PalmPay, one of Africa’s leading digital banking platforms, has unveiled a new in-app insurance feature through strategic partnerships with top-tier insurance providers, offering millions of Nigerians simplified, affordable access to essential insurance coverage.
The initiative is aimed at tackling Nigeria’s low insurance penetration rate, which currently stands at only 8.9%. Many Nigerians remain uninsured due to barriers such as lack of awareness, affordability, and a general mistrust of traditional insurance systems.
With the rollout, PalmPay users can now purchase and manage a range of insurance products including health, life, and device insurance directly within the mobile app. The process has been streamlined to eliminate complexity, with affordable plans tailored to suit the needs of underserved and everyday users.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities,” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable, and affordable insurance options that are easily accessible within the PalmPay app.”
Boasting over 35 million users across Nigeria, PalmPay continues to broaden its suite of services beyond payments, transfers, and savings. The inclusion of insurance services marks another major step toward PalmPay’s vision of becoming a comprehensive, consumer-first digital banking ecosystem.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
The company said the insurance rollout aligns with its mission to promote financial inclusion and improve the overall well-being of its growing user base by delivering meaningful, everyday financial solutions.
