PalmPay, Africa’s digital banking platform, has announced new strategic partnerships with leading insurance providers to deliver accessible, affordable, and simplified insurance products directly through the PalmPay app. This initiative demonstrates the company’s ongoing commitment to promoting financial inclusion and improving the well-being of everyday Nigerians.
Currently, only about 8.9% of Nigerians have any form of health insurance, making the country one of the least insured populations in Africa. Challenges such as low awareness, affordability, and trust issues have hindered the widespread adoption of insurance products.
PalmPay’s new insurance offerings aim to tackle these obstacles by streamlining the purchase and management of insurance policies within the app. The insurance feature will provide essential coverage options—ranging from health and device insurance to life insurance—at affordable prices, simplifying the traditionally complex insurance process.
Habib Kowontan, Head of Wealth Product at PalmPay, stated, “Insurance is often seen as complicated or out of reach, particularly in underserved communities. Through these partnerships, we aim to eliminate those barriers by providing straightforward, reliable, and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users in Nigeria, PalmPay is evolving into a consumer-focused digital banking platform. The integration of insurance services enhances its growing range of offerings, which includes money transfers, bill payments, high-interest savings, and debit card services, positioning PalmPay as one of the most comprehensive digital banking platforms in Africa.
Mr. Chika Nwosu, Managing Director of PalmPay, emphasized, “Our mission at PalmPay is to eliminate barriers and ensure essential services are accessible to everyone. These strategic partnerships allow us to broaden our services, making them more inclusive and empowering our users with products that can positively impact their lives and finances.”
This rollout represents a significant step in PalmPay’s broader strategy to equip users with tools that enhance their daily lives, transforming the platform from a simple payments app into a trusted financial partner for millions of Nigerians.
