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By Henry Uche
Desired to engender financial freedom, inclusion and growth, PalmPay has launched ‘Say Yes To More’, its brand promise that offers reliable, rewarding and inclusive services to its millions of customers across Nigeria.
Rolling out the company’s first quarter performance report in its Lagos, PalmPay Managing Director, Mr. Chika Nwosu, said the new product without hidden fees, failed transactions and long processes.
Also, it means more growth for users- transforming from everyday savings to building long-term wealth, at the same time increasing more access by bringing financial services to everyone, everywhere.
Asked why PalmPay ticks among other fintech companies even in the volatile, uncertain, complex and ambiguous business environment, the PalmPay MD attributed his company’s resilience to the creative and innovative ability of the workforce as well as offering its customers second to none services.
On its first quarter performance, Nwosu confirmed that PalmPay has evolved from a mobile wallet to a mobile banking platform that offers a comprehensive suite of financial services including; payments, savings, insurance, and merchant solutions. “The PalmPay app processes up to 15 million transactions daily globally. Our users are highly engaged, averaging 50 transactions each per month, reflecting deep integration into their daily financial lives. We operate Nigeria’s most reliable financial app.
Today, we are the highest rated fintech app in Nigeria at 4.6 across 960,000 playstore reviews” He said “We have 35 million registered users, we have recorded 99.95 % transaction success, 80% customer retention rate, 13 million customers served monthly by our one million Mobile money agents and merchants, and counting.”
To strengthen its physical presence and deliver faster issue resolution, Mr. Femi Hanson, PalmPay’s Head of Marketing & Communications, told newsmen that PalmPay opened a new office in February in Lagos, to provide users with more direct support and an enhanced user experience.
Hanson added that PalmPay Debit Cards launched in March 2025 was designed to extend seamless banking beyond the app, from available records, its users get to enjoy: No maintenance fees, no hidden charges, ability to earn cashback and exclusive merchant rewards as they tap into a powerful ecosystem of payments and services.
To give back to the society, he said the company has taken its Corporate Social Responsibility very seriously. For instance, in the first quarter of the year, it expanded the Purple Woman CSR program to support young women pursuing careers in technology. As part of this effort, 10 young women were awarded internship placements at PalmPay.
“This initiative aligns with our broader CSR commitment to empower women and youth while advancing financial inclusion for underserved communities. It has advanced women’s economic empowerment, bridging the gender gap in technology and driving inclusivity in tech”.
Mr. Chibuzor Melah, Head of Partnerships added that the company have partnered the Nigeria Police Force National Cyber Crimes Centre (NPF-NCCC) and provided cameras and other gadgets as part of its support to boost the Force’s capacity to curb cybercrimes.
Loved by over 35 million users, with 9 million monthly active wealth users, 22% smart earn annual interest, 20% flexible savings annual interest, PalmPay announced a 4 billion interest payout to users of the PalmPay Wealth product, in Q1, 2024. “This milestone further reinforces the value that we deliver to our users, making saving rewarding and effortless.
“Our centralized Security Center helps users assess and strengthen their account security. It guides users to enable key protections including biometric unlock, independent login password, email binding, auto-logout, and risk checks, as part of our product security feature” Mr. Donald Ubeh, Head, Risk & Compliance, affirmed.
For self -Service account lock feature and services, Mr. Omoruyi Aiyudu, Anti-Fraud Manager, stressed that users can dial the USSD code *861# and select ‘Lock Account’ from the menu. After identity verification, the account is frozen-ideal for lost phone scenarios to protect funds. Once the user retrieves their phone number, the account can be unfrozen via enhanced authentication in the app.
On night guard feature, Aiyudu, explained that users can define protected hours ( e.g., nighttime). During this period, all transactions require both PIN and face verification, adding an extra layer of security when account access risks are higher.
On large transaction shield, he added that users can set daily per-transaction, daily total, and monthly transaction limits. Any transaction exceeding these thresholds triggers mandatory face verification in addition to PIN input. “80% of our customers have become more financially stable, while 30% of the users picked PalmPay as their first finance app”
What is in the offing for users on the second quarter, the company assured it has planned to open new offices across the six geo-political zones, in the third quarter, it planned to distribute five million debit cards nationwide, while it is set to forge partnerships with major institutions to take the company to greater heights in the fourth quarter of the years affirming that better days is imminent”
