Many PalmPay customers have been asking if the fintech app can be used to receive money from abroad. Now, PalmPay is expanding cross border payments as it mulls Middle East and Southeast Asia remittances.
According to PalmPay’s Managing Directors, Chika Nwosu, he unveils that the company is currently working on moving cross border remittance payments to “Middle East and Southeast Asia and looking into other African countries” as well.
However, the expansion is not certain. Nwosu said “we’re still in the research and planning phase, but if there’s an opportunity, we’re going for it.” The remittance market is becoming a must-watch for African financial technology firms nowadays.
World Bank said global remittances to low- and middle-income countries (LMICs) hit $685 billion in 2024 — a 5.8% jump from the previous year. So yes, it’s safe to say cross border remittances are massive deals and PalmPay wants a cut of the cake.
Can PalmPay Receive Dollar?
Not until PalmPay completes its remittance payments expansion into the Middle East and Southeast Asia can we know if the payment app can actually be used to receive dollar (USD) payments from abroad.
Currently, PalmPay cannot be used to receive U.S dollars from abroad or any other currency from any other countries—not even Ghana that the company is operating in.
How does PalmPay work?
PalmPay is the second largest mobile money app in Nigeria. The platform has over 30 million users and $6 billion in monthly transactions. Currently, the app is on the move of entering the remittance market. Delving into the market could mean more revenue and a bigger user base for the app.
