PalmPay deepens financial inclusion with new insurance offering

PalmPay, a leading fintech in Nigeria, is partnering with top-tier insurance providers to offer accessible, affordable, and simplified insurance products directly within the PalmPay app.

The initiative marks a major step in the company’s mission to improve the financial well-being of everyday Nigerians and further deepens its commitment to financial inclusion.

Despite Nigeria having one of the largest populations in Africa, estimated at over 220 million, only 8.9 percent of Nigerians are covered by any form of health insurance, according to the National Health Insurance Authority (NHIA). This translates to a significant insurance gap, particularly among the informal sector, which accounts for about 80 percent of employment in the country.

Factors such as low awareness, affordability issues, and a lack of trust in traditional financial services continue to hinder the widespread adoption of insurance products in Nigeria. A 2022 Enhancing Financial Innovation and Access (EFInA) report noted that only 3 percent of adults in Nigeria had any form of non-health insurance coverage, indicating a broader issue with insurance uptake in general.

Read also: PalmPay unveils initiative to drive financial inclusion

PalmPay’s newly introduced in-app insurance feature is designed to directly address these barriers. It simplifies the process of purchasing and managing insurance policies, offering users a seamless digital experience. The insurance options cover a range of essential areas, from health and life insurance to device protection, making coverage more affordable and easier to access.

“Insurance is often perceived as complex or inaccessible, especially among underserved communities,” said Habib Kowontan, Head of Wealth Product at PalmPay.

“Through these partnerships, we aim to break down those barriers by offering simple, reliable, and affordable insurance options that are easily accessible within the PalmPay app.”

With over 35 million users across Nigeria, PalmPay continues to grow as a consumer-first digital financial platform. Its app already features services such as money transfers, bill payments, high-interest savings, and debit card solutions. The integration of insurance now complements this suite of offerings, positioning PalmPay as one of the most comprehensive digital banking platforms on the continent.

“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Chika Nwosu, Managing Director of PalmPay.

“Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”

This rollout is a part of PalmPay’s broader strategy to empower users with tools that enhance their day-to-day lives, building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.