The conference was organized by the National Financial Inclusion Governance Committees, an initiative led by the Central Bank of Nigeria (CBN) that collaborates with regulatory bodies, financial service providers, and development partners.
This year's conference, titled “Inclusive Growth: Harnessing Inclusion for Economic Development,” brought together both national and international stakeholders to explore the vital importance of financial inclusion in fostering economic empowerment and to discuss strategies for achieving Nigeria's goal of 95% financial inclusion by the end of 2024.
Mr. Chika Nwosu, Managing Director of PalmPay Nigeria, expressed his appreciation for the accolades, emphasizing that these awards reinforce the company's commitment to making financial services available to everyone.
“Our innovative approach combining an easy to use smartphone app with a nationwide network of over 500,000 mobile money agents has allowed us to expand financial access and make complex financial products available to a wider range of people. Today, we have over 35 million users on our consumer app, a third of whom report that PalmPay was their first-ever financial account,” he said.
“Additionally, our mobile money agents serve millions of consumers, including those who do not yet have a smartphone or their own account. Our agents represent the front line educating and onboarding the unbanked onto the financial ecosystem, helping PalmPay to contribute to driving Nigeria’s financial inclusion targets.”
PalmPay has made significant strides in promoting financial inclusion since its inception in 2019, establishing a dependable payment platform that boasts an impressive average success rate of 99.95%. This achievement has facilitated increased online consumer spending in a landscape where failure rates often reached 10%.
By merging this reliability with a customer-focused approach—offering free bank transfers along with discounts and cashback on transactions like airtime purchases and bill payments—PalmPay has rapidly captured market share in Africa's largest economy.
The company's vision is to create a comprehensive financial ecosystem that serves both consumers and businesses. Recent innovations include the introduction of USSD capabilities for effortless offline transactions and API-based solutions for online merchants aiming to manage payments in Nigeria and throughout Africa.
As a prominent fintech platform targeting emerging markets, PalmPay is dedicated to fostering economic empowerment across the continent. Its reliable, user-friendly, and inclusive range of financial services delivers high-quality products directly to everyday consumers and local as well as international merchants.
PalmPay provides services such as money transfers, bill payments, credit options, and savings through its applications and mobile money agents. Since its launch in Nigeria in 2019 under a Mobile Money Operator license, the platform has expanded its ecosystem to include over 35 million smartphone app users and 1.2 million micro, small, and medium enterprises (MSMEs). For further details, please visit PalmPay's social media channels or their website at www.palmpay.com.