Nigerian fintech company, PalmPay, has received recognition for its contribution to the growth of mobile money in Africa from the GSM Assoction (GSMA).
GSMA: Nigeria’s PalmPay recognised as key driver of mobile money
The report specifically praises PalmPay for being “a prominent non-MNO-led mobile money provider with a significant market share in Nigeria.”
GSMA: PalmPay is leading force driving mobile money
Sofia Zab, Global Chief Marketing Officer for PalmPay said that “this recognition underscores our commitment to drive financial inclusion and economic empowerment across the continent.”
According to the fintech company’s Zab, “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.”
Mobile Money’s Impact on Africa
GSMA’s Director General, Mats Granryd, stated 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.
Granryd further emphasised 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.” The number of registered mobile money accounts in the region doubled between 2013 and 2023, with Nigeria, Ghana, and Senegal leading the charge.
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