PalmPay, a digital financial platform operating across Nigeria, has announced the rollout of insurance services on its mobile app through new partnerships with established insurance providers. The move is aimed at broadening access to health, life, and device insurance for millions of users.
The company said the new feature will allow users to purchase and manage insurance policies directly from the PalmPay app. The decision comes in response to persistent challenges in Nigeria’s insurance sector, including low awareness, affordability concerns, and limited trust in traditional providers.
“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.”
According to recent industry data, fewer than 9% of Nigerians are covered by any form of health insurance. PalmPay’s new offering is designed to help close this gap by simplifying policy access and removing traditional obstacles.
PalmPay Managing Director, Chika Nwosu, said the company’s expansion into insurance aligns with its broader objective of supporting financial inclusion. “Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone. 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,” he said.
The insurance rollout adds to PalmPay’s range of services, which includes fund transfers, utility payments, savings products, and debit card services. The company currently has over 35 million users in Nigeria.
