PalmPay, a leading pan-African fintech platform accessible at www.PalmPay.com, has garnered attention from the GSMA in its latest release, ‘The State of the Industry Report on Mobile Money 2024’, for its pivotal role in advancing mobile money adoption in Nigeria.
The GSMA report lauded PalmPay as a “prominent non-MNO-led mobile money provider with a significant market share in Nigeria,” recognizing it as a key driver of financial inclusion within Africa’s $912 billion mobile money sector.
Sofia Zab, Global Chief Marketing Officer at PalmPay, expressed appreciation for the recognition, stating, “This acknowledgment underscores our dedication to promoting financial inclusion and economic empowerment across the continent.”
Zab added, “By capitalizing on the growing prevalence of smartphones, PalmPay has played a significant role in expanding the usage of mobile money in Nigeria. Our user-friendly and comprehensive digital and financial super app not only facilitates seamless and secure transactions but also extends access to cutting-edge, cost-effective financial services for the unbanked and underbanked populace.”
The PalmPay app facilitates various financial transactions such as money transfers, airtime and data purchases, bill payments, and access to additional services like credit and savings. Even customers without personal devices can avail themselves of PalmPay’s services through its extensive network of 500,000 mobile money agents.
Since its inception in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has amassed over 30 million accounts through its smartphone apps. Furthermore, its network of 1.1 million agents and merchants serves approximately 15 million customers on a monthly basis. The fintech also operates in Ghana and Tanzania.
In the report, Mats Granryd, 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 a mobile money service,” thereby creating more “opportunities for citizens, businesses, and economies across the world.”
Granryd emphasized Sub-Saharan Africa’s pivotal role in driving the success of mobile money, noting that the region hosts nearly three-quarters of the world’s mobile money accounts.
The substantial growth in the industry in recent years, particularly in West Africa, where the number of registered mobile money accounts doubled between 2013 and 2023, was primarily attributed to countries like Nigeria, Ghana, and Senegal.
