PalmPay is making waves in Nigeria’s digital finance space. In the first quarter of 2025, the company revealed that it now processes over 15 million transactions daily—a significant jump from the 10 million recorded in 2024. The update came during a recent media roundtable where the company discussed its Q1 performance.
PalmPay also reported that its user base has grown to 35 million, with each user averaging around 50 transactions monthly. According to its latest quarterly report, the platform boasts an impressive 80% retention rate, serving more than 13 million customers monthly through a network of over 1 million mobile money agents and merchants spread across Nigeria.
Savings, Security and Strategic Expansion
One of the standout highlights of the quarter was PalmPay’s payout of N4 billion in interest to users of its Wealth Product. The platform now has 9 million monthly active wealth users, offering savings interest rates as high as 20% annually and Smart Earn plans with up to 22% returns.
To support its rapid growth, PalmPay opened a new office in February aimed at improving customer support and reducing complaint resolution time. In March, it expanded its offerings with the launch of PalmPay Debit Cards, pushing the brand further into the digital banking ecosystem.
PalmPay’s CEO, Chika Nwosu, announced that the company plans to distribute 5 million debit cards across the country. He also shared intentions to launch new offices in all six geopolitical zones and focus efforts on improving financial inclusion in underserved areas.
Fighting Fraud With Tech
As digital finance in Nigeria continues to grow, so do concerns about fraud. PalmPay confirmed it is ramping up efforts to secure its platform with new measures such as real-time transaction monitoring, multi-factor authentication, and features that allow users to lock their accounts instantly.
“One of the challenges we encounter in the fintech space is related to fraud. We are responding by enhancing our security framework to protect our users and ensure trust in our platform,” said Nwosu.
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One reply on “PalmPay Surges as Daily Transactions Hit 15 Million”
[…] 2025 appears to be an even stronger year. By May, PalmPay had hit 15 million daily transactions and now boasts over 35 million users. On average, each user makes around 50 […]