PalmPay
Founded
2019 — PalmPay was launched in Nigeria as a mobile financial services platform.
Location
Lagos, Nigeria (Ikeja, Lagos State).
Founders & Leadership
PalmPay was backed at launch by Chinese investors and supported through strategic partnerships (especially with Transsion and its mobile brands).
Industry
FinTech / Digital Banking / Neobanking — digital payments, savings, credit, insurance, agent and merchant services in emerging markets.
Overview
PalmPay is a neobank and mobile financial services platform that aims to serve under-banked and unbanked populations in Africa and beyond by offering a comprehensive suite of financial products through its mobile app and agent network. It combines digital wallet functionality with physical touchpoints via agents and merchants.
The company has grown rapidly since launch and now processes millions of daily transactions and serves tens of millions of registered users. Its model blends digital onboarding, utility payments, transfers, savings and credit with an extensive on-ground presence.
Core Features & Capabilities
Digital Wallet & Payments: Peer-to-peer transfers, utility bill payments, airtime/data top-ups.
Savings, Credit & Insurance: Financial products tailored for under-banked users.
Agent & Merchant Network: Over 1 million agents and merchants enable cash-in/cash-out services and in-person support.
B2B Solutions & POS: Business and merchant payment processing tools.
Device Financing & Growth Strategy: Through partnerships (e.g., smartphone pre-installation), it expands reach and adoption.
Target Market
Under-banked and unbanked consumers in Africa, especially in Nigeria, Ghana, Tanzania and other emerging markets.
Small businesses and merchants needing digital payment acceptance and financial solutions.
Customers seeking accessible, low-friction financial services in contexts with limited traditional banking access.
Value Proposition
Financial inclusion: Services designed for users who are not served well by traditional banks.
Convenience & reach: Combines digital app usability with broad agent/merchant access.
Comprehensive services: From payments and transfers to savings, credit and insurance under one platform.
Strategic growth partnerships: Leveraging local devices and ecosystems (e.g., pre-installation on popular phones) to drive adoption.