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PalmPay to Pre-Install App on 20 Million Tecno, Infinix & Itel Mobile Phones

To expand its channel access, PalmPay has signed a strategic agreement with mobile brands Tecno, Infinix and Itel that involves the pre-installation of PalmPay’s app on 20 million phones in 2020.

PalmPay had piloted its mobile fintech offering in Nigeria since July, before going live few weeks ago in Lagos. The startup aims to become Africa’s largest financial services platform, according to a statement.

Headquartered in the UK, the venture was also founded with Chinese seed investment  and offers a package of mobile-based financial services, including no-fee payment options, bill pay, rewards programs and discounted airtime.

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“On the channel and access, we will pre-install on all Tecno phones. Your’e gonna find us in the Tecno stores and outlets. So we have an immediate channel and leg-up in any market we operate in,” said PalmPay CEO Greg Reeves.

Tecno’s owner and PalmPay’s lead investor, Transsion, is the largest seller of smartphones in Africa and have a manufacturing facility in Ethiopia.

The company raised nearly $400 million in a Shanghai IPO in September and plans to spend roughly $300 million of that on new R&D and manufacturing capabilities in Africa and globally.

 Reeves believes PalmPay can compete in Nigeria and across Africa based on several strategic advantages, which is the big support it has from Transsion and the partnership with Tecno.

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