PalmPay, one of Nigeria’s fastest-growing fintech companies, has hit an impressive new milestone: it recorded over 15 million daily transactions in the first quarter of 2025.
This achievement marks a sharp jump from the 10 million daily transactions reported in 2024, underscoring Nigeria’s rapid expansion and adoption of digital financial services.
The company revealed this progress during a media roundtable to discuss its Q1 2025 performance. As the fintech landscape continues to evolve, PalmPay’s growth reflects strong user engagement and the broader surge in mobile money usage across the country.
Surging User Base and Increased Financial Activity
PalmPay’s user base has reached 35 million, with the average customer completing around 50 monthly transactions. This activity level highlights the platform’s increasing relevance in daily financial routines, from airtime top-ups and bill payments to peer-to-peer transfers and savings.
According to PalmPay’s Q1 report, over 13 million customers actively use the platform each month, supported by a vast agent and merchant network of more than 1 million across Nigeria. Even more impressive is the company’s customer retention rate of 80%, which signals strong satisfaction and trust in the platform’s services.
A key quarter highlight was PalmPay’s interest payout of ₦4 billion to users subscribed to its savings-focused “PalmPay Wealth” product. With 9 million monthly active users on the wealth service, the company offers competitive savings rates of up to 20% annually, while users on the Smart Earn plan can access rates as high as 22%.
Strategic Growth and Product Expansion
PalmPay has been deliberate about strengthening its infrastructure and deepening financial inclusion. In February 2025, it opened a new physical office to improve customer service response times and provide localized support. Following that, March saw the launch of PalmPay Debit Cards—an expansion move aimed at integrating more users into its broader digital banking ecosystem.
Looking ahead, the company’s CEO, Chika Nwosu, revealed ambitious plans to roll out 5 million debit cards nationwide and open new offices across Nigeria’s six geopolitical zones. These efforts aim to make digital financial services more accessible, especially in underserved rural and semi-urban areas.
Prioritizing Security in a Digital Age
In response to growing concerns around digital fraud, PalmPay emphasized its commitment to safeguarding users. The platform has implemented advanced security measures, including real-time transaction monitoring, multi-factor authentication, and features that allow users to lock their accounts instantly in case of suspicious activity. These steps are crucial in maintaining user confidence as digital financial transactions rise.
Nigeria’s Fintech Boom Continues
PalmPay’s strong performance mirrors a wider trend in Nigeria’s fintech space. According to data from the Nigeria Inter-Bank Settlement System (NIBSS), licensed mobile money operators—including PalmPay, OPay, and others—processed transactions worth ₦71.5 trillion in 2024. That’s a 53.4% jump from the ₦46.6 trillion recorded in 2023.
Transaction volumes also surged, climbing from 3 billion in 2023 to 3.9 billion in 2024, representing a 23% increase. With smartphone usage projected to grow further in 2025, industry stakeholders expect even greater transaction volumes in the months ahead.
PalmPay’s latest figures not only solidify its leadership in the digital payments space but also highlight Nigerians’ accelerating shift toward a cashless, digitally driven economy.
