PalmPay is a Nigeria-based intuitive digital wallet that allows users to make money transfers and pay bills.
Nigerians without smartphones can visit one of the 200,000 PalmPay Mobile Money Agents across the country to conduct transactions on their behalf or issue an innovative QR card that can be used as credit.
Consumers can also deposit cash into their PalmPay accounts through PalmPay agents and use their debit cards to withdraw money from PalmPay-logoed POS machines.
In addition, PalmPay offers a way to apply for credit in Nigeria.
PalmPay serves over 5 million users, with its monthly transaction volume standing at over $100 million as of June 2021. The company has partnerships with Chinese mobile brands Tecno, Infinx, and itel, which includes pre-installation of the startup’s app on 20 million phones.
PalmPay, founded in 2019, closed a $100 million Series A funding round in August 2021, raising a total of $140 million. It is allegedly controlled by Chinese owners.
PalmPay is regulated by the Central Bank of Nigeria.
We put PalmPay in our “Green Compliance” list, but we criticize that there is no information about the people in the background.