Bangladesh Bank clears PalmPay’s one-year smartphone financing pilot

PalmPay, one of the fastest-growing fintech platforms in emerging markets, has received official approval from Bangladesh Bank to conduct a one-year pilot programme to finance the purchase of 10,000 smartphones.

The approval marks the first time such a regulatory framework has been granted in Bangladesh and enables PalmPay Bangladesh Limited to expand smartphone access and accelerate financial inclusion under a closely supervised model.

Since beginning operations in Bangladesh in 2024, PalmPay has offered services through partnerships with mobile operators and financial institutions, providing cardless instalment solutions for smartphones. With formal authorisation from Bangladesh Bank, the company now has greater flexibility to expand its products and services, supporting financial inclusion and contributing to the development of a resilient, cashless Bangladesh.

Bangladesh Bank said smartphones are a key gateway for expanding financial services among underserved communities. The central bank noted that the pilot would provide affordable smartphone access to low-income individuals and first-time smartphone users, enabling them to participate more fully in the digital economy through payments, banking, learning and communication.

The 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 managing director Jun Zeng, also known as Ethan, of PalmPay Bangladesh Limited.

'It demonstrates the innovative nature of our approach and our commitment to expanding digital access responsibly. Smartphones are increasingly essential infrastructure for financial inclusion, and this pilot will help more people safely and effectively participate in the digital economy,' he added.

PalmPay is a multinational fintech company operating in 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.

Named one of the World's Top 300 Fintech Companies of 2025 by CNBC and Statista, PalmPay's Bangladesh pilot reflects its broader mission of building a trusted, innovation-led brand that combines financial inclusion with responsible, scalable technology.