Nigerian fintech company PalmPay is gearing up to take the remittance world by storm, with plans to expand into Asia in 2025. The company is eyeing the Middle East and Southeast Asia, where it hopes to capitalize on the lucrative remittance market.
According to Managing Director Chika Nwosu, PalmPay is still in the research and planning phase, but the company is eager to seize any opportunities that arise.
“We’re heading to the Middle East and Southeast Asia and looking at other African countries too,” Nwosu revealed at a recent media roundtable. “If there’s an opportunity, we’re going for it.”
The remittance market is indeed a massive opportunity, with global remittances to low- and middle-income countries reaching $685 billion in 2024, according to the World Bank. Asia, with its vast diaspora and booming economies, accounts for half of these remittances, with countries like India, China, and Pakistan topping the charts.
For PalmPay, which boasts over 30 million users and $6 billion in monthly transactions, entering the remittance market could mean significant revenue growth and an expanded user base.
The company’s existing 16 million monthly active users are already a testament to its success, and its foray into remittances could further cement its position as a leading African fintech.
PalmPay’s bold move is certainly one to watch, especially as the remittance market continues to heat up, with African fintechs like LemFi and Nala already making waves. If the company can successfully navigate the complexities of cross-border remittances, it could be poised for significant growth and success.
