PalmPay receives global recognition as a top driver of financial inclusion in Africa
PalmPay, a prominent pan-African fintech company, has been recognized by the GSMA in the recently published ‘The State of the Industry Report on Mobile Money 2024’ for its role in driving the adoption of mobile money in Nigeria.
The GSMA commended PalmPay as a significant non-MNO-led mobile money provider with a substantial market share in Nigeria and a key contributor to financial inclusion in Africa’s $912 billion mobile money sector. Sofia Zab, the Global Chief Marketing Officer at PalmPay, emphasized the company’s dedication to promoting financial inclusion and economic empowerment throughout the continent.
Through the utilization of the growing smartphone penetration, PalmPay has played a crucial role in expanding the usage of mobile money in Nigeria. The user-friendly digital and financial superapp not only facilitates seamless and secure transactions but also offers innovative and affordable financial services to the unbanked and underbanked population.
PalmPay’s app enables money transfers, airtime, data, and bill payments, as well as access to credit and savings services. Customers who do not own a smartphone can access PalmPay’s services through its extensive network of 500,000 mobile money agents.
Since its launch in Nigeria in 2019 with a Mobile Money Operator (MMO) license, PalmPay has amassed over 30 million accounts on its smartphone applications. Alongside the self-service app, its network of 1.1 million agents and merchants caters to 15 million customers on a monthly basis. The fintech company also operates in Ghana and Tanzania.
In the report, Mats Granryd, the Director General of GSMA, highlighted the industry’s growth over the past decade, with mobile money contributing $600 billion to the GDP of countries with mobile money services and creating new opportunities for individuals, businesses, and economies worldwide.
He mentioned that Sub-Saharan Africa has played a crucial role in the success of mobile money, hosting nearly 75% of global accounts. The industry experienced notable expansion in West Africa in the past decade, witnessing a twofold increase in registered mobile money accounts from 2013 to 2023. Nigeria, Ghana, and Senegal were the primary drivers behind this growth.
