PalmPay, a leading Nigerian fintech company with over 30 million users and $6 billion in monthly transaction volume, has announced plans to explore the lucrative global remittance market as part of its growth strategy for 2025.
The company is setting its sights on the Middle East and Southeast Asia regions with remittance potential driven by large diaspora populations and strong economic ties to low- and middle-income countries, Investors King reports.
Speaking at a recent media roundtable, PalmPay’s Managing Director, Chika Nwosu, confirmed the company’s intentions to expand beyond Africa.
“We are moving to the Middle East and Southeast Asia and will also expand into other African countries,” Nwosu stated. “We are conducting research and developing business strategies. Wherever we see opportunities, we will go there.”
According to the World Bank, remittance inflows to low- and middle-income countries rose to $685 billion in 2024 with Asia accounting for a larger portion.
South Asia, East Asia, and the Pacific collectively contribute nearly half of these inflows with India alone receiving $129 billion in 2024.
The fintech giant seeks to leverage its extensive digital payments infrastructure to provide cross-border financial services that cater to the growing demand for affordable and efficient remittance solutions.
The company aims to expand its reach by leveraging its 16 million active users while mitigating the challenges posed by local currency volatility.
The company aims to serve individuals and businesses in its target markets by providing new avenues for secure and cost-effective money transfers.
Companies like LemFi and Nala have already demonstrated success in capturing segments of the global remittance market, inspiring similar moves from other players.
PalmPay’s expansion into the Middle East and Southeast Asia shows its ambition to become a key player in the global financial ecosystem.