PalmPay, one of the fastest-growing fintech platforms across emerging markets, has received official approval from Bangladesh Bank (BB) to run a one-year pilot program to finance the purchase of 10,000 smartphones.
The approval marks the first time such a regulatory framework has been granted in the country and enables PalmPay Bangladesh Limited to expand smartphone access and accelerate financial inclusion under a carefully supervised model, says a press release.
Since beginning operations in Bangladesh in 2024, PalmPay initially offered services through partnerships with mobile operators and financial institutions, providing innovative, cardless installment solutions for smartphones. With formal authorization from Bangladesh Bank, PalmPay now has greater flexibility to expand its products and services, accelerating financial inclusion and supporting the development of a resilient, cashless Bangladesh.
Bangladesh Bank emphasized that smartphones are a key gateway for expanding financial services among underserved communities. The central bank noted that the pilot will provide affordable smartphone access to low-income individuals and first-time smartphone users, enabling them to participate fully in the digital economy through payments, banking, learning, and communication. This initiative reflects Bangladesh Bank's commitment to financial inclusion and its confidence in PalmPay's technology, governance, and responsible approach to serving previously unbanked populations.
"This approval from Bangladesh Bank marks a historic milestone for both PalmPay and the country's financial ecosystem," said Jun Zeng (Ethan), Managing Director of PalmPay Bangladesh Limited. "It demonstrates the innovative nature of our approach and our commitment to expanding digital access responsibly. Smartphones are an increasingly essential infrastructure for financial inclusion, and this pilot will help more people safely and effectively participate in the digital economy."
PalmPay is a multinational fintech company operating across multiple emerging markets, including Africa and South Asia, and is Nigeria's largest digital bank. The company offers digital payments, lending, and inclusive financial products.
