Palmpay to roll out smartphone loan scheme with Bangladesh Bank approval

Fast-growing fintech platform PalmPay Limited has received formal approval from the Bangladesh Bank to launch a smartphone financing facility in Bangladesh.

Under the approval, PalmPay will roll out a one-year pilot programme offering loans and cardless instalment facilities for the purchase of 10,000 smartphones. This marks the first time such an initiative has received approval from the central bank in Bangladesh, setting a new precedent in the country's digital financial services landscape.

The programme is expected to expand access to smartphones and accelerate financial inclusion by enabling more people to quickly and conveniently participate in digital financial services.

PalmPay began its operations in Bangladesh in 2024 through partnerships with mobile operators and financial institutions, initially offering cardless instalment facilities for smartphone purchases. With Bangladesh Bank's formal approval, the company can now expand its loan services and cardless instalment offerings, supporting faster financial inclusion and contributing to the development of a stable, cashless Bangladesh.

According to the Bangladesh Bank, smartphones play a critical role in expanding digital financial services among underserved communities. The central bank said the pilot project will ensure affordable smartphone access for low-income individuals and first-time users, allowing them to fully participate in the digital economy through payments, banking, education and communication.

The initiative reflects Bangladesh Bank's commitment to financial inclusion and its confidence in PalmPay's technology, operational capacity and responsible service delivery to unbanked and underbanked populations.

Jun Zeng (Ethan), managing director, PalmPay Bangladesh Limited, said, 'This approval from Bangladesh Bank is a significant milestone for PalmPay and for the country's financial sector. It demonstrates our commitment to responsibly scaling innovative technology and digital services. Smartphones are now essential infrastructure for financial inclusion, and this pilot programme will enable more people in Bangladesh to participate safely and effectively in the digital economy.'

PalmPay is a multinational fintech company operating across emerging markets in Africa and South Asia, and is widely recognised as Nigeria's largest digital bank. The company provides digital payments, lending and inclusive financial services.

PalmPay was listed in CNBC and Statista's World's Top 300 Fintech Companies 2025. Through its Bangladesh pilot programme, the company aims to build a trusted, innovation-driven brand that advances financial inclusion through responsible and scalable technology, positioning itself as a leader in the digital economy.