Nigerian fintech PalmPay will launch operations in South Africa, Ivory Coast, Uganda and Tanzania before the end of 2025, its CEO Chika Nwosu announced at a press conference on Wednesday. This expansion follows sustained momentum in Nigeria, where the platform processed over 15 million daily transactions in the first quarter of 2025.

The company has announced its intention to expand to South Africa, Ivory Coast, Uganda and Tanzania by the end of 2025, reports the specialized media TechCabal. This announcement, made on Wednesday 7 May by its CEO, Chika Nwosu, marks a strategic step in the growth of the company which aims to become a key player in mobile money in Africa

By targeting these new markets, PalmPay will face intense competition. In South Africa, it will have to compete with MTN's MoMo, which claims 11 million users, and TymeBank, which has nearly 9 million users. In Côte d'Ivoire, the market is largely dominated by Wave, which has a 70% market share and more than 20 million active accounts. In Uganda, the two giants MTN and Airtel are establishing themselves as leaders in mobile payments

The fintech, which carries out money transfer transactions in particular, relies on the strength of its existing operations to succeed in gaining market shares and establishing itself in these countries. In Nigeria, its main market, the company processes over 15 million transactions per day, thanks to a base of 35 million active users. They carry out an average of 50 monthly transactions, ranging from money transfers to telephone credit purchases, with a success rate of 99.5%, according to the fintech. This performance, combined with its presence in Ghana and Kenya, is a foundation for gaining the trust of users.