Business Economy Finance Fintech Posted on

PalmPay is recognised by the GSMA as a key contributor to the growth of the African Mobile Money industry in State of the Industry Report

Author admin 0 289

PalmPay (www.PalmPay.com), a leading pan-African fintech, has been highlighted by the GSMA in the recently released ‘The State of the Industry Report on Mobile Money 2024’  as a key player driving the adoption of mobile money in Nigeria.

 

In the report, GSMA praised PalmPay as a “prominent non-MNO-led mobile money provider with a significant market share in Nigeria” and a top driver of financial inclusion in Africa’s $912 billion mobile money industry.

 

Commenting on the report, Sofia Zab, Global Chief Marketing Officer, PalmPay, commented:

 

“This recognition underscores our commitment to drive financial inclusion and economic empowerment across the continent.

 

This recognition underscores our commitment to drive financial inclusion and economic empowerment across the continent

“By leveraging the increase in smartphone adoption, PalmPay made a significant contribution to growing the use of mobile money in Nigeria.  Our easy-to-use and comprehensive digital and financial superapp not only provides access to seamless and secure transactions but also opens the door to cutting-edge, affordable financial services for the unbanked and underbanked population.”

 

The PalmPay app offers money transfers, airtime, data and bill payments, as well as access to other financial services such as credit and savings. Customers without their own device can access PalmPay’s services through the company’s network of 500,000 mobile money agents.

 

Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has registered over 30 million accounts on its smartphone apps. In addition to the self-serve app, its network of 1.1 million agents and merchants is serving 15 million customers monthly. The fintech also operates in Ghana and Tanzania.

 

In the report, Mats Granryd, Director General of GSMA, noted that the industry had grown in the ten years to 2022, with mobile money contributing “$600 billion to the GDP of countries with a mobile money service” and opening up more “opportunities for citizens, businesses and economies across the world.”

 

He stated that Sub-Saharan Africa has been a driver of mobile money’s success, and was home to almost three-quarters of the world’s accounts. West Africa contributed significantly to the growth of the industry in recent years, with the number of registered mobile money accounts doubling between 2013 and 2023. This growth was mainly driven by Nigeria, Ghana and Senegal.

Leave a Comment

Your email address will not be published.

You may also like

Business Featured Posted on

PRESIDENT TINUBU TO GOVERNORS: YOU ARE THE MOST IMPORTANT LINK TO NIGERIA’S DEVELOPMENT AND PROSPERITY

Author admin 0 55
post-image

 

 

President Bola Tinubu, on Wednesday in Lagos, emphasised the critical role of state governors in driving Nigeria’s development and prosperity, saying their leadership at the subnational level is central to achieving food security, economic prosperity and rapid national growth.

During a New Year homage by Vice President Kashim Shettima and members of the Nigeria Governors Forum (NGF) at his Ikoyi residence, the President expressed his gratitude for their support and collaboration while highlighting key areas requiring joint effort for the nation’s progress.

“You are the most important link to Nigeria’s prosperity and development. The Federal Government accounts for about 30 to 35 per cent of the allocated revenue; the rest comes to you. The agricultural value chain depends on you. You own the land, and the job is in your hands,” he said.

President Tinubu called for stronger collaboration between the federal and state governments to address pressing challenges, including local government…

Read More
Business Economy Finance Posted on

Nigeria Unveils Bold Plan for Sustainable Growth and Poverty Reduction

Author admin 0 69
post-image

 

In a landmark announcement, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has outlined Nigeria’s ambitious economic blueprint aimed at fostering sustainable growth and alleviating poverty. Central to this strategy is a proposed ₦50 trillion budget for 2025, underscored by strategic investments and transformative reforms.

Speaking during a stakeholder engagement session at the Ministry of Finance Auditorium in Abuja, Mr. Edun emphasized President Bola Ahmed Tinubu’s unwavering commitment to economic reform and inclusive growth. He highlighted the administration’s resolve to lift millions of Nigerians out of poverty through sound fiscal management and innovative initiatives.

Key Achievements and Targets

Among the notable achievements of the administration are subsidy reforms, which have stabilized Nigeria’s macroeconomic environment. These reforms have reduced the fiscal deficit to 4.4% and brought the debt service-to-revenue ratio down significantly from 149% in 2023 to 67%. Additionally, foreign reserves have experienced a marked increase, now…

Read More
Business Economy Government Opinion Technology Technology Trends Telecoms Posted on

NCC in 2024: Putting Subscribers First and Driving Telecom Growth

Author admin 0 101
post-image

 

The Nigerian Communications Commission (NCC) has been a game-changer in 2024, reaffirming its commitment to Nigerian subscribers and the telecom industry. Addressing recent speculations about a tariff hike, the Commission has reassured Nigerians that they remain at the heart of its decisions.

This year, the NCC has taken bold steps to ensure that subscribers enjoy improved services and better protection. For instance, it mandated telecom providers to resolve customer complaints within 30 minutes at service centers, saving subscribers time and enhancing their overall experience.

The Commission has also been instrumental in expanding broadband access across the country. With its drive to achieve 70% broadband penetration by 2025, millions of Nigerians now have better access to affordable and reliable internet, creating opportunities for businesses, education, and social inclusion.

One of the standout achievements this year has been the NCC’s efforts to promote digital inclusion. Through partnerships and campaigns, the Commission has brought internet…

Read More
Business Culture Investments Society Technology Technology Trends Posted on

Best Practices for Secure Cloud Infrastructure in Africa and the Global Digital Landscape

Author admin 0 260
post-image

 

 

As the world increasingly shifts towards digital transformation, organizations globally, including those in Africa, are rapidly adopting cloud technologies for their scalability, flexibility, and cost-effectiveness. While the cloud provides unmatched opportunities for innovation, it also introduces significant security challenges. Protecting sensitive data, maintaining compliance, and ensuring business continuity in the cloud have become top priorities for organizations operating across industries.

For businesses in Africa and beyond, implementing secure cloud infrastructures is crucial to mitigate the risks associated with cyber threats, data breaches, and system failures. As cloud adoption grows exponentially, it is essential that African organizations align their practices with global standards to safeguard digital assets and build trust with clients and stakeholders.

  1. Implement a Robust Identity and Access Management (IAM) System

Effective identity and access management (IAM) is the foundation of any secure cloud infrastructure. A robust IAM system ensures that only authorized users can access critical data and…

Read More
Autos Business Posted on

Zoracom Hosts Successful Policy Sensitization Workshop

Author admin 0 66
post-image

 

Zoracom recently held a Policy Sensitization Workshop designed to strengthen staff understanding of the organization’s core policies and operational values. The event provided an in-depth overview of the company’s essential guidelines, equipping employees with the knowledge to align with Zoracom’s principles in their daily tasks.

The workshop emphasized the importance of adhering to policies as a foundation for delivering reliable and secure services to clients. This initiative reflects Zoracom’s unwavering commitment to excellence, particularly in the precise monitoring and management of its network infrastructure.

With a focus on professional growth and team alignment, the workshop underscored the company’s dedication to empowering its workforce to uphold its reputation for superior service delivery.

For businesses seeking to enhance their network infrastructure, Zoracom invites you to book a demo and experience the difference its expertise can make.

#Zoracom #PolicySensitization #ProfessionalDevelopment #TeamExcellence

 

Read More
Agriculture Business Culture Economy Posted on

Yam Farming Trends in Nigeria: Regional Insights and Cultural Significance

Author admin 0 151
post-image

 

Yam, one of Africa’s most revered staple crops, continues to hold a central role in the agricultural and cultural fabric of Nigeria. The recently released General Household Survey (GHS) report from the National Bureau of Statistics (NBS) highlights the distribution of farming households engaged in yam cultivation across the country, revealing significant regional disparities in its production for the 2023/24 farming season.

Regional Analysis of Yam Farming

The report shows that the South East dominates yam farming activities in Nigeria, with 41.9% of households engaged in cultivation. This high percentage underscores the region’s historical and cultural ties to yam farming, particularly in Igbo land, where yam holds immense socio-cultural and economic significance.

The South West follows with 28.9%, reflecting its robust agricultural base and a growing interest in diversifying staple crop production. The South South region also records a strong showing, with 27% of households involved in yam farming, emphasizing its adaptability…

Read More
Announcements Business Culture Economy Technology Technology Trends Telecoms Travels Trends Posted on

Airtel Nigeria Spreads Festive Cheer with 10th Edition of “5 Days of Love”

Author admin 0 99
post-image

Airtel Nigeria has brought love and joy to communities nationwide with the successful conclusion of the 10th edition of its annual “5 Days of Love” initiative. The event, which spanned six states, reinforced Airtel’s commitment to giving back and spreading goodwill during the festive season.

This year, over 6,000 people across Lagos, Abuja, Borno, Enugu, Rivers, and Osun experienced the generosity of Airtel’s “Love train,” which made celebratory stops in each state. The initiative featured the distribution of hot meals and refreshing drinks to individuals and families, emphasizing the spirit of togetherness and care that defines the festive season.No alt text provided for this image

A Decade of Giving

Since its…

Read More
Business Culture Economy Investments Posted on

Nigeria Needs Industrialists, Not Traders: Efe Obiomah Champions Economic Change

Author admin 0 115
post-image

“Nigeria doesn’t need more traders; it needs more industrialists,” says Efe Obiomah, a Marketing & PR Consultant and Trainer, as she reflects on the country’s economic challenges. Her call to action is not just a critique but a rallying cry for a shift in mindset and priorities.

Efe recalls a defining moment when she decided to leave an alumni WhatsApp group. The group was abuzz with conversations about a celebrity’s extravagant display of wealth at his mother’s funeral. While many applauded his success in supporting importers and traders, Efe took a different stance.

“I argued that Nigeria didn’t need more traders. We needed more Dangotes—people willing to build industries that could transform the economy. But my perspective wasn’t well received,”…

Read More