Fidelity bank card banner Camano banner
Partnership will deepen financial inclusion across Africa — Visa, Palmpay

By News Express on 01/05/2019

Views: 548

A partnership to advance financial inclusion across Africa through access to digital payment services that shall entail launching of an app with a mobile wallet in Nigeria, Ghana and Tanzania has been announced. The partnership is between Visa, the global payments technology company and PalmPay, a new player in Africa’s Fintech industry.

In this partnership, PalmPay will launch the app, a mobile wallet which will offer customers a platform to top up funds electronically or via offline access points, with the ability to make and accept individual and merchant payments. Visa cardholders will be able to initiate payments within the app and make online and mobile payments by attaching their card details to their PalmPay profile. Non-card carriers can generate a virtual Visa card upon registration.

PalmPay app will in addition provide access to a variety of financial products offered by third parties while also introducing a loyalty points programme to incentivize the growth of the service.

Visa’s vice president, strategic partnerships, Fintech and Ventures, Otto Williams said “Around the world, there is a growing recognition that cash is a major impediment to advancing financial inclusion and Africa remains a cash centric region. Delivering access to digital payment services on more mobile phones will be a significant step towards the continued expansion of financial inclusion on the continent. This is one of the reasons why advancing financial inclusion remains a priority for us at Visa and this collaboration with PalmPay will help us reach consumers and merchants not previously addressed by traditional financial services, across Africa.

On his part, the CEO of PalmPay, Greg Reeve said “we are building a digital financial ecosystem that brings together the best services and offers from across each market, which will be made available to anyone with a smartphone, including the unbanked. Most existing apps are built to only carter for people who already have formal financial accounts – that is you can only send money, request for loans once you have an account to deposit or receive such loans. With our mobile wallet, third parties can plug into our platform and encourage people who are just joining the digital world, to make and receive payments.”

PalmPay  that is said to be expanding its partnership to other industry players including Global Technology Partners and Ecobank Group, who are working with the company on payment processing and banking services respectively is also being tested by a number of private beta customers in Nigeria, Ghana and Tanzania and will be launched to the public in the coming months. An early access version is available on the Google Play Store and the iOS App store that allows users to accumulate PalmPoints, which can be used for transactions once the full app is available.

Source News Express

Posted 01/05/2019





You may also like...
Tiwa Savage acquires customised car

Mike Ezuruonye speaks to the youth

TOP 10 Nigerian Songs for This Week

Burna Boy plans collabo with Wizkid

Divorce-seeking woman makes U-turn in court, begs for...

Rita Dominic offers reprieve to sexually abused women...

Abi na dream?

Queen Rozee Home of Beauty debuts in Ojodu...

Adekunle Gold drops another chart buster

And Timaya smiles to the bank with ‘Balance’...

Chioma threatens Davido on birthday

I wan do my birthday party


UBA Wise Savers Promo


ICT Monitor
Latest News Airtel wins award for contributions to economy, job creation NSE clears MTN for listing in Nigeria Partnership will deepen financial inclusion across Africa — Visa, Palmpay ALTON reiterates consequences of demolishing 7,000 masts by NCAA Fintech innovations in Nigeria, FG to enact policies MTN ready for listing on NSE Google ‘retaliating’ after worker protest 95m subscribers have invalid SIM data – NCC National Broadband Conference holds June 6 NCC grants MTN more spectrum after protracted tussle Panic in White House after man sets himself on fire MTN enlightens UniAbuja students on 4G


Most Read ATCON holds symposium on post-Nigeria National Broadband Plan (1,264 views) Why hackers target financial data of banks — Expert (1,218 views) Panic in White House after man sets himself on fire (1,177 views) Glo signs deal with Nokia Alcatel-Lucent •Bella Disu, Patrick Pouyanné, Aliko Dangote, 147 Global CEOs attend Choose France Summit at Château de Versailles (1,085 views) Adopt technologies in future elections, ATCON urges FG (1,043 views) Neglect of internet speed leaves Nigeria at 107th position (1,006 views) Airtel Touching Lives invites nomination of beneficiaries for fifth edition (980 views) Skool Media assures quality education, opens teachers and students experience centres (963 views) 5G presents security challenge for telecom operators (933 views) Understanding 5G wireless technology (918 views) Varsity develops tool to detect, stop cyber attacks (917 views) Airtel, banks, TraderMoni empower IDPs (916 views)


Africa Media Agency and Al Jazeera