Can You Believe PalmPay Now Handles 15 Million Transactions a Day?

If you blinked, you probably missed it, PalmPay has quietly pulled off something massive.

In just a year, the Nigerian fintech giant has jumped from processing around 10 million daily transactions to an astonishing 15 million a day in the first quarter of 2025. 

That’s not just growth, it’s a signal that digital finance is no longer a side act in Nigeria’s economy. It’s the main event.

A milestone that speaks volumesThe news broke during a media roundtable where PalmPay shared its Q1 2025 results, and the numbers tell a compelling story. 

The platform now boasts a user base of 35 million, with each user making about 50 transactions monthly. That level of engagement isn’t accidental, it’s the result of strategic expansion, user trust, and a seamless experience that’s clearly working.

But here’s what’s even more interesting: PalmPay isn’t just growing in numbers, it’s growing in loyalty. 

With a customer retention rate of 80% and over 13 million users transacting monthly through its network of more than 1 million agents and merchants, the platform has created a stronghold in Nigeria’s competitive fintech space.

Wealth, Cards, and Physical PresenceThis past quarter has been all about building literally and figuratively. In February, PalmPay opened a new office to better serve its users and reduce resolution time for complaints. 

By March, it rolled out PalmPay Debit Cards, a major move that extends its digital services into everyday spending. The goal? To distribute 5 million debit cards nationwide and open more offices across Nigeria’s six geopolitical zones.

Its PalmPay Wealth Product has also become a hit. With 9 million active users and interest rates as high as 22% on Smart Earn plans, the platform paid out N4 billion in interest in just three months. That kind of return is bound to keep people coming back.

Fighting fraud, building trustIn an era where digital fraud is an ever-present threat, PalmPay is clearly not taking any chances. From real-time transaction monitoring to multi-factor authentication, the platform is doubling down on security. 

The company knows that as transactions climb, so do the risks but so does its commitment to safeguarding users.

PalmPay CEO Chika Nwosu summed it up perfectly: “We are enhancing our security framework to protect our users and ensure trust in our platform.”

What to expectPalmPay’s growth isn’t happening in isolation. It’s part of a broader surge in mobile money across Nigeria. In 2024, mobile money operators including PalmPay processed transactions worth N71.5 trillion, up 53.4% from the previous year. 

And with transaction volumes climbing from 3 billion to 3.9 billion in just 12 months, the entire sector is on a rocket ride.

Fueling this boom is a simple but powerful force: smartphone penetration. More Nigerians are getting online, and with platforms like PalmPay ready to serve them, the future of money in Nigeria looks less like a bank branch and more like an app on your phone.

So yes, 15 million daily transactions might sound wild. But if you’ve been paying attention to how fast fintech is evolving in Nigeria, maybe the real surprise is that we’re only just getting started.