PalmPay, a mobile banking platform, has released its first quarter (Q1) report which indicates that it processes 15 million transactions on a daily basis out of its 35 million registered users.
PalmPay made this known during a media roundtable organised to discuss the Q1 report on Wednesday.
The report emphasised that the transaction volume underscored PalmPay’s deep integration into its users’ financial lives, with an average of 50 transactions per user each month.
The Fintech said it also recorded a 4.6-star rating from 960,000 reviews on Google Play Store.
The report highlighted the company’s 80 per cent customer retention rate, with over 13 million customers served monthly through its network of over one million mobile money agents and merchants.
Commenting, Chika Nwosu, Chief Executive Officer of PalmPay, said the company had transitioned from a mobile wallet into a comprehensive mobile banking platform, offering a wide array of financial services.
Nwosu noted that this revolution had enabled PalmPay to provide users with a more robust and integrated financial experience.
“We have expanded our services to include payments, savings, insurance and merchant solutions, making us a one-stop-shop for financial needs through partnership.
“In the first quarter, PalmPay expanded its physical presence by launching a new office in February, a strategic move aimed at strengthening support and providing faster issue resolution for our users,” Nwosu said.
The PalmPay boss said that these developments are expected to enhance the overall user experience, fostering loyalty and trust in the platform.
He noted that the introduction of PalmPay Debit Cards in March had extended the platform’s seamless banking services beyond the app.
Nwosu highlighted that the cards offered users a range of benefits, including no maintenance fees, no hidden charges, cashback opportunities, and exclusive merchant rewards within the PalmPay ecosystem.
On Corporate Social Responsibility, Nwosu said to show its commitment, PalmPay had expanded its Purple Woman programme.
Nwosu said that the initiative supported young women pursuing careers in technology, adding that 10 women from the programme had been awarded internship placements at PalmPay.
“This move aligns with the company’s broader goals of empowering women, youth and advancing financial inclusion,” he said.
The PalmPay boss noted that another significant financial milestone for the quarter was the N4 billion interest payout to users of the PalmPay Wealth Product.
Nwosu emphasised that the milestone reinforced the platform’s value proposition, making savings both rewarding and effortless for its 9 million monthly active wealth users.
“These users enjoy flexible savings annual interest rates of up to 20 per cent and Smart Earn annual interest rates of up to 22 per cent,” he added.
Furthermore, Nwosu noted that PalmPay had also prioritised security and risk management, implementing robust measures to protect users’ transactions and prevent fraudulent activities.
He stated that the measures included real-time transaction monitoring, multi-factor authentication, and account lock features.
Nwosu had highlighted that one of the challenges the company faced in the quarter was related to fraud, and in response, it had, therefore, prioritised the implementation of robust security measures to protect its users.
Nwosu noted that looking ahead, PalmPay planned to deepen its market reach in underserved regions, open new offices across Nigeria’s six geopolitical zones and distribute 5 million debit cards nationwide.
He added that Palmpay also planned to forge more partnerships with major institutions and launch the next phase of its CSR initiative.
Nwosu said the company was committed to enhancing financial inclusion and empowering users across Nigeria.
“Despite challenges encountered in the first quarter, PalmPay affirms its strong start to the year, driven by its mission to make everyday payments more reliable, seamless and accessible to millions of individuals and businesses across Nigeria,” he said.
Nwosu emphasised that the company’s focus remained on its users, with every achievement and service centered around their evolving needs.
