WATCH THE VIDEO HERE PalmPay, one of Nigeria’s leading fintech platforms, has announced a significant leap in its daily transaction volume, crossing the 15 million mark in Q1 2025, a sharp rise from the around 10 million daily transactions it recorded in 2024. The milestone was disclosed during a media roundtable held on Wednesday to review the company’s Q1 2025 performance. PalmPay also revealed that its user base now stands at 35 million, with each user making an average of 50 transactions per month. According to the company’s Q1 report, PalmPay maintains an 80% customer retention rate, serving over 13 million customers monthly via its network of more than 1 million mobile money agents and merchants across Nigeria. A major highlight of the quarter was PalmPay’s N4 billion interest payout to users of its PalmPay Wealth Product. With 9 million monthly active wealth users, the company said it offers flexible savings interest rates of up to 20% annually, and Smart Earn rates up to 22%. Amid rising concerns about fraud in the financial sector, PalmPay reported that it has prioritised security and risk management, implementing measures such as real-time transaction monitoring, multi-factor authentication, and account lock features to protect user accounts and transactions. “One of the challenges we encounter in the fintech space is related to fraud. We are responding by enhancing our security framework to protect our users and ensure trust in our platform,” Nwosu said. The growing transactions on PalmPay platform reflect the general upswing in mobile money transactions in Nigeria across fintechs, specifically mobile money platforms. According to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), licensed mobile money operators, including Palmpay, OPay, and 15 others, processed transactions valued at N71.5 trillion between January and December 2024.
PalmPay hits 15 million daily transactions in Q1 2025
