PalmPay to Expand into Four More African Markets by End-2025
TLDR
- Nigerian fintech PalmPay will launch operations in South Africa, Côte d’Ivoire, Uganda, and Tanzania before the end of 2025
- The expansion follows sustained momentum in Nigeria, where the platform processed over 15 million daily transactions in Q1 2025
- PalmPay now counts more than 35 million users in Nigeria and handles an average of 50 transactions per user monthly
Nigerian fintech PalmPay will launch operations in South Africa, Côte d’Ivoire, Uganda, and Tanzania before the end of 2025, Managing Director Chika Nwosu announced at a press conference on Wednesday. The expansion follows sustained momentum in Nigeria, where the platform processed over 15 million daily transactions in Q1 2025.
The move will bring PalmPay’s footprint to six African countries, after earlier rollouts in Ghana and Kenya. In Tanzania, PalmPay plans to offer B2B services, though offerings in other new markets were not disclosed. The expansion may pave the way for a future public listing, Nwosu said.
PalmPay now counts more than 35 million users in Nigeria and handles an average of 50 transactions per user monthly, with a reported 99.5% success rate. The company also paid ₦4 billion ($2.4 million) in interest to 9 million users via its wealth product in 2024, suggesting it held over ₦18 billion ($11 million) in deposits on that product alone.
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Key Takeaways
PalmPay’s expansion into four new African markets comes as competition intensifies across the continent’s digital finance sector. In South Africa, the company will compete with incumbents like MTN’s MoMo and TymeBank. In Côte d’Ivoire, Wave dominates the mobile money space, while Uganda’s market is led by telecom players MTN and Airtel. The company is betting on its “super app” model—offering payments, banking, investment, and insurance through layered partnerships—to replicate its Nigerian success. PalmPay users can earn interest, access treasury bills, and use debit cards via integrations with firms like Leadway Assurance and ARM. The firm recently launched a Verve-powered debit card, with 5 million units expected to be distributed by the end of 2025.
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