Palmpay unveils mobile money app, partners Tecno
Palmpay, a mobile money app was launched recently. This was after raising a $40million seed-round led by Chinese mobile-phone maker Transsion Tecno.
The investment came via Transsion’s Tecno subsidiary, with participation from China’s Net and Taiwanese wireless comms hardware firm MediaTek.
The platform is aimed at becoming Africa’s largest financial services platform, according to Sofia Zub, the Global Head Marketing
“As part of the investment, PalmPay enters a strategic partnership with mobile brands Tecno, Infinix, and Itel that includes pre-installation of the startup’s app on 20 million phones in 2020.”
Palmpay was founded with Chinese seed investment. It offers a package of mobile based financial services, including no fee payment options, bill pay, rewards programmes, and discounted airtime on each transaction made.
First of its kind, the app received its approval from the Nigerian Central Bank as a licensed mobile money operator in July. During its pilot phase, the payments venture registered 100,000 users and processed 1 million transactions which indeed is a good success to the brand.
A pan African brand with pan African vision with its payments focus, the startup enters Africa’s most promising digital sector, but also one that has become notably competitive and crowded, particularly in the continent’s largest economy and most populous nation of Nigeria, and to also grow its financial services in Ghana which is planned for expansion in other countries in 2020.
Ladi Ogunseye, Marketing Manager, Palmpay, said: “Palmpay is a payment app that helps to settle bills. We believe people should get rewarded on each transaction made. So every time they fund their wallet, they get palm points. We are in strategic partnership with Visa and also building a financial inclusion with visa.
“People can access the platform wherever they are in Nigeria, and Palmpay also has its agents across the country as it is to the benefits of youths without a bank account. It is a convenient way to pay bills which makes transactions easier for everyone.”
To have access to Palmpay, users are advised to download the app on Google play store or app store to enjoy an unlimited transaction with convenience.
Photo caption – L-R: Dami Owolabi, Senior Marketing Manager of PalmPay; Adebiyi Niyi, Director of Corporate Communications, VISA; Sofia Zab, Global Head of Commercial and Marketing, Chidi Okonkwo; Deputy GM, TECNO Nigeria, Jason Mycroft; COO of PalmPay and Ladi Ogunseye, Marketing Manager of PalmPay during the PalmPay Press conference held recently in Lagos.
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