PalmPay began in Lagos in 2018 with a simple yet high-impact goal: to deliver secure, accessible, and innovative digital payment services to millions of people who had been underserved by traditional financial institutions. In just a few years, the company has emerged as one of Africa’s fastest-growing neobanks, building a loyal customer base and driving financial inclusion across the continent. Today, PalmPay employs more than 1,000 people, processes millions of transactions daily, and is expanding its reach beyond Nigeria into new African and Asian markets—all while maintaining profitability.
From Consumer Wallet to Full-Stack Financial Platform
PalmPay’s first act centered on offering a mobile wallet with zero-fee transfers, bill payments, and airtime/data purchases. Over time, the offering expanded to include savings products like Cashbox and SmartEarn, loans via licensed partners, and a PalmPay Debit Card developed with Verve. The launch of USSD access allowed customers without internet connectivity to transact, reflecting the company’s commitment to inclusive finance. On the business side, PalmPay rolled out merchant and agent acquiring services, a POS network, the PalmPartner app, and payment APIs that help SMEs and enterprises accept and manage payments seamlessly.
Backed by Strategic Investors
PalmPay’s growth has been fueled by $140 million in funding across two rounds. A $40 million seed round in 2019 brought in backing from Transsion/Tecno, NetEase, and MediaTek. Its $100 million Series A in August 2021, led by AfricInvest, Chuangshi Capital, Yunshi Equity Investment Management, Trust Capital, and Chengyu Capital, was joined by global investors like GIC. Palmpay is now in talks to raise between $50 million and $100 million in a Series B round to further accelerate its expansion and product innovation.
Leadership Driving Scale
At the helm is CEO Chika Nwosu, a seasoned executive guiding PalmPay’s regional dominance, supported by Sofia Zab, Global Chief Marketing Officer, who has been instrumental in shaping the brand’s cross-market strategy. Under their leadership, PalmPay has achieved profitability while scaling its product suite and user base.
Strategic Moves and New Partnerships
In March 2025, PalmPay announced a strategic partnership with AfriGo aimed at issuing over 5 million AfriGo cards, targeting underserved communities and strengthening Nigeria’s digital economy. This initiative complements its broader ambition to deepen its Nigerian footprint, scale its merchant services, and enter new African and Asian markets.
From its roots as a consumer payments app in Nigeria to its position today as a profitable, growth-stage fintech with Series B ambitions, PalmPay exemplifies how strategic funding, product diversification, and mission-driven leadership can rapidly reshape the financial landscape. As Africa’s digital economy accelerates, PalmPay’s blend of inclusive services, strong investor backing, and expansion-ready infrastructure positions it as a key player in the continent’s fintech future.