PalmPay to deepen market reach in underserved region

… to issue 5m debit cards by year end

PalmPay, a Nigerian digital bank is to deepen market reach in underserved regions of the country in support of Nigeria’s financial inclusion on the back of its first quarter (Q1) 2025 result.

The company also says it intends to issue five million debit cards to its users by year end to further strengthen its digital offering to customers.

“In March, we launched PalmPay Cards, extending seamless banking beyond the app and plan to distribute 5 million debit cards nationwide,” Chika Nwosu, managing director, PalmPay, said during a media roundtable held in Lagos on Wednesday May 7, 2025.

Read also: PalmPay’s contactless payment aims to break cash dependency

According to him, PalmPay has evolved from a mobile wallet to a mobile banking platform that offers a comprehensive suite of financial services.

“Our users get to enjoy: no maintenance fees, no hidden charges, earn cashback and exclusive merchant rewards, and tap into a powerful ecosystem of payments and services”, he added.

He noted that PalmPay app processes about 15 million transactions daily, averaging 50 transactions each per month. “We operate Nigeria’s most reliable financial app. Today, we are the highest rated fintech app in Nigeria at 4.6 across 960,000 playstore reviews.”

Nwosu also disclosed that the mobile banking platform is rebranding its communication messaging to offer move financial freedom, growth and access to users on the platform.

“We believe that financial services should unlock opportunities, not create obstacles. That’s why ‘Say Yes to More’ is more than just a slogan. It’s our brand promise,” he said.

He also stated that despite the challenging macroeconomic environment, PalmPay had a strong start to the year. According to him, the digital bank will keep to its mission of driving financial inclusion by making everyday payments more reliable, seamless, and accessible to more Nigerians.

“In Q1, we announced a ₦4 billion interest payout to users of the PalmPay Wealth product. This milestone further reinforces the value that we deliver to our users, making saving rewarding and effortless,” Nwosu said.

Read also: Palmpay launches debit cards in boost for digital banking

According to him, the platform opened a new office in February to strengthen its physical presence and deliver faster issue resolution, providing users with more direct support and an enhanced user experience.

He said that the physical presence was created to impact users of the platform with enhanced user experience to offer faster resolution of customer issues and increased accessibility and support touch points.

According to him, the platform has seen steady growth across key verticals in Q1 2025, from user acquisition to transaction volume, merchant expansion, and customer satisfaction.

“But beyond the numbers, we are proud of the trust our users continue to place in us. Every milestone we achieve, every campaign we run, and every financial service we provide is centered around their evolving needs,” Nwosu said.