Leading the company is CEO and Managing Director Chika Nwosu, who has been instrumental in driving PalmPay’s growth. Under his leadership, the platform has built a reputation for security and reliability, employing advanced encryption and authentication protocols to protect users’ financial data.
For comparison, another major player in Nigeria’s mobile payment market, OPay, is partly owned by Norwegian-based Opera and a group of Chinese investors, including Sequoia Capital China, Meituan-Dianping, and IDG Capital. OPay is led by Chinese billionaire Yahui Zhou, who owns Opera, and his team of investors has played a key role in OPay's growth.
In short, PalmPay’s ownership reflects a strategic partnership between Transsion Holdings and NetEase, blending mobile technology with internet expertise. By 2023, PalmPay was processing up to 15 million transactions daily, amounting to $6 billion in monthly transaction value. While the market cap of PalmPay's cryptocurrency token, PALM, remains at $0, this does not reflect the overall value of the company. PalmPay continues to grow as a major player in Africa’s mobile payment landscape.
