PayRate42 listed the Nigerian e-Money Institution PalmPay (website) in its “Green Compliance” list, suggesting that it is a reliable partner for merchants and their clients. PalmPay serves over 5 million users, with its monthly transaction volume at over $100 million as of June 2021. The company has partnerships with Chinese mobile brands Tecno, Infinx, and itel, which includes pre-installation of the startup’s app on 20 million phones.
PalmPay, founded in 2019, closed a $100 million Series A funding round in August 2021, raising a total of $140 million. Chinese owners allegedly control it.
The Central Bank of Nigeria regulates PalmPay.