Should you blinked, you most likely missed it, PalmPay has quietly pulled off one thing large.
In only a 12 months, the Nigerian fintech big has jumped from processing round 10 million every day transactions to an astonishing 15 million a day within the first quarter of 2025.
That’s not simply development, it’s a sign that digital finance is now not a facet act in Nigeria’s economic system. It’s the principle occasion.
A milestone that speaks volumes
The information broke throughout a media roundtable the place PalmPay shared its Q1 2025 outcomes, and the numbers inform a compelling story.
The platform now boasts a consumer base of 35 million, with every consumer making about 50 transactions month-to-month. That degree of engagement isn’t unintended, it’s the results of strategic enlargement, consumer belief, and a seamless expertise that’s clearly working.
However right here’s what’s much more fascinating: PalmPay isn’t simply rising in numbers, it’s rising in loyalty.
With a buyer retention fee of 80% and over 13 million customers transacting month-to-month by way of its community of greater than 1 million brokers and retailers, the platform has created a stronghold in Nigeria’s aggressive fintech house.
Wealth, Playing cards, and Bodily Presence
This previous quarter has been all about constructing actually and figuratively. In February, PalmPay opened a brand new workplace to raised serve its customers and scale back decision time for complaints.
By March, it rolled out PalmPay Debit Playing cards, a serious transfer that extends its digital providers into on a regular basis spending. The objective? To distribute 5 million debit playing cards nationwide and open extra workplaces throughout Nigeria’s six geopolitical zones.
Its PalmPay Wealth Product has additionally change into successful. With 9 million lively customers and rates of interest as excessive as 22% on Good Earn plans, the platform paid out N4 billion in curiosity in simply three months. That type of return is sure to maintain individuals coming again.
Preventing fraud, constructing belief
In an period the place digital fraud is an ever-present risk, PalmPay is clearly not taking any probabilities. From real-time transaction monitoring to multi-factor authentication, the platform is doubling down on safety.
The corporate is aware of that as transactions climb, so do the dangers however so does its dedication to safeguarding customers.
PalmPay CEO Chika Nwosu summed it up completely: “We’re enhancing our safety framework to guard our customers and guarantee belief in our platform.”
What to anticipate
PalmPay’s development isn’t taking place in isolation. It’s a part of a broader surge in cellular cash throughout Nigeria. In 2024, cellular cash operators together with PalmPay processed transactions value N71.5 trillion, up 53.4% from the earlier 12 months.
And with transaction volumes climbing from 3 billion to three.9 billion in simply 12 months, the complete sector is on a rocket trip.
Fueling this growth is a straightforward however highly effective power: smartphone penetration. Extra Nigerians are getting on-line, and with platforms like PalmPay able to serve them, the way forward for cash in Nigeria appears to be like much less like a financial institution department and extra like an app in your cellphone.
So sure, 15 million every day transactions may sound wild. However in case you’ve been being attentive to how briskly fintech is evolving in Nigeria, possibly the actual shock is that we’re solely simply getting began.