Payment start-up PalmPay launched in Nigeria, part of an ambitious goal to become the largest financial services platform in Africa by expanding to more countries on the continent, TechCrunch reported.
The company raised capital of $40 million from China-based device maker Tecno, NetEase and MediaTek to fund the move into the country, its second market on the continent after Ghana.
PalmPay users in Nigeria are able to make payments without fees, pay bills, get airtime discounts, and make bank transfers with a rate of NGN10 ($0.03), the media outlet stated.
On Twitter, the company explained it is “highly committed to using the capital to grow our digital financial services business in Ghana and Nigeria and to support upcoming launches in several other African countries”, with CEO Greg Reeve telling TechCrunch additional markets would be added in 2020.
PalmPay’s app will reportedly be pre-installed on 20 million phones by Tecno, Infinix, and itel in the next year, as part of a partnership deal.
The company also signed a strategic alliance with Visa in April.
A PalmPay representative told TechCrunch the company recieved a mobile money licence in Nigeria in July and signed up 100,000 users to pilot programme.