Lagos, Nigeria — A Nigerian digital bank, Palmpay, has announced that it processed 15 million daily transactions in the first quarter of 2025.
The disclosure was made during a media roundtable held in Lagos to review the company’s first-quarter performance on Thursday.
According to the fintech firm, PalmPay now has 35 million registered users, with each user averaging 50 transactions monthly.
“Our performance in Q1 2025 reflects our deep integration into users’ daily financial lives,” PalmPay said in its Q1 report.
The company stated that it currently serves over 13 million customers through its nationwide network of agents and maintains a customer retention rate of 80 per cent.
As part of its growing wealth management offerings, PalmPay disclosed it had paid out N4 bn in interest to users, with more than nine million monthly active users engaging with its savings and investment products.
Speaking at the roundtable, the Managing Director of PalmPay, Chika Nwosu, said,
“We remained focused on our mission to drive financial inclusion by making everyday payments more reliable, seamless, and accessible to millions of individuals and businesses across Nigeria.”
He noted that the firm recorded growth across all major business verticals, including transaction volume, merchant acquisition, and customer satisfaction.
“What truly drives us is the trust our users place in us. Every milestone we reach and every service we launch is centred on the evolving needs of Nigerians,” Nwosu said.
Amid growing concerns over fraud in Nigeria’s fintech space, Nwosu noted that PalmPay continues to strengthen its infrastructure.
The company has implemented real-time transaction monitoring systems, multi-factor authentication, and account lock features to safeguard users from unauthorised access and fraud.
“One of the most pressing challenges confronting the fintech industry today is fraud. We are aggressively enhancing our security systems to defend our users and deepen public confidence in our platform,” he stated.
Looking ahead, PalmPay said it plans to expand to underserved regions across the country by opening new offices in all six geo-political zones and distributing five million debit cards.
The company also announced upcoming partnerships with key institutions and the launch of the next phase of its corporate social responsibility initiative, aimed at empowering Nigerians and driving sustainable economic growth.
Consequently, PalmPay is ramping up efforts to promote contactless payment adoption as part of its broader strategy to shape the future of digital finance in the country.
Margret Oshinowo | May 9, 2025
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
