In a move to signal business growth, the company said it would launch its savings service in Nigeria. The service includes up to 20% annual interest savings plan available to all its users.

The milestone comes just four years after PalmPay made its market entry in Nigeria. The company’s success in Nigeria has been propelled by its proprietary payment infrastructure, which boasts a 99.5% 10-second transaction success rate.

“We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria”, stated Sofia Zab, global chief marketing officer of PalmPay. “PalmPay’s growth validates our approach and illustrates the increasing demand for innovative fintech solutions that address the unique needs of Africa’s underserved population.”

PalmPay: Company profile

PalmPay’s mobile application seeks to simplify digital transactions, making them swift and convenient. This has driven a shift in consumer behaviour from cash to digital payments. Today, the company processes over $5m monthly.

In 2019, PalmPay partnered with Visa to bolster access to digital payment services in Africa.

Overall, GlobalData predicts the number of card transactions in Nigeria will reach 2.4 billion by 2026, up from 1.5 billion recorded in 2022. The number of cards in circulation will go up from 112 million in 2022 to 176 million in 2026.

“PalmPay is more than a digital wallet – we are building a comprehensive platform to offer consumers all the tools they need to thrive financially. As we move forward, our aim is to become Africa’s financial super app”, added Zab. “Our partners benefit from our robust payment infrastructure and data-driven approach, which enables us to connect their offerings directly to their target customers, fostering mutual growth within our digital ecosystem.”

The fintech also provides banking services for businesses, providing them access to its web portal, POS services and mobile apps.