PalmPay, a leading digital banking platform in Africa, is set to revolutionize access to insurance in Nigeria by launching strategic partnerships with top-tier insurance providers. This initiative aims to tackle the nation’s significant insurance penetration gap, making essential coverage accessible, affordable, and simple to obtain directly through the PalmPay app.
Nigeria currently faces one of Africa’s lowest insurance penetration rates, with a staggering over 90% of its population lacking any form of health insurance. Barriers, including low awareness, affordability concerns, and trust issues, have long hindered widespread adoption. PalmPay’s new offering directly confronts these challenges.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities. Through these partnerships, we aim to break down those barriers by offering simple, reliable, and affordable insurance options that are easily accessible within the PalmPay app,” said Habib Kowontan, Head of Wealth Product at PalmPay.
The new PalmPay insurance feature simplifies the entire process of purchasing and managing policies. Users can now easily access essential coverage, from health and device insurance to life insurance, at affordable prices, eliminating the traditional complexities associated with the industry.
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its extensive suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services. This expansion solidifies PalmPay’s position as one of Africa’s most comprehensive digital banking platforms.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone. Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances,” stated Mr. Chika Nwosu, Managing Director of PalmPay.
This rollout marks a significant milestone in PalmPay’s broader strategy: to empower its users with tools that enhance their daily lives, transforming the app into a trusted financial partner for millions of Nigerians.