PalmPay Predicts Smartphone Surge by 2026

According to financial services firm PalmPay, by 2026, smartphone use in Nigeria is expected to reach 65%, allowing more Nigerians to use mobile money services.

This was stated by Femi Hanson, Head of Marketing and Communications at PalmPay, at a media roundtable the fintech startup hosted in Lagos on Friday to talk about industry concerns and forecasts.

He pointed out that more people using smartphones will improve the nation’s financial inclusion.

Hanson added that to improve service accessibility, fintech firms would make use of cutting-edge technology like USSD, digital wallets, and seamless payment gateways.

The marketing boss emphasised the importance of collaboration between fintech companies, regulators, and financial institutions to foster a stable financial ecosystem and address compliance concerns.

According to him, such collaboration is crucial to Nigeria’s removal from the FATF grey list.

Hanson also predicted that the demand for affordable financial offerings and savings would increase, creating opportunities for fintech companies to provide solutions.

Quoting a recent report, he predicted further growth in the agency network, which has experienced rapid expansion from fewer than 10,000 agents in 2015 to over 1.5 million agents in 2023.

Hanson noted that mobile money operators would increasingly use artificial intelligence (AI) to improve customer experiences through machine learning, predictive analytics, and fraud detection.

Furthermore, he stressed the diversification of digital services in areas like insurance tech, health tech, and savings and wealth, all on the fintech platform.

Hanson expressed optimism that these developments would enhance financial inclusion and deepen Nigeria’s financial sector.

On PalmPay’s progress, Donald Ubeh, Head of Risk and Compliance at PalmPay, said the company had reached 35 million users and over 1.2 million businesses.

According to Ubeh, PalmPay provides affordable financial services, convenience, and accessibility to its users.

“We increased our customer base to 35 million users and over 1.2 million businesses,” Ubeh said.

He noted that PalmPay had also contributed to driving a cashless economy and empowering users and Micro, Small, and Medium Enterprises (MSMEs).

NAN