NIGERIA: PalmPay hits 100,000 subscribers, 1m transactions
PalmPay, a mobile payment start-up in Nigeria has reached 100,000 subscribers with over million transactions recorded in in just two months. The mobile payment platform allows any Nigerian with a mobile number and smart phone to open a financial wallet in seconds and start carrying out transactions including P2P transfers, airtime and bill payment.
Speaking at the official launch in Lagos, PalmPay Global CEO Greg Reeve said: “PalmPay will be open to absolutely everyone, whether they are banked or not, and bring forward a new era in inclusive finance in Nigeria and across Africa.”
PalmPay said it has obtained an Approval-in-Principle to operate as a Mobile Money Organisation (MMO) from the Central Bank of Nigeria. This allows it to build an agent network to facilitate in person cash in and cash out to its mobile wallet.
TECNO Mobile recently invested in PalmPay’s fundraising round of $40m which it plans to invest to build out its payment infrastructure in Nigeria and other African countries. It is also supporting with pre-install deal, which will see at least 20m phones have the app from next year.
Additionally, PalmPay plans to leverage the network of 100,000 merchants belonging to Visa, which the company counts as strategic partners. With a tagline of “the payment app that rewards you”, the company’s USP of offering cashback and discounts to users has caught on in the price-sensitive Nigerian market.