PalmPay has received approval from Bangladesh Bank to launch a one-year pilot program financing the purchase of 10,000 smartphones, marking the first time such a regulatory framework has been introduced in Bangladesh.
The approval allows PalmPay Bangladesh Limited to expand affordable smartphone access under a closely supervised model, supporting the country’s push toward greater financial inclusion and a cashless digital economy. Since entering the market in 2024, PalmPay has offered cardless installment solutions through partnerships with mobile operators and financial institutions, and the new authorization provides greater flexibility to scale these services.
Bangladesh Bank said smartphones are a critical gateway to expanding access to financial services among underserved communities. The pilot will target low-income individuals and first-time smartphone users, enabling broader participation in digital payments, banking, education, and communication.
PalmPay Bangladesh Managing Director Jun Zeng described the approval as a milestone for both the company and the country’s financial ecosystem, highlighting smartphones as essential infrastructure for responsible and inclusive digital finance.
PalmPay, a multinational fintech operating across Africa and South Asia and Nigeria’s largest digital bank, was named among CNBC and Statista’s World’s Top 300 Fintech Companies of 2025. The Bangladesh pilot reflects its wider strategy of combining financial inclusion with scalable, innovation-driven technology.
