The Managing Director of PalmPay, Chika Nwosu, has highlighted smartphone penetration, improved internet connectivity, and technological innovation as pivotal factors for expanding mobile money access in Nigeria.
Speaking during a media engagement at the company’s Lagos headquarters on Friday, January 2025, Nwosu noted that Nigeria’s smartphone penetration is projected to reach 65% by 2026, a development that, along with enhanced internet infrastructure, will significantly broaden access to mobile money services.
“Fintech companies like PalmPay are transforming financial access through digital wallets and seamless payment gateways,” Nwosu stated. “As demand for affordable financial services grows, opportunities for platforms like PalmPay will continue to expand.”
He emphasized the critical role of agent networks, which have grown from under 10,000 in 2015 to over 1.5 million by 2023, as the backbone of mobile money operations. He predicted a further surge in mobile money agents and merchants, driven by advancements in artificial intelligence (AI) technologies such as machine learning, predictive analytics, and fraud detection.
Donald Ubeh, PalmPay’s Head of Risk and Compliance and Money Laundering Reporting Officer (MLRO), provided insights into efforts to remove Nigeria from the Financial Action Task Force (FATF) Grey List. He revealed that 50% of the FATF requirements have already been met, and ongoing collaborations with regulators and financial institutions are expected to resolve the remaining issues soon.
Ubeh also underscored the economic empowerment facilitated by fintech innovations like PalmPay, which have benefited individual users and small and medium-sized enterprises (SMEs). Many Nigerians, he added, have migrated their funds to PalmPay due to its convenience and accessibility.
Ubeh reiterated that mobile money operators were designed to drive financial inclusion for underserved and unbanked populations. According to Enhancing Financial Innovation and Access (EFInA), the adoption of fintech solutions in Nigeria has contributed to a 13% increase in financial inclusion rates over the past 13 years.
With continuous technological advancements and regulatory support, PalmPay and other fintech companies are poised to play an even greater role in driving financial inclusion and empowering millions of Nigerians.
