The future of African mobile banking is not inspired by European standards but is invented in contexts where banking exclusion, cash domination and weakness of infrastructure oblige to rethink everything. And it is a handful of African fintechs, led by Palmpay in Nigeria, which build more hybrid, more distributed, and often more effective financial superfaps than their equivalents in the North.
Launched in 2019, Palmpay today claims more than 35 million users in Nigeria, with 50 monthly transactions per user on average. The platform alone treated more than 15 million transactions per day In the first quarter of 2025, with a success rate of 99.5 %. The company is developing at an industrial rate with the aim of Convert the cash into mass digital use.
Its main competitor is the liquid money used by most of the population, wealthy consumers are the only ones to have access to traditional banks.
Palmpay’s approach is based on two levers, first of all an ultra-light mobile interface designed for entry-level smartphones, and a Network of physical agents who accompany customers to digital. This hybrid model makes it possible to achieve semi-rural areas and little literate users.
Its other structural asset is its Strategic partnership with Transtionthe Chinese manufacturer of Tecno, Itel and Infinix phones, very widespread in Nigeria. Palmpay is Default preinstalled On all these models, offering a massive distribution channel at zero marginal cost. This strategy which has proven to be decisive to capture user membership.
Now Palmpay aims to become a Financial Superapp Integrating payments, transfers, recharges, microcredit, insurance, and wealth management. In 2024, the company paid 4 million euros in interest has 9 million users of his savings product, which implies Over 18 million euros in deposits On this segment alone. A significant volume on such an unwavering market.
The company now leads a rapid development on the continent. Already present in Ghana and Kenya, she will deploy her services In South Africa, Ivory Coast, Uganda and Tanzania by the end of 2025. In Tanzania, the emphasis will be put on the B2B.
To ensure its development Plampay has lifted a total of 130 million euros Since its creation. In 2019, the company raised a 40 million dollars in primingled by Transactionthe Chinese manufacturer of Tecno, Itel and Infinix phones, which becomes its strategic partner. This tour of the table remains, to date, one of the most important ever recorded in the SEED phase on the African continent. In 2021, Palmpay raised Additional $ 100 million in series Awith the participation of NeteaseChinese Internet giant, and several Asian venture capital funds.
Palmpay was co -founded in 2019 by Jason Mycroft And Greg Reevewhich played a key role in the initial design of the platform. Since then, the operational management has been ensured by Chika nwosucurrent managing director, with experience in the telecommunications and financial services sector, especially at 9mobile. Sofia Zabco -founder and marketing director, has managed the growth and user engagement strategy since the launch. The company is structured around a Sino-African team, in close connection with its strategic investors
