

In a statement, it said the banking sector is experiencing a significant and positive shift, with PalmPay leading the charge. As a prominent fintech innovator, PalmPay is making waves in business banking solutions and agent banking. Boasting a robust network of over 1.1 million agents and merchants, PalmPay is committed to enhancing financial accessibility across Nigeria.

PalmPay is celebrated for its secure digital payment solutions, offering a comprehensive range of tools such as the PalmPay Business app, Point of Sale (PoS) machines, and Pay With Transfer. These tools simplify payment acceptance and business management for enterprises of all sizes, providing exceptional ease and security.

Agents and Merchants have recounted the fact that PalmPay has one of the best POS networks, which boasts a 95.5 per cent success rate and ensures same-day settlement of transactions. This reliability supports efficient, high-quality, and secure service, underscoring the adage that time is money. As a result, businesses benefit from more successful transactions and increased revenue.

The Pay With Transfer feature has particularly resonated with MSMEs, contributing to a high user retention rate of 75per cent, with over 40 million Nigerians—about one in five—relying on PalmPay for their monthly shopping and utility payments.

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To foster MSME growth, PalmPay has launched an initiative where Merchants receive a complimentary POS device upon achieving a minimum monthly sales volume of 5 million. This scheme provides a valuable payment channel at no cost to business owners.

PalmPay’s transparent fee structure, based on daily transaction volume, ensures fairness. For withdrawals between N1 and N20,000, a 0.5 per cent fee applies, while transactions above N20,000 incur a flat fee of N100. Transfers between PalmPay agent accounts are free, and transfers to other banks are subject to a flat fee of N20, with the added benefit of up to N6 cashback per transfer.

PalmPay’s business suite stands out with industry-leading cashback rates of 0.1% on every transaction. For example, a N20,000 withdrawal yields a N20 cashback, effectively reducing the fee rate to 0.4 per cent and the actual cap fee to N80.

Furthermore, the proactive approach to supporting community businesses includes a dedicated team of relationship managers who offer swift resolution of transaction issues and valuable guidance to promote business growth.

Nigeria’s fintech firm PalmPay, said it has stopped transfer fees on bank transfers through its platform to deepen financial inclusion in the country.

This feature which was introduced earlier in the year has been allowing users to make transfers to all banks within the country without incurring any bank fees.

PalmPay’s Managing Director, Chika Nwosu, said: “We are committed to ensuring smooth and easy transactions with our free transfer feature. This shows our dedication to providing accessible and affordable financial services to our over 30 million users and every Nigerian. We believe everyone should have access to affordable financial services.”

PalmPay is dedicated to driving economic empowerment in Nigeria by offering top-tier products such as money transfers, bill payments, credit services, and savings through its app and mobile money agents. Users can send and receive money seamlessly, pay bills effortlessly, shop with ease, and earn discounts and cashback while performing these transactions.

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By eliminating transfer fees to all banks on its app, PalmPay has empowered its millions of customers to enjoy endless fund transfers to family and friends, pay their bills seamlessly, and manage their finances more effectively.

PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians. With this, we are able to drive financial inclusion.

PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents. Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 30 million app users as part of its cashless payment ecosystem.

Fintech firm, PalmPay, yesterday warned its Point of Sale (PoS) operators against getting their accounts frozen over their failure to comply with the directive of the Corporate Affairs Commission (CAC) to register their businesses.

The company issued the warning following CAC’s Directive for PoS operators to register and submit their CAC details on or before July 7, 2024.

PalmPay said it is encouraging its business users who have not yet complied with the directive to do so promptly.

This directive follows Section 863 (1) of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on Agent Banking.

Head of Marketing and Communication at PalmPay, Umuteme Enakeno, who spoke in Lagos, reiterated the fintech’s support to the CAC’s directive.

“PalmPay fully supports the CAC’s directive. To provide a seamless experience for our customers, we have integrated the registration portal with our Business App.

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In cases where the customers need support, we provide 24/7 customer support to our operators and also conduct weekly meetings to guide them on the process,” Enakeno said.

According to him, important steps to follow include business registeration via the PalmPay Business App and ensuring that all necessary documents and information are provided accurately before submitting the  application.

He urged them to update their PalmPay Account once they get the certificate; update their business details in their PalmPay account to reflect their new corporate status.

As always, PalmPay is committed to doing our part to foster a secure financial ecosystem.

“We urge all PalmPay business customers to submit or register their CAC before the deadline. Failure to do so means that the account would be frozen,” Enakeno warned.

Fintech firm PalmPay, yesterday said in line with the Central Bank of Nigeria (CBN)’s regulations to protect the financial ecosystem, it does not permit cryptocurrency or virtual asset trading on its platform despite the growing interest in it in the country.

Managing Director of PalmPay Nigeria, Chika Nwosu, who spoke in Lagos while commenting on the resumption of onboarding of new customers and its mobile app for users and merchants, said the firm is committed to driving the financial inclusion initiative of the Federal Government.

He said: “Our commitment to excellence and financial security remains unwavering as we drive financial inclusion. Despite the growing interest in cryptocurrency, PalmPay does not permit cryptocurrency or virtual asset trading on our platform, and this is in line with the CBN regulations to protect the financial ecosystem.’’

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“We monitor platform activities diligently and take necessary actions, including account closure and reporting to the relevant authorities, for any cryptocurrency or other related transactions. We are committed to maintaining a robust Know Your Customer (KYC) and Customer Due Diligence (CDD) systems which help us understand our users and mitigate risks effectively.”

He said the resumption of onboarding is a milestone that represents PalmPay’s ongoing commitment to revolutionizing the financial services sector by providing seamless, secure, and efficient financial solutions while working assiduously with the apex regulatory body.

“PalmPay core mission remains focused on providing a safe and reliable platform for your everyday financial needs.

“For better payment security and regulatory supervision, all new users are required to validate either National Identity Number (NIN) or Bank Verification Number (BVN) when registering. Users are urged to ensure that the information on these platforms is up-to-date before commencing registration and to review the terms and conditions in the app and website to onboard,” he said.

Fintech firm, PalmPay, yesterday said it has resumed the onboarding of new customers unto its platform. This followed the completion of the Central Bank of Nigeria (CBN) review.

Managing Director at PalmPay Nigeria, Mr Chika Nwosu, in a statement said the development will allow the firm to continue its mission of deepening financial inclusion in the country.

He said: “We are pleased to announce that the onboarding of new customers has resumed on PalmPay for individual and business users following the review by the Central Bank of Nigeria (CBN).’’

“We are thrilled to continue our mission to provide more Nigerians with access to secure and reliable financial services.”

The fintech firm said the various regulatory interventions in the financial services sector were designed to strengthen the sector and perform optimally in the interest of all the stakeholders.

Speaking earlier in an interview, he had said when the business began, the major issue operators faced was that of trust on the platform to deliver on its promise, adding that trust has firmly been established after the cashless policy implementation.

 “Whatever that is happening with regulation is for the good of the FinTech space in Nigeria. Initially, when we started, there was an issue of trust. However, I can tell you now that the last one year after the cashless policy has seen the trust start to grow,” he said.

He reaffirmed the unwavering support of PalmPay for regulators in regulating the fintech ecosystem, underscoring the fact that all the regulators want to do is make the services of strong players in the space, such as PalmPay, better for all.

Speaking on the general business climate in the country, he had said like other business operators, the company is not insulated from the challenges, adding however that over the years, the company has weathered the storm and hoped that things will turn around soon for the better.

He said though doing business in the country could be a bit challenging, the consolation is that users are embracing the platform.

He said: “Doing business in Nigeria for us is not easy but Nigerians are embracing our app and digital payment.”

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There have been issues around failed transactions in the country which has been a source of worry to customers. He said the company has invested in infrastructure and the right business strategies that ensure seamless transactions on the app.

Mr. Nwosu however said: “Every institution has its business strategy and infrastructure. For us and the majority of fintechs, we have a structure that makes transactions seamless.”

Addressing the question about PalmPay not having a walk-in physical location for customers to go to and resolve some pressing customer concerns, he said: “There are locations in Ikeja GRA and Opebi to lay complaints.

“PalmPay also has walk-in offices in locations across 25 states in Nigeria. Find a link to access some of PalmPay’s walk-in offices across the country,” he said.

On the issue of trust and the security of the PalmPay app, he said: “There is no day you won’t see on our app boldly written that we are licensed by the Central Bank of Nigeria (CBN) and our deposits are insured by the Nigeria Deposits Insurance Corporation (NDIC). PalmPay is here to stay.”

He added that complaints could also be resolved via the company’s social media channels. “Customers who choose can call us at +2342018886888 and email support@palmpay.com and will be attended to,” he added.

A fintech firm, PalmPay has said the various regulatory interventions in the financial services sector were designed to strengthen the sector and perform optimally in the interest of all the stakeholders.

Managing Director at PalmPay Nigeria, Mr Chika Nwosu, said when the business started, the major issue operators confronted was that of trust on the platform to deliver on its promises, adding that trust has firmly been established after the cashless policy implementation.

He said: “Whatever that is happening with regulation is for the good of the FinTech space in Nigeria. Initially, when we started, there was an issue of trust.

However, I can tell you now that the last one year after the cashless policy has seen the trust start to grow.”

He reaffirmed the unwavering support PalmPay has for regulators in regulating the fintech ecosystem, underscoring the fact that all the regulators want to do is make the services of strong players in the space, such as PalmPay, better for all.

Speaking on the general business climate in the country, he said like other business operators, the company is not insulated from the challenges, adding however that over the years, the company has weathered the storm and hoped that things will turn around soon for the better.

He said though doing business in the country could be a bit challenging, the consolation is that users are embracing the platform.

He said: “Doing business in Nigeria for us is not easy but Nigerians are embracing our app and digital payment.”

There have been issues around failed transactions in the country which has been a source of worry to customers. He said the company has invested in infrastructure and the right business strategies that ensure seamless transactions on the app.

Mr. Nwosu however said: “Every institution has its business strategy and infrastructure. For us and the majority of fintechs, we have a structure that makes transactions seamless”.

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On the recent onboarding policy by the regulator, he stated that PalmPay agreed with the regulators on some grey areas that need to be put in place.

Nwosu, who was a guest on a TV Business Roundtable, reassured customers that there was no issue with using PalmPay.

He said: “If PalmPay completes its own today, we will start onboarding today. As of the time of this interview, no fintech platform has completed any of the requirements set out by the regulators. So no onboarding is currently taking place in the entire ecosystem.

Addressing the question about PalmPay not having a walk-in physical location for customers to go to and resolve some pressing customer concerns, he said: “There are locations in Ikeja GRA and Opebi to lay complaints.

“PalmPay also has walk-in offices in locations across 25 states in Nigeria. Find a link to access some of PalmPay’s walk-in offices across the country,” he said.

On the issue of trust and the security of the PalmPay app, he said: “There is no day you won’t see on our app boldly written that we are licensed by the Central Bank of Nigeria (CBN) and our deposits are insured by the Nigeria Deposits Insurance Corporation (NDIC). PalmPay is here to stay.”

Lagos State government and PalmPay, a fintech platform, to bolster its agricultural initiative, offering robust payment solutions to empower residents and businesses with the necessary financial tools for success through the Food Discount Market initiative tagged: Ounje Eko.

Ounje Eko, meaning – Lagos Food, is a food intervention program by the state Governor Babajide Sanwo-Olu, aimed at providing succour to residents. This initiative is taking place across five divisions of the State.

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The Ounje Eko markets were opened at 27 locations in Ikeja; six in Lagos Island; nine in Ikorodu; five in Epe; and 10 in Badagry divisions. The food items – rice, beans, garri, bread, eggs, tomatoes, and pepper, among others – were sold at a 25per cent discount to residents.

Commenting on the initiative, the Head of Marketing Communications, PalmPay, Enakeno Umuteme, said: “The Ounje Eko is indeed a laudable initiative especially as the country’s inflation rate stands at 30per cent according to the National Bureau of Statistics (NBS).”