In his new role, he will spearhead PalmPay’s initiatives to expand its presence in Nigeria, the company's largest market. PalmPay reports having 35 million users and has successfully onboarded 1.2 million businesses.
Sofia Zab, PalmPay’s global chief marketing officer, stated, “His extensive knowledge of the local market and his proven ability to execute effective campaigns will enhance our customer engagement and expedite our goal of promoting financial inclusion.”
Palmpay entered the Nigerian market in 2019, supported by a $40 million seed investment from Tecno. This funding was complemented by a partnership with Transsion Holdings, the parent company of Tecno, Infinix, and Itel, which enabled the pre-installation of its app on millions of devices sold by Africa’s leading smartphone manufacturer. Additionally, it provided discounted transfers to banks and free transfers to PalmPay wallets.
The rapid growth of Palmpay’s digital lending services, with interest rates between 15-30%, has also contributed to its increasing popularity in Nigeria. The fintech emerged as a significant beneficiary of Nigeria’s controversial currency redesign policy in 2023, as many Nigerians turned to fintech solutions like OPay and PalmPay when traditional banks struggled to manage the rise in online transactions.
PalmPay was recognized as one of the seven African fintech companies in CNBC's top 250 fintech firms, surpassing competitors such as OPay and Moniepoint. This unranked list was compiled through desk research by the Statista team, incorporating data provided by the companies, including 2023 revenues, year-on-year sales growth, and total workforce.
“Joining PalmPay at this stage of its incredible journey is a tremendous honour. I am excited to build on the company’s strong foundation and contribute to its mission of delivering seamless financial solutions to millions of Nigerian consumers and businesses,” Hanson said.