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PalmPay Named Among Top 250 Fintech Companies in the World by CNBC and Statista

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PalmPay (www.PalmPay.com), a leading Africa-focused fintech platform, has been included in the 2024 edition of CNBC and Statista’s prestigious list of the “Top 250 Fintech Companies in the World.” This recognition underscores PalmPay’s rapid growth and significant contributions to advancing financial inclusion.

 

The CNBC/Statista list honours fintech pioneers significantly transforming the financial services industry through technology. More than 2000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection. In 2024, some of the most influential fintechs in the world were included in the list, including Alipay, Nubank, Monzo, and Revolut. Six other African firms made the list: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial planning; and Yoco (South Africa) – Payments.

PalmPay has developed an integrated platform that caters to consumers and businesses in the African market. The startup, which has been operating since 2019, pioneered a unique model in Nigeria that provides financial services such as money transfers, bill payment, credit services and savings via a one-stop-shop fintech ‘superapp’ and mobile money agents.

This dual approach of easy-to-use digital banking, combined with offline touchpoints for those without smartphones, has contributed to driving financial inclusion in a market where more than 40% of adults remain unbanked.

This recognition validates our unique approach to financial services and our commitment to driving financial inclusion

In 2023, PalmPay announced a major milestone of reaching 30 million registered users on its smartphone apps and 1.1 million businesses in its network of mobile money agents and retail merchants. A third of PalmPay customers report that the platform was their first-ever financial account.

PalmPay has quickly grown to become a market leader in Nigeria thanks to its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions. PalmPay processes 15 million transactions on its consumer app daily and maintains a 99.5% transaction success rate.

To achieve this scale in a market where 10% transaction failure rates were common, the company built out its payment infrastructure, channel integrations and transaction routing systems. In addition to its consumer wallet, PalmPay offers services to businesses that leverage the PalmPay platform via its suite of POS machines, APIs and checkout solutions.

“It’s an honour for PalmPay to be recognised by CNBC and Statista as one of the World’s Top Fintech Companies,” said Sofia Zab, Global CMO, “This recognition validates our unique approach to financial services and our commitment to driving financial inclusion. We are actively expanding PalmPay’s reach and offerings, ensuring more people have access to essential financial services and promoting economic development in emerging markets”

PalmPay operates in several key markets across Africa, including Nigeria, Ghana and Tanzania, with plans to expand further in the region and other emerging markets. The company has global HQs in China and London.

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UBA Executives Strategize with Group Chairman Tony Elumelu on Future Growth

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Top executives of the United Bank for Africa (UBA) Group convened for a high-level strategic luncheon with the Group Chairman, Tony Elumelu, to review the bank’s milestones in 2024 and outline a bold roadmap for the year ahead. The meeting, which brought together the bank’s leadership, served as a platform to assess achievements, share insights, and discuss innovative strategies to further solidify UBA’s position as Africa’s Global Bank.

UBA’s Group Managing Director, Oliver Alawuba, described the gathering as an inspiring and insightful session that reinforced the bank’s commitment to innovation, growth, and excellence. “Yesterday, the UBA executives joined our Group Chairman, Tony Elumelu, for a truly inspiring luncheon. It was an opportunity to reflect on the achievements of 2024…

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Overuse of AI May Lead to Cognitive Decline and Skill Degradation, Experts Warn

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As artificial intelligence (AI) becomes increasingly integrated into daily life, experts are raising concerns about the potential downsides of overreliance on AI-driven tools. While AI can enhance productivity, excessive dependence on it for tasks like writing, decision-making, and problem-solving may have unintended consequences.

Cognitive Decline and Skill Degradation

Analysts warn that constantly using AI instead of engaging in critical thinking and writing can lead to skill erosion. Just as muscles weaken without exercise, the human brain thrives on mental challenges. “The more you rely on AI to generate ideas and content, the less your brain is engaged, potentially leading to cognitive decline over time,” said a neuroscience researcher.

Some studies suggest that intellectual laziness—using AI for tasks one is capable of doing—can reduce neural activity. While AI learns and evolves from user input, the human brain, when underutilized, risks losing its sharpness.

Loss of Authenticity and Originality

Experts also caution that AI-generated content often…

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DeepSeek: The AI Revolution That Shook the Tech World

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DeepSeek, a Chinese artificial intelligence application launched in 2023 and funded by the High-Flyer hedge fund, has sent shockwaves through the global tech industry. Its emergence has disrupted the U.S. technology sector, triggering over $1 trillion in losses across stock markets and cryptocurrencies.

The scale of DeepSeek’s impact lies in its efficiency, innovation, and strategic breakthroughs that have rattled even the most established players in AI. Here’s why DeepSeek is causing such a stir:

  • Cost-Efficiency Beyond Compare: DeepSeek reportedly spent just $6 million to achieve what OpenAI accomplished with $100 million, setting a new benchmark for cost-effective AI development.
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A booming continent needs a new payment infrastructure

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Africa is an exciting, vibrant and creative place to do business. But make no mistake, it has its challenges. Currency devaluation, political instability, and service disruptions are endemic. Africa is not for sissies, as the saying goes.

 

In navigating those challenges, relationships matter. It’s not so much about throwing money at a problem, it’s about investing time, building trust, meeting with partners and regulators, and understanding each other’s needs.

Africa offers an enormous upside for those prepared to make this time investment. The continent’s population is set to reach 2.5 billion (http://apo-opa.co/3W7Kp4w) by 2050, and Africa’s people are embracing digital technology, as the World Bank (http://apo-opa.co/3Waln4F) confirms. They are leveraging digital connectivity to improve their lives, educate themselves, send remittances, and start small enterprises. There is value in investing in that level of human development.

The payments opportunity

Running through this African growth trajectory is…

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Owerri: Nigeria’s Hotel Capital Driving Economic Growth

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Owerri, the capital city of Imo State, has emerged as Nigeria’s hotel capital, a title well-deserved due to its thriving hospitality sector and vibrant nightlife. Located in the heart of Eastern Nigeria, Owerri serves as a magnet for tourists, business travelers, and entertainment enthusiasts, making it one of the region’s top destinations.

The hospitality industry in Owerri has seen exponential growth over the years, becoming a cornerstone of the state’s economy. Contributing more than 65% of Imo State’s Internally Generated Revenue (IGR), the sector underscores the significant role of hotels in driving economic activities. From luxury five-star hotels to boutique accommodations, Owerri caters to a diverse clientele, offering world-class facilities, conference venues, and cultural experiences that keep visitors returning.

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A Reflection on Our Financial Reality: How Far Have We Come?

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By Tambuwa Matt Class

Let’s take a moment to examine the harsh financial realities of our lives as Nigerians, realities we often endure without fully understanding the magnitude of their impact.

In 2014, the cost of a 2008 Toyota Corolla Sport was 1.2 million naira. Today, in 2025, that same car—now 17 years old—is being sold for 9 million naira. On the surface, this might seem like a simple case of inflation, but the underlying truth is far more distressing. The real story here is the dramatic devaluation of our currency, the naira, over the past decade.

In 2014, 1.2 million naira was equivalent to $6,000. Fast forward to today, and that same $6,000 is worth about 10 million naira, yet 9 million naira is barely enough to exchange for $5,500. This represents a shocking 700% depreciation in the naira’s value over ten years.

The Price of Living
The implications of this are staggering….

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Zoracom Hosts Transformative StableNet Workshop, Sets New Benchmark in Network Stability

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Zoracom, widely recognized as Nigeria’s leading Network Security Operations Centre (NSOC), has once again demonstrated its commitment to advancing the cybersecurity and network management ecosystem. The company recently organized an exclusive StableNet Workshop, which showcased the latest capabilities of StableNet® 25, a cutting-edge platform designed to revolutionize network stability and observability.

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A Resounding Success
The workshop delivered on its promise of fostering growth and innovation, leaving participants highly impressed. Attendees immersed themselves in a comprehensive exploration of StableNet® 25’s powerful features, which are poised to set new industry standards. The event offered…

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OPINION: Lessons from the Hilda Baci Pepper Soup Saga

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Recently, social media was ablaze with a young lady’s grievances over spending ₦6,000 on pepper soup at Hilda Baci’s restaurant, which she likened to “dog vomit.” While her complaint drew widespread attention, it also sparked deeper questions about personal choices, priorities, and social expectations in today’s celebrity-driven culture.

1. Supporting Local Over Celebrity Brands
One has to wonder if the lady in question has no friends, neighbors, or acquaintances running food businesses within Lagos. These are people she knows personally—whose hygiene, cooking skills, and accountability she can vouch for. Instead of supporting those closer to her, she chose a celebrity-owned restaurant, likely drawn by the allure of Hilda’s fame as a Guinness World Record holder.

But why? Was the goal to say, “I ate at Hilda Baci’s restaurant”? If so, the complaint feels more like regret for a failed attempt at celebrity proximity than a genuine critique of service. Supporting local businesses…

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