Fintech platform PalmPay has received Bangladesh Bank approval to run a one-year pilot programme to finance the purchase of 10,000 smartphones, according to a press release issued by the company.
PalmPay said the approval is the first time such a regulatory framework has been granted in Bangladesh and will allow PalmPay Bangladesh Limited to expand smartphone access under a supervised model.
PalmPay began operations in Bangladesh in 2024, initially offering services through partnerships with mobile operators and financial institutions to provide cardless instalment solutions for smartphone purchases.
With formal authorisation from Bangladesh Bank, the company said it will have greater flexibility to expand its products and services, supporting 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 will provide affordable smartphone access to low-income individuals and first-time smartphone users, enabling them to participate in the digital economy through payments, banking, learning and communication.
“This approval from Bangladesh Bank marks a historic milestone for both PalmPay and the country’s financial ecosystem,” said Jun Zeng, Managing Director (MD) of PalmPay Bangladesh Limited. He said the pilot would help more people participate safely and effectively in the digital economy.
PalmPay operates 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.
PalmPay said the Bangladesh pilot reflects its mission of combining financial inclusion with responsible and scalable technology in emerging-market digital finance.
