The company says that this represents a doubling in its user base within just six months and only 3 years after the company launched in the market. Nigeria is widely known as Africa’s most populous country, with a population of over 206 million individuals according to World Bank and other sources. PalmPay’s latest milestone in users could represent a 4.89% market share, however, not all Nigerians have access to cellphones or other methods to use fintech such as PalmPay. The fintech, which operates under a Mobile Money Operator license from the Central Bank of Nigeria, says it has gained significant traction with its payment app and nationwide agency banking network.
PalmPay says it processes millions of transactions a day, and around 20% of the company’s customer base report that the PalmPay app was their first financial account. If accurate, then this is a boon for financial inclusion in Nigeria, where 36% of the population remains unbanked. Mobile fraud attempts jumped 330% year over year in Nigeria, while web and POS fraud attempts rose 173% and 215% respectively. PalmPay says that it has now become a top priority for financial institutions to guarantee the security of user transactions.