By Juliet Umeh
Towards its effort to ensure Nigeria’s economy experiences growth, a leading financial technology, Fintech Company, PalmPay has partnered with the Corporate Affairs Commission, CAC to register 219,000 Small and midsize enterprises, SMEs businesses.
The partners said the initiative is pivotal to Nigeria’s economic growth especially at this critical time while expressing optimism that it will help boost the economy.
Announcing the initiative recently in Abuja, the Registrar-General of CAC, Hussaini Magaji, said the exercise aligned with the commission’s target to register more than 20 million small businesses by the end of 2024.
Magaji said: “To enforce the law mandating business registration, today, Palmpay Nigeria Limited is handing over 219,000 small businesses for registration to the Corporate Affairs Commission, CAC, thereby legitimising and regularising and creating jobs for 219,000 youths.”
Also, the Managing Director of PalmPay, Mr. Chika Nwosu, reassured of the fintech company’s readiness to partner with the CAC to support the government to grow the economy, adding that millions of Nigerians subscribe to PalmPay.
Nwosu said: “Since we registered under a mobile money operator, MMO, license in 2019, PalmPay has always remained committed to driving financial inclusion in Nigeria and helping to grow the country’s economy. Partnering with the federal government through the CAC expresses that commitment.
“World Bank data states that small businesses represent about 90 percent of businesses and more than 50 percent of global employment, with formal SMEs contributing nearly 50 percent of the Gross Domestic Product, GDP of emerging economies like Nigeria.
“PalmPay offers digital financial tools to help small businesses scale and grow their revenue such as its business app and Point of Sales, POS machines for business owners to collect payments from customers.
“More than 40 million people, representing one in five Nigerians, trust PalmPay’s network to shop and pay for utilities monthly. This number represents the number of people who have accessed our services through its secure and seamless smartphone apps or merchant and agent networks.
“As of 2023, our cashless payment ecosystem processed up to 15 million daily transactions and $6 billion monthly transaction value, earning it one of the highest retention rates in the market, with 75 percent of users returning every month to transact,” Nwosu explained.
