Palmpay receives BB approval for smartphone financing pilot

Palmpay, a multinational fintech company offering digital payments and lending services in emerging markets, has received approval from Bangladesh Bank to run a one-year pilot programme financing the purchase of 10,000 smartphones.

In a statement issued on January 29, the company said the approval would allow Palmpay Bangladesh Limited to expand smartphone access under a supervised model. Palmpay described the authorisation as the first time such a regulatory framework has been granted in the country.

The company began operations in Bangladesh in 2024 and initially offered services through partnerships with mobile operators and financial institutions, including cardless instalment solutions for smartphone purchases. It said the new approval would give it greater flexibility to expand products and services aimed at supporting financial inclusion. The central bank said the pilot is intended to provide more affordable access to low-income individuals and first-time smartphone users.

The approval comes as Bangladesh’s mobile market continues to expand, with industry data showing about 187 million mobile subscribers as of November 2025. Separate reporting has put total internet users at around 131 million in late 2025, with most users accessing the internet via mobile connections. 

Palmpay operates across multiple emerging markets, including Africa and South Asia. The company had been named among CNBC and Statista’s top 300 fintech companies for 2025. The company did not disclose the financing terms for the new pilot in Bangladesh, including eligibility criteria, repayment duration, pricing or any fees that may apply.