A pan-African fintech company known as Palmpay has appointed Femi Hanson as the new head of marketing and public relations for its Nigerian branch. Hanson brings with him five years of experience in fintech marketing, having previously worked with OPay and Moni, two Nigerian fintech companies.
Hanson will be responsible for leading Palmpay’s efforts to expand its operations in Nigeria, its largest market. The company boasts 35 million users and has onboarded 1.2 million businesses.
Sofia Zab, Palmpay’s global chief marketing officer, expressed confidence in Hanson, citing his local market knowledge and successful track record in driving impactful marketing campaigns to enhance customer connections and advance financial inclusion.
Palmpay made its entry into Nigeria in 2019 following a $40 million seed round investment from Tecno. This partnership with Transsion Holdings allowed Palmpay to pre-install its app on millions of smartphones sold by the leading African smartphone seller. Additionally, the company offered discounted transfers to banks and free transfers to PalmPay wallets.
Palmpay’s digital lending business, featuring interest rates between 15-30%, contributed to its rapid popularity in Nigeria. The company benefitted from Nigeria’s currency redesign policy in 2023, where traditional banks faced challenges coping with the surge in online transactions, leading many Nigerians to turn to fintech platforms like OPay and PalmPay.
Palmpay was recognized as one of the top seven African fintech companies in CNBC’s top 250 fintech companies list, surpassing competitors like OPay and Moniepoint. The list was compiled based on desk research by the Statista team and information provided by the businesses, including 2023 revenues, year-on-year sales growth rate, and total headcount.
Expressing his excitement, Hanson stated, “Joining Palmpay at this pivotal stage of its journey is a great honor. I look forward to building on the company’s strong foundation and contributing to its goal of providing seamless financial solutions to millions of Nigerian consumers and businesses.”