Nigeria based online payments joint venture between Transsion, Africa's top phone maker, and Chinese giant, NetEase, raised $40m.
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PalmPay is live in Nigeria with $40m investment from Chinese investors
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In addition to the funding, Transsion will offer PalmPay a unique market advantage as the payments app will come pre-installed on Transsion’s mobile phone brands including Tecno, Itel and Infinix. It will be a significant market advantage for PalmPay as Transsion dominates market share for Africa’s mobile phone sales after surpassing Samsung in 2017.
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