Fintech platform, PalmPay, says it has reached a milestone of 25 million users on its smartphone app.
It said it reached an extensive network of 500,000 mobile money agents and 300,000 merchants in its payment ecosystem.
A statement by the firm said the rapid growth within just four years of its market entry in Nigeria was a testament to the company’s robust strategy centred on offering secure, user-friendly and inclusive financial services.
The Global CMO of PalmPay, Sofia Zab, said, “We are proud to be a driving force of financial inclusion and cashless payment adoption in Nigeria.
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.”
According to Zab, the company currently processed more than $5bn per month.
She added that the company’s next strategic step was to bridge the gap between consumers and businesses by digitising merchant payments.