PalmPay, a pan-African fintech operating in three countries, has appointed Femi Hanson as the new head of marketing and public relations for its Nigerian subsidiary. Hanson brings with him five years of fintech marketing experience, having previously led the marketing teams at OPay and Moni, two prominent Nigerian fintech companies.
In his new role, Hanson will spearhead PalmPay’s initiatives to expand its business in Nigeria, which is its largest market. PalmPay boasts a user base of 35 million and has onboarded 1.2 million businesses.
His deep understanding of the local market and proven track record of driving impactful campaigns will help us strengthen our connection to customers and accelerate our mission of advancing financial inclusion.
Sofia Zab, PalmPay – Global Chief Marketing Officer
PalmPay launched in Nigeria in 2019 with the support of a $40 million seed round from Tecno. This investment included a partnership with Transsion Holdings, the parent company of Tecno, Infinix, and Itel, enabling PalmPay to pre-install its app on millions of smartphones sold by Africa’s largest smartphone vendor. Additionally, PalmPay offered discounted transfers to banks and free transfers to PalmPay wallets.
The fintech’s digital lending business, which features interest rates ranging from 15-30%, also contributed to its rapid rise in popularity in Nigeria. PalmPay was one of the major beneficiaries of Nigeria’s controversial currency redesign policy in 2023, as many Nigerians turned to fintech solutions like OPay and PalmPay when traditional banks struggled to handle the surge in online transactions.
PalmPay was recognized as one of the seven African fintech companies in CNBC’s top 250 fintech companies list, surpassing competitors like OPay and Moniepoint. The unranked list was compiled based on desk research by the Statista team and information provided by the companies, including 2023 revenues, year-on-year sales growth rate, and total headcount.
Joining PalmPay at this stage of its incredible journey is a tremendous honour. I am excited to build on the company’s strong foundation and contribute to its mission of delivering seamless financial solutions to millions of Nigerian consumers and businesses.
Femi Hanson
