Technext Technext
  • Home
  • Stories
    • Lupin, Bridgerton; Top 5 New Netflix Series to Watch This Week
      Lupin, Bridgerton; Top 5 New Netflix Series to Watch This Week
      3 hours ago 0
      31
    • Samsung Unveils Galaxy S21  Series, Announces Ebuka as Brand Ambassador at its Unpacked Event
      Samsung Unveils Galaxy S21 Series, Announces Ebuka as Brand Ambassador at its Unpacked Event
      6 hours ago 0
      67
    • Bolt Launches Ride-hailing Service in Ado-Ekiti and Bauchi, Now in 14 Nigerian States
      Bolt Launches Ride-hailing Service in Ado-Ekiti and Bauchi, Now in 14 Nigerian States
      7 hours ago 0
      52
    • How to Register Your Company Through the New CAC e-Registration Portal for Businesses and Individuals
      How to Register Your Company Through the New CAC e-Registration Portal for Businesses and Individuals
      11 hours ago 0
      119
    • Ditching WhatsApp for Signal? Here Are 5 Things You Should Know
      Ditching WhatsApp for Signal? Here Are 5 Things You Should Know
      1 day ago 0
      88
    • How to Sell Ethereum, Bitcoin and Tether Instantly  in Nigeria Using Jackocoins
      How to Sell Ethereum, Bitcoin and Tether Instantly in Nigeria Using Jackocoins
      1 day ago 0
      103
    • Ghanaian Fintech OZÉ Raises $700k Seed Capital to Fuel Expansion into Nigeria
      Ghanaian Fintech OZÉ Raises $700k Seed Capital to Fuel Expansion into Nigeria
      1 day ago 0
      121
    • With Huge Investments into African Originals, are Netflix and Showmax Taking too Big a Risk?
      With Huge Investments into African Originals, are Netflix and Showmax Taking too Big a Risk?
      1 day ago 0
      62
    • HostNowNow Releases New Staging Server that Enables Users Test Softwares and Prelaunch Web Projects
      HostNowNow Releases New Staging Server that Enables Users Test Softwares and Prelaunch Web Projects
      2 days ago 0
      69
  • Features
    • 5 Tips to Make Your Business More Popular on Social Media
      5 Tips to Make Your Business More Popular on Social Media
      2 days ago 0
      101
    • Analysts Forecast Bitcoin to Hit $100k in 2021, But is This Really a Good Time to Start Buying?
      Analysts Forecast Bitcoin to Hit $100k in 2021, But is This Really a Good Time to Start Buying?
      3 days ago 0
      253
    • Top 5 Most In-Demand Tech Jobs for 2021 — and Skills Required for them
      Top 5 Most In-Demand Tech Jobs for 2021 — and Skills Required for them
      1 week ago 0
      308
    • Financial Strategies for Surviving 2021 with Ayo Akinmade, Vice Chairman, Regus
      Financial Strategies for Surviving 2021 with Ayo Akinmade, Vice Chairman, Regus
      1 week ago 0
      295
    • ‘Expect Aggressive Expansion in 2021’- PlentyWaka’s Johnny Enagwolor on Surviving 2020 and What the Future Holds
      ‘Expect Aggressive Expansion in 2021’- PlentyWaka’s Johnny Enagwolor on Surviving 2020 and What the Future Holds
      2 weeks ago 0
      346
    • After a Poor 2020, Here are the Top Cinema Trends to Watch Out for in 2021
      After a Poor 2020, Here are the Top Cinema Trends to Watch Out for in 2021
      2 weeks ago 0
      296
    • “How we survived 2020” with Fehintolu Olaogun, CEO, CredPal
      “How we survived 2020” with Fehintolu Olaogun, CEO, CredPal
      2 weeks ago 0
      329
  • Reviews
    • Lupin, Bridgerton; Top 5 New Netflix Series to Watch This Week
      Lupin, Bridgerton; Top 5 New Netflix Series to Watch This Week
      3 hours ago 0
      31
    • Samsung Unveils Galaxy S21  Series, Announces Ebuka as Brand Ambassador at its Unpacked Event
      Samsung Unveils Galaxy S21 Series, Announces Ebuka as Brand Ambassador at its Unpacked Event
      6 hours ago 0
      67
    • Ditching WhatsApp for Signal? Here Are 5 Things You Should Know
      Ditching WhatsApp for Signal? Here Are 5 Things You Should Know
      1 day ago 0
      88
    • HostNowNow Releases New Staging Server that Enables Users Test Softwares and Prelaunch Web Projects
      HostNowNow Releases New Staging Server that Enables Users Test Softwares and Prelaunch Web Projects
      2 days ago 0
      69
    • Samsung Unveils Galaxy A12, A02 and A02s, Announces Joeboy as Brand Ambassador
      Samsung Unveils Galaxy A12, A02 and A02s, Announces Joeboy as Brand Ambassador
      2 days ago 0
      115
    • Tech Events this Week: CES 2021, Samsung Galaxy S21 Unpacked and Others
      Tech Events this Week: CES 2021, Samsung Galaxy S21 Unpacked and Others
      4 days ago 0
      117
    • Global Tech Roundup: Bitcoin Price Crosses $40,000 for the First Time Ever
      Global Tech Roundup: Bitcoin Price Crosses $40,000 for the First Time Ever
      1 week ago 0
      249
  • Women in Tech
  • Videos
  • Contact Us
Go to...

    PalmPay Enters the Nigeria Fintech Space Backed with $40M from Transsion Holdings

    Oluwadamilare AkinpeluOluwadamilare Akinpelu
    November 13, 2019
    PalmPay Enters the Nigeria Fintech Space Backed with $40M from Transsion Holdings

    Nigeria’s fintech sector is growing at a fast pace. There’s a massive influx of new startups and funding. And it’s not over yet as Africa-focused payment company, PalmPay has officially launched in the Nigerian financial space after raising $40 million in a seed fund round.

    According to TechCrunch, this funding was led by Chinese mobile-phone and device maker, Transsion Holdings with participation from China’s NetEase and Taiwanese wireless comms hardware firm Mediatek.

    US$40m in seed round!!! |PalmPay launches in Nigeria on $40M round led by China’s Transsion – TechCrunch https://t.co/oGWpGgb8Zw

    — Ayodeji Adewunmi (@atadewunmi) November 13, 2019

    Although just publicly launched, PalmPay has been around in Nigeria since July running a beta test with a limited number of customers. During this period, the platform received its license as a mobile money operator from the Central Bank of Nigeria (CBN).

    As with every other mobile payment platform, PalmPay offers users a mobile wallet with which they can top up funds electronically or at offline access points, make and accept payments, pay bills, buy airtimes and other services.

    And according to the company, during the beta phase, it had registered 100,000 users and processed 1 million transactions. This shows an average of 10 transactions per user, which is a fair one for a beta period which had loads of discounts initiatives.

    Now with this ‘fund chest’, Palmplay promises to offer discount on airtimes purchases and bank transfer rates as low as N10 in Nigeria. It will also use the funding to grow its services in Ghana with plans to expand to more countries in 2020.

    But in all of this, what chance does it stand in the competitive and ever-growing mobile payments space in Nigeria?

    Opera into OPay: $50m

    Transsion into Palmpay: $40M

    Both: Competition!!! ⚔️ ⚔️⚔️

    Yabacon Valley: pic.twitter.com/878p3gwN62

    — Big Odun Energy (@OdunEweniyi) November 13, 2019

    For one, PalmPay has the funds. Despite just launching, PalmPay already has a huge war chest of funds to go toe-to-toe with almost all its competitors – save OPay which has raised more.

    And with $40 million of funding, PalmPay has enough to aggressively grow its numbers in Nigeria over the next few years. And if it gets its strategy right with such huge cash, it could become one of the fastest growing fintech solutions in Nigeria.

    Transsion Holdings (Parent company to TECNO, Infinix and Itel), has finally entered the African mobile payments market with PalmPay (Co owned by Transsion and NetEase =Transsnet)

    I have a strong feeling PalmPay is here to compete with OPay.

    — Oluwatimilehin (@Timispeaks) November 13, 2019

    On strategy, PalmPay’s CEO, Greg Reeve is no newcomer in the African fintech space. With over 10 years of experience in the space, including in top positions like the global head of Visafone’s M-Pesa, his leadership experience will definitely come in handy if PalmPay is to break into the nascent space in Nigeria – and eventually Africa.

    Also PalmPay had earlier in April partnered with global payments technology company, Visa. This partnership allows Visa cardholders initiate payments within the app and make online and mobile payments with their cards and for non-card carriers to generate a virtual Visa card upon registration – allowing them variety of financial products offered on Visa’s network.

    I like how 1 PalmPay point = 1 Naira. Right now I have 5000 PalmPay Points which is 5k. This Pay app na still the best right now #PalmPayLaunch pic.twitter.com/341fBOAP1b

    — Blue (@DharBluee) November 13, 2019

    Interestingly, since it’s jointly owned by Transsion Holdings Group, makers of the Itel, Infinix and Tecno brands, this means PalmPay stands a chance of having its app pre-installed on future models of these phones.

    For a while now, Transsion has been in pole position of the smartphone race in Africa, mainly due to the affordable and impressive devices. So as a widely used brand in Africa, PalmPay’s partnership with them potentially puts its app in the hands of a large population of African, making expansion easier.

    Nigerian fintech is now just spicy af. https://t.co/B809VhRIua

    — ST (@seyitaylor) November 13, 2019

    One thing is sure, the market is very competitive and as such it will not be a walkover. But then, it is safe PalmPay could witness massive growth over the next few years.

    In all, it means more competition, and of course more options for users. Let the games continue!


    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


    SUBSCRIBE

    Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


    Comments

    Share :
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • Linkedin
    • Email
    Oluwadamilare Akinpelu

    Oluwadamilare Akinpelu

    Oluwadamilare Akinpelu is a lover of the Tech World. He is a calm person and also a protean writer.

    OPPO Launches Reno2 and Reno2 F Series for Nigerian High-End Smartphone Users
    Next article
    OPPO Launches Reno2 and Reno2 F Series for Nigerian High-End Smartphone Users
    Jumia Gains 636,000 New Customers, Loses $55 Million According to Just Released Q3 Report
    Previous article
    Jumia Gains 636,000 New Customers, Loses $55 Million According to Just Released Q3 Report

    Related Posts

    • Reviews, Stories 3 hours ago

      Lupin, Bridgerton; Top 5 New Netflix Series to Watch This Week

      Lupin, Bridgerton; Top 5 New Netflix Series to Watch This Week
      Reviews, Stories 6 hours ago

      Samsung Unveils Galaxy S21 Series, Announces Ebuka as Brand Ambassador at its Unpacked Event

      Samsung Unveils Galaxy S21  Series, Announces Ebuka as Brand Ambassador at its Unpacked Event
      Stories 7 hours ago

      Bolt Launches Ride-hailing Service in Ado-Ekiti and Bauchi, Now in 14 Nigerian States

      Bolt Launches Ride-hailing Service in Ado-Ekiti and Bauchi, Now in 14 Nigerian States
    • Stories 11 hours ago

      How to Register Your Company Through the New CAC e-Registration Portal for Businesses and Individuals

      How to Register Your Company Through the New CAC e-Registration Portal for Businesses and Individuals
      Reviews, Stories 1 day ago

      Ditching WhatsApp for Signal? Here Are 5 Things You Should Know

      Ditching WhatsApp for Signal? Here Are 5 Things You Should Know
      Stories 1 day ago

      How to Sell Ethereum, Bitcoin and Tether Instantly in Nigeria Using Jackocoins

      How to Sell Ethereum, Bitcoin and Tether Instantly  in Nigeria Using Jackocoins

    Bitcoin Recent Prices

    Brandest

    Sign up for Newsletters

    Popular News

    • Takeaways from the 20th CFA’s Startups Hangout: Inlaks Boss Femi Adeoti’s Rare Insights on Entrepreneurship
      Takeaways from the 20th CFA's Startups Hangout: Inlaks Boss Femi Adeoti’s Rare Insights on Entrepreneurship
      August 16, 2019 0
    • #COVID-19 Blues: IROKOtv Drops 83 Employees in Nigeria, Slashes Salaries of Others
      #COVID-19 Blues: IROKOtv Drops 83 Employees in Nigeria, Slashes Salaries of Others
      9 months ago 0
    • LifeBank CEO Temie Giwa-Tubosun at 33; Celebrating One of Nigeria’s Foremost MedTech Innovators
      LifeBank CEO Temie Giwa-Tubosun at 33; Celebrating One of Nigeria's Foremost MedTech Innovators
      December 4, 2018 0
    • Another African Country Has Shut Down its Internet, this Time for Educational Reasons
      Another African Country Has Shut Down its Internet, this Time for Educational Reasons
      June 13, 2019 0
    • Egypt Steps Up Social Media Crackdown on its Citizens with Police Intimidation
      Egypt Steps Up Social Media Crackdown on its Citizens with Police Intimidation
      October 9, 2019 0

    Follow Us

    Latest Tweets

    • technextdotng New post: Lupin, Bridgerton; Top 5 New Netflix Series to Watch This Week https://t.co/dyJYaTtsD4
      about 2 hours ago
    • technextdotng New post: Samsung Unveils Galaxy S21 Series, Announces Ebuka as Brand Ambassador at its Unpacked Event https://t.co/M2Inp3vat3
      about 5 hours ago
    • technextdotng RT @jwage2: How to Sell Ethereum, Bitcoin and Tether Instantly in Nigeria Using Jackocoins - https://t.co/9kAYJdtiHH via @Technextdotng
      about 6 hours ago
    • technextdotng Ride-hailing company, Bolt has announced the launch of its e-hailing service in Ado-Ekiti and Bauchi states as it c… https://t.co/8hNQj5XrCx
      about 6 hours ago

    Instagram

    technextdotng

    Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
    http://ow.ly/ayTM30mSlGS

    Our recent poll result shows that most of our vote Our recent poll result shows that most of our voters (and WhatsApp users) are unfazed by the new policy update and won't be leaving the platform.

Will you?
#WhatsApp #Policy
    50% of our voters think #bitcoin will surpass $100 50% of our voters think #bitcoin will surpass $100k this year?

Do you think so?
#Cryptocurrency #Crypto
    Live at the new @samsung_nigeria A Series launch. Live at the new @samsung_nigeria A Series launch.

And yeah, @joeboyofficial pon deck!

Tag when you see him.

#Samsung #samsunggalaxy #smartphone #Nigeria
    While talking, do not forget to start doing that s While talking, do not forget to start doing that same thing.
It’s just like putting what you are saying into practice.

Let’s just say THEORY/PRACTICAL
#WeAreTechNext #MondayMotivation
    Wealth, good health, incredible relationships, are Wealth, good health, incredible relationships, are all available to you. But you have to pay the price to have these things. 

#WeAreTechnext #MondayMotivation
    A New Year marks the beginning of a fresh start, t A New Year marks the beginning of a fresh start, there would be new hopes, new resolutions, a new spirit.

Have a promising and fulfilling New Year!
#WeAreTechnext #HappyNewYear
    Load More... Follow on Instagram

    Random News

    • NCC to Assist the Fight Against Insecurity with 2nd Phase of SIM Registration and Compliance Audit
      NCC to Assist the Fight Against Insecurity with 2nd Phase of SIM Registration and Compliance Audit
      May 10, 2019 0

      The Nigerian Communications Commission (NCC) has revealed plans to kick of the second phase of its SIM registration verification and ...

      Read More
    Copyright 2020 technext.ng | Privacy Policy | Media Policy