In the busy Fagge Market in Kano, Zahra Bello, a middle-aged entrepreneur who runs a fabric store, speaks about her experience with mobile banking and how this has simplified business transactions and improved her small business.
Behind the growth of these resilient women entrepreneurs lies a story of transformation powered by technology.
“My name is Zahra Bello, I’m from Dambatta in Kano State, and I’m a fabric trader. I first heard about PalmPay from my elder brother in March 2024. He told me how he used the PalmPay Target Savings feature to buy new machinery for his farm and even earned interest. That inspired me to try it too.”
Zahra downloaded the PalmPay app that very day. By December, she’d used the Target Savings plan to restock her shop with new fabrics, an achievement she never thought possible within such a short period. “I was so happy,” she smiles. “The interest I earned on my savings motivated me to save more. PalmPay has become my savings box. I use it for all my transactions now.”
Her story, like many others, is the inspiration for PalmPay’s evolving vision of inclusive banking in Nigeria’s underserved communities.
Women, SMEs, and Technology
Financial exclusion remains a critical challenge in Northern Nigeria. According to EFInA’s 2023 Access to Financial Services survey, an estimated 28.8 million adults in the North are excluded from the formal financial system, with exclusion rates as high as 47% in the Northwest.
Among women, especially those in rural areas, the figures are even more concerning, as these numbers represent the daily reality of millions of women who run informal businesses and contribute to household income without access to banking, credit, or digital tools.
PalmPay’s initiative addresses this gap directly. 5,000 female entrepreneurs in Kano and Kaduna will receive hands-on financial literacy training on mobile payments and their shops are rebranded with signages, aprons, and other kits that will enhance visibility for their businesses.
“I used to write down every sale in a notebook. Now I track everything with my PalmPay account,” says Rabi Abdullahi, a trader in Kano. “Customers trust me more now that I have a business name and branded store.”
PalmPay has done its due diligence to understand the challenges and has offered a tailored approach to solving these issues which includes this social impact initiative.
Social Impact and Strategic Growth
With over 35 million users in Nigeria, the company is keen to expand in regions where smartphone adoption is rising but digital finance penetration remains low.
Femi Hanson, Head of Marketing and Communications, explains: “We see this as long-term ecosystem building. When you give small business owners the tools to grow, you don’t just gain users, you build loyalty, trust, and sustainable impact.” This also aligns with Nigeria’s Financial Inclusion Strategy goal to reach 95% inclusion by 2025, a benchmark that can’t be reached without focused efforts in the North.
The project has earned the support of traditional leaders, most notably His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, who praised the initiative and called for greater collaboration between the private sector and community stakeholders.
With the success of this initiative, PalmPay has continued to expand its solutions in these regions offering support to even more women.
In Northern Nigeria, where the need is great and the gap wide, PalmPay is proving that true impact goes beyond offering products to providing support and meeting the needs of its users at the grassroots.