PalmPay Hits 15 Million Daily Transactions in Q1 2025, Unveils Strategic Expansion Plans
PalmPay, one of Nigeria’s foremost fintech platforms, has announced a milestone achievement in its operations, recording over 15 million daily transactions in the first quarter of 2025 — a significant leap from the 10 million daily transactions it recorded in 2024.
The development was revealed during a media roundtable on Wednesday, where the company presented its Q1 2025 performance report.
According to the report, PalmPay now boasts a user base of 35 million, with each user conducting an average of 50 transactions monthly. The company also recorded an 80% customer retention rate, serving more than 13 million monthly users through a vast network of over 1 million mobile money agents and merchants spread across the country.
One of the highlights of the quarter was PalmPay’s disbursement of N4 billion in interest payments to users of its PalmPay Wealth Product. The platform currently serves 9 million monthly active wealth users, offering flexible savings plans with interest rates of up to 20% annually, and Smart Earn rates peaking at 22%.
To further strengthen its infrastructure, PalmPay opened a new physical office in February to enhance customer support and reduce issue resolution times. In March, the company expanded its digital financial ecosystem with the launch of PalmPay Debit Cards.
Speaking at the roundtable, PalmPay CEO Chika Nwosu disclosed that the company plans to distribute 5 million debit cards nationwide and open new offices across Nigeria’s six geopolitical zones. He added that PalmPay is also intensifying efforts to deepen financial inclusion in underserved areas.
On the issue of financial fraud, which has increasingly plagued the fintech sector, Nwosu said the company is actively improving its risk management protocols. “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,” he stated.
PalmPay has implemented a suite of security features including real-time transaction monitoring, multi-factor authentication, and account lock tools aimed at safeguarding user transactions.
The surge in PalmPay’s transaction volume aligns with broader industry trends. Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) showed that mobile money operators — including PalmPay, OPay, and others — processed transactions worth N71.5 trillion in 2024, marking a 53.4% increase from the N46.6 trillion recorded in 2023. The total volume of transactions also rose by 23%, from 3 billion in 2023 to 3.9 billion in 2024.
Industry analysts predict further growth in 2025, driven by the projected rise in smartphone penetration and digital financial literacy across Nigeria.
