PalmPay

PalmPay Limited

Native name	Palmpay Limited
Industry	Banking, Financial Technology
Founded	2019; 6 years ago
Headquarters	Lagos, Nigeria
Area served	Nigeria, Ghana, Tanzania, and the United Kingdom.
Website	www.palmpay.com

PalmPay ^[1] Limited, commonly called PalmPay, is a fintech mobile banking company founded in 2019 with headquarter in Ikeja, Lagos State, Nigeria. The company is backed by prominent Chinese investors, including Transsion and NetEase, through the Transsnet joint venture. ^{[1] [2]} It is among the four major fintech companies in Nigeria: Moniepoint Inc., Kuda, and Opay. ^[3]

History

PalmPay launched in Nigeria in 2019 following a US$40 million seed funding round led by Transsion, with participation from NetEase. ^[4]

In 2025, PalmPay reported over 35 million registered users across Nigeria and served approximately one million small and medium-sized business (SME) clients. ^{[5] [6]} PalmPay offers peer-to-peer money transfers, bill payments, and financial services through third-party partnerships. ^[7]

In 2025, PalmPay introduced a debit card in partnership with Verve and integration with its broader suite of financial products. ^[8]

On 20 August 2025, PalmPay partnered with Nigeria’s Federal Ministry of Youth Development to launch the Youth Data Protection Awareness and Training (YDPAT) programme, which aims to equip Nigerian youths with data-protection and digital-safety skills over three years. ^{[9] [10]}

Regulation

PalmPay operates under a Mobile Money Operator (MMO) license issued by the Central Bank of Nigeria. ^[11]

Recognition

PalmPay was listed among the world’s top fintech firms by CNBC and Statista, and ranked second in the Financial Times' list of Africa's Fastest-Growing Companies in 2025. ^[12]

In 2024, it was recognized as one of the Most Outstanding Fintech Company in Financial Inclusion at the Brandcom Awards for its efforts in expanding access to financial services. ^{[13] [14] [15]}

See also

• List of banks in Nigeria
• Mobile payments

References

1. Bright, Jake (5 June 2025). "Nigeria's PalmPay thrives on 'ultimate competition' of cash". Financial Times. Retrieved 24 August 2025.
2. "What is Palmpay all about". FintechNG. Retrieved 24 August 2025.
3. "Nigeria: Opay, PalmPay face scrutiny amid rising appeal". The Africa Report.com. Retrieved 27 August 2025.
4. Bright, Jake (12 November 2019). "PalmPay launches in Nigeria on $40 million round led by China's Transsion". TechCrunch. Retrieved 24 August 2025.
5. Okamgba, Justice (23 July 2025). "Digital bank PalmPay gets recognition". Punch Newspapers. Retrieved 27 August 2025.
6. Onyeagoro, Jennifer (2 June 2025). "PalmPay Secures #2 Spot in Financial Times Africa's Fastest-Growing Companies 2025". TechAfrica News. Retrieved 27 August 2025.
7. Edwin, Uma (6 November 2024). "How PalmPay became a household name". TechCabal. Retrieved 24 August 2025.
8. "PalmPay partners Verve to unveil new debit card, targets financial inclusion". guardian.ng. Retrieved 27 August 2025.
9. "PalmPay Partners FG To Equip 1m Nigerian Youths Digitally". Leadership. 20 August 2025. Retrieved 28 August 2025.
10. "Govt, PalmPay train 1m youths in digital safety". Punch Newspapers. 20 August 2025. Retrieved 28 August 2025.
11. "Payment Service Providers | Central Bank of Nigeria". www.cbn.gov.ng. Retrieved 27 August 2025.
12. "Ranking: Africa's Fastest-Growing Companies 2025". Financial Times. May 2025. Retrieved 24 August 2025.
13. Amos (29 October 2024). "PalmPay emerges most outstanding fintech driving financial inclusion at BrandCom Awards". The Guardian Nigeria News - Nigeria and World News. Retrieved 27 August 2025.
14. "Palmpay: Most Outstanding Fintech Company In Financial Inclusion - Brand Communicator". 20 December 2024. Retrieved 27 August 2025.
15. "PalmPay Receives Award As Most Outstanding Fintech On Financial Inclusion".