In the recently released 'The State of the Industry Report on Mobile Money 2024' by the GSMA, PalmPay, a prominent pan-African fintech, was highlighted as a key driver of mobile money adoption in Nigeria
PalmPay was praised by the GSMA as a "major non-MNO-led mobile money provider with a substantial market share in Nigeria" and as a significant promoter of financial inclusion in Africa's US$912bn mobile money sector.
Sofia Zab, PalmPay's global chief marketing officer, remarked, “This recognition underscores our commitment to drive financial inclusion and economic empowerment across the continent."
“By leveraging the increase in smartphone adoption, PalmPay made a significant contribution to growing the use of mobile money in Nigeria. Our easy-to-use and comprehensive digital and financial superapp not only provides access to seamless and secure transactions but also opens the door to cutting-edge, affordable financial services for the unbanked and underbanked population.”
The PalmPay app provides services such as money transfers, airtime, data, and bill payments, along with access to other financial services like credit and savings. Individuals lacking personal devices can avail PalmPay's services through the fintech's network of 500,000 mobile money agents.
Since its launch in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has amassed over 30 million accounts on its smartphone applications. Apart from the self-service app, its network of 1.1 million agents and merchants caters to 15 million customers monthly. The fintech also operates in Ghana and Tanzania.
In the report, Mats Granryd, GSMA's director general, observed that the industry had experienced growth in the decade leading up to 2022, with mobile money contributing “US$600bn to the GDP of countries with a mobile money service” and opening up more “opportunities for citizens, businesses and economies across the world.”
He highlighted that Sub-Saharan Africa had been a catalyst for mobile money's success, hosting nearly three-quarters of the world's accounts. West Africa notably fueled the industry's growth in recent years, with the number of registered mobile money accounts doubling between 2013 and 2023, primarily driven by Nigeria, Ghana, and Senegal.
