PalmPay, a fast-growing Nigerian digital bank, has announced a major milestone, revealing that it processed 15 million transactions daily during the first quarter of 2025. The announcement was made at a media roundtable held in Lagos to share the company’s Q1 performance report and plans for future growth.
The fintech company, which launched in Nigeria in 2019, said its user base has now reached 35 million registered users. According to the company’s report, each user averages about 50 transactions monthly, showing how deeply the platform has been integrated into the daily lives of Nigerians for payments and other financial services.
PalmPay also said it now serves over 13 million customers through its widespread network of agents across the country and currently maintains a high customer retention rate of 80 percent. This performance, according to the company, reflects users’ confidence in its services.
As part of its expanding financial offerings, PalmPay disclosed it has paid out over ₦4 billion in interest to users who engage with its savings and investment products. The company added that more than nine million users actively use its wealth management features every month.
Managing Director of PalmPay Nigeria, Mr. Chika Nwosu, who spoke during the roundtable, said the company remains committed to its mission of deepening financial inclusion in the country. “We remained focused on our mission to drive financial inclusion by making everyday payments more reliable, seamless, and accessible to millions of individuals and businesses across Nigeria,” Nwosu said.
He further stated that the company experienced growth across all its business areas, including transaction volume, onboarding of new merchants, and improved customer satisfaction. “What truly drives us is the trust our users place in us. Every milestone we reach and every service we launch is centred on the evolving needs of Nigerians,” he added.
In response to growing concerns about security and fraud in Nigeria’s fintech industry, PalmPay said it has put in place several systems to protect users. These include real-time transaction monitoring, multi-factor authentication, and account locking features to prevent unauthorised access.
“One of the most pressing challenges confronting the fintech industry today is fraud,” Nwosu said. “We are aggressively enhancing our security systems to defend our users and deepen public confidence in our platform.”
Looking ahead, PalmPay said it will expand its presence in underserved regions by opening new offices in all six geo-political zones of Nigeria. The firm also plans to distribute five million debit cards and increase efforts to promote contactless payment systems.
In addition, PalmPay announced it will be entering into strategic partnerships with major institutions and launching the next phase of its corporate social responsibility programme. This initiative, according to the company, will focus on empowering Nigerians and contributing to long-term economic development.
PalmPay’s growing influence in the digital finance space comes at a time when Nigeria’s financial technology sector is rapidly evolving. With more Nigerians turning to digital platforms for payments, savings, and investment, the company said it is positioning itself to play a key role in shaping the future of financial services in the country.
