PalmPay, one among Nigeria’s main fintech platforms, has introduced a big leap in its each day transaction quantity, crossing the 15 million mark in Q1 2025, a pointy rise from the round 10 million each day transactions it recorded in 2024.
The milestone was disclosed throughout a media roundtable held on Wednesday to overview the corporate’s Q1 2025 efficiency.
PalmPay additionally revealed that its person base now stands at 35 million, with every person making a median of fifty transactions per 30 days.
Sturdy person engagement and monetary development
In response to the corporate’s Q1 report, PalmPay maintains an 80% customer retention fee, serving over 13 million clients month-to-month by way of its community of greater than 1 million cell cash brokers and retailers throughout Nigeria.
A serious spotlight of the quarter was PalmPay’s N4 billion curiosity payout to customers of its PalmPay Wealth Product.
With 9 million month-to-month lively wealth customers, the corporate stated it gives versatile financial savings rates of interest of as much as 20% yearly, and Sensible Earn charges as much as 22%.
- PalmPay made strategic infrastructure strikes in Q1, together with the opening of a brand new bodily workplace in February to enhance person help and improve subject decision instances.
- In March, the corporate launched PalmPay Debit Playing cards, extending its digital banking ecosystem past the cell app.
- Wanting forward, CEO of PalmPay, Chika Nwosu, revealed plans to distribute 5 million debit playing cards nationwide, open new places of work throughout Nigeria’s six geopolitical zones, and deepen monetary providers in underserved areas.
Tackling fraud with enhanced safety
Amid rising considerations about fraud within the monetary sector, PalmPay reported that it has prioritised safety and threat administration, implementing measures corresponding to real-time transaction monitoring, multi-factor authentication, and account lock options to guard person accounts and transactions.
“One of many challenges we encounter within the fintech house is said to fraud. We’re responding by enhancing our safety framework to guard our customers and guarantee belief in our platform,” Nwosu stated.
What it’s best to know
The rising transactions on PalmPay platform mirror the overall upswing in cell cash transactions in Nigeria throughout fintechs, particularly cell cash platforms.
In response to information launched by the Nigeria Inter-Bank Settlement Techniques (NIBSS), licensed cell cash operators, together with Palmpay, OPay, and 15 others, processed transactions valued at N71.5 trillion between January and December 2024.
- This represents a 53.4% improve in transactions throughout the cell cash platforms compared with the N46.6 trillion recorded within the full yr 2023.
- The quantity of transactions throughout the fintech platforms additionally elevated by 23%, leaping from 3 billion in 2023 to three.9 billion in 2024, in line with NIBSS information.
- In the meantime, cell cash operators in Nigeria are anticipating an even bigger increase in transactions this yr on the again of a projected improve in smartphone penetration in Nigeria.
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