Mobile Money Operators (MMOs) are optimistic about a robust year for the industry after recording some milestones in 2024.

They project stronger internet and smartphone access in the new year, driving their operations.

PalmPay rolls out the drum

PalmPay’s head of marketing and communications disclosed this on Friday, January 17, 2025, at a media roundtable in Lagos attended by Legit.ng.

According to him, the future of MMOs and mobile banking in Nigeria is robust as smartphone access, a key component of their operation, surges.

He disclosed that Nigeria has about 170 million active mobile phone users, which will drive MMOs operations in the future as Nigeria achieved a 75% financial inclusion rate in 2023, a milestone PalmPay helped to achieve.

The company disclosed that PalmPay has helped drive $2 billion in foreign direct investment (FDI) into Nigeria, processed about N1 trillion in transactions and currently service 1.5 million businesses nationwide.

A more robust future ahead PalmPay’s Managing Director, Chika Nwosu, explained that the company’s growth has been phenomenal since launching in 2019.

He said the firm has about 35 million users across Nigeria and serves 1.5 million customers.

With a presence in five African countries, PalmPay seeks to create balance and promote financial inclusion.

“Today, PalmPay serves over 35 million customers and 1.2 million business users with digital accounts, real-time payments, and savings and credit solutions,” he said.

He highlighted the company’s achievements in Nigeria, including its $6 billion transaction value, 16 million monthly active users, 99.5% transaction success rate, and 75% customer retention rate.

The company hopes to collaborate with regulators such as CBN to ensure financial inclusion in Africa’s most populous country.