PalmPay, one in every of Nigeria’s main fintech platforms, has introduced a major leap in its each day transaction quantity, crossing the 15 million mark in Q1 2025, a pointy rise from the round 10 million each day transactions it recorded in 2024.
The milestone was disclosed throughout a media roundtable held on Wednesday to assessment the corporate’s Q1 2025 efficiency.
PalmPay additionally revealed that its person base now stands at 35 million, with every person making a mean of fifty transactions per thirty days.
In line with the corporate’s Q1 report, PalmPay maintains an 80% buyer retention charge, serving over 13 million prospects month-to-month by way of its community of greater than 1 million cellular cash brokers and retailers throughout Nigeria.
A significant spotlight of the quarter was PalmPay’s N4 billion curiosity payout to customers of its PalmPay Wealth Product.
With 9 million month-to-month energetic wealth customers, the corporate mentioned it affords versatile financial savings rates of interest of as much as 20% yearly, and Sensible Earn charges as much as 22%.
Amid rising considerations about fraud within the {financial} sector, PalmPay reported that it has prioritised safety and threat administration, implementing measures similar to real-time transaction monitoring, multi-factor authentication, and account lock options to guard person accounts and transactions.
“One of many challenges we encounter within the fintech area is expounded to fraud. We’re responding by enhancing our safety framework to guard our customers and guarantee belief in our platform,” Nwosu mentioned.
The rising transactions on PalmPay platform replicate the final upswing in cellular cash transactions in Nigeria throughout fintechs, particularly cellular cash platforms.
In line with information launched by the Nigeria Inter-{Bank} Settlement Programs (NIBSS), licensed cellular cash operators, together with Palmpay, OPay, and 15 others, processed transactions valued at N71.5 trillion between January and December 2024.
