PalmPay
35M+ users; Transsion-backed.
- Who holds it
- A licensed payment institution holds your balance in a safeguarding account — Mobile money license (NG).
- The ledger
- The payment institution’s own ledger.
- If it fails
- Safeguarded funds are returned in administration — ring-fenced, but access can be frozen and slow.
Derived from PalmPay’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · underbanked |
| AI | AI underwriting in production |
| HQ | Lagos, NG |
| Founded | 2019 |
| Custody | Custodial |
| Regulation type | Payment institution |
| License detail | Mobile money license (NG) |
| Card | Verve/MC · Debit |
| Cashback | Offers |
| Yield | Daily interest |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Africa |
| Countries | Nigeria, Ghana, Tanzania, Kenya |
| Reported users | 35M users (2025) |
| Founders | Transsion-backed team |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @PalmPay_ng ↗
Common questions about PalmPay
What is PalmPay?
PalmPay is a fiat neobank built for underbanked, headquartered in Lagos, NG and founded in 2019. Your money is held custodially, so PalmPay or its partner bank holds the balance and you hold a claim on it. It is regulated as a payment institution (Mobile money license (NG)).
Does PalmPay have a card, and where can you use it?
It issues a Verve and Mastercard debit card. It is available in 4 countries, across Africa.
Does PalmPay require KYC?
Yes. PalmPay requires identity verification (KYC) to open an account, as a payment institution.
What does PalmPay cost?
From the verified fields: cashback Offers; yield Daily interest. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with PalmPay before relying on them.
Early investors
Head-to-head
PalmPay vs OPay · PalmPay vs TymeBank · PalmPay vs Djamo · PalmPay vs Wave · PalmPay vs Khazna
Peers
Wise · TymeBank · OPay · Bank Zero · Discovery Bank · Kuda
PalmPay appears in
Neobanks authorised as payment institutions (13) · Neobanks available in Africa (92) · Neobanks built for the underbanked (23) · Neobanks that issue a Mastercard (150) · Neobanks on domestic card networks (16) · Neobanks in Nigeria (15)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.