PalmPay Harps on Security, Diversification of Digital Services

Emma Okonji

Having achieved over 35 million registered users on its platform, and serviced over 1.2 million businesses and merchants in 2024, PamlPay, a fast growing Fintech company has said it will further fortify its security architecture to protect customers’ funds and diversify its digital services to further enhance customers’ experience in 2025.

The Managing Director of PalmPay, Mr. Chika Nwosu, who gave the assurances during an interactive session with the media at the weekend in Lagos, said the need to diversify its digital services and fortify its security architecture became necessary, following the growth of its user base that is expected to further increase in 2025.

According to him, PalmPay is a driving force of cashless payment adoption in Nigeria, recording monthly transaction value worth $6 billion with 16 million monthly active users and customer retention rate of 75 per cent with 99.5 per cent transaction success rate.

He further explained that PalmPay was able to disburse N4 billion as interest payout in 2024 alone through the PalmPay savings product offerings, but emphasised that PalmPay does not offer loan services to customers, even though it has partners that offer loan, insurance and other financial services on its app.

In the area of security, Nwosu said the Fintech company would improve on its Device management feature; AI-based risk management systems; Liveliness such as fingerprint, facial recognition login and biometrics login; including improvement on its Transaction monitoring tools.

Announcing its plans for 2025, Head of Marketing at PalmPay, Femi Hanson, said PalmPay would focus more on deepening financial inclusion by integrating innovative technologies, collaborate more with regulators and financial institutions, work towards increasing smartphone adoption, and address the issue of increased demand for affordable services.

Other forecast according to Hanson, include: Expansion of Agency Network, Expansion of Artificial Intelligence (AI), Blockchain and Big Data tools, as well as Diversification of Digital Services.

He explained that from less than 10,000 agents on its network in 2015, the company was able to grow the number to over 1.5 million agents in 2023, with plans to further increase the number in 2025.