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African payment startup app launches in Nigeria after $40m funding led by China’s Transsion

By Ramla Soni

The $40 million funding will also be used to expand PalmPay’s services in Ghana

African payment startup app launches in Nigeria after 40m funding led by Chinas Transsion

PalmPay, a startup payment app focussed on the African market, has launched in Nigeria following a $40 million (£31m, €36m) seed funding round led by Chinese mobile phone maker Transsion.

The investment came through Transsion’s Tecno subsidiary, with participation from China’s NetEase and Taiwanese wireless comms hardware firm Mediatek.

As part of the investment, PalmPay will enter into a strategic partnership with mobile brands Tecno, Infinix, and Itel that will include pre-installation of the app on 20 million phones in 2020.

PalmPay has tested its mobile fintech offering in Nigeria since July, prior to its live launch in Lagos. The app, which is available for download on Android and iOS, allows users to send money for free, pay for airtime and bills and earn rewards for spending.

In Nigeria, PalmPay will offer 10 per cent cashback on airtime purchases and bank transfer rates as low as 10 Naira ($.028, £0.022, €0.025)

In addition to its Nigerian rollout, PalmPay will also use the seed funding to expand its financial services business in Ghana.

Transsion was the largest smartphone manufacturer by sales in Africa in 2017, and also sells mobile phones in South Asia. It manufactures phones in China, Ethiopia, Bangladesh and India.

FURTHER READING: Facebook launches fiat payment system as regulators freeze Libra

FURTHER READING: US Federal Reserve seeks to integrate digital currencies to its payment section

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