Palmpay, a global financial technology firm providing digital payment and loan services in developing economies, has been given the green light by Bangladesh Bank to kick off a one-year trial program to finance the acquisition of 10,000 smartphones.
According to a statement released on January 29, Palmpay mentioned that the approval granted to Palmpay Bangladesh Limited would enable them to broaden smartphone accessibility through a regulated approach. The company hailed the authorization as a groundbreaking move in the country’s regulatory landscape.
Establishing operations in Bangladesh back in 2024, Palmpay initially collaborated with mobile service providers and financial institutions, offering installment plans sans the need for cards for smartphone purchases. With the new approval in place, the company anticipates more freedom to enhance its range of products and services geared towards promoting financial inclusion. The central bank highlighted that the trial aims to provide more economically feasible smartphone access to individuals with limited incomes and those venturing into smartphone usage for the first time.
This development coincides with the ongoing growth of Bangladesh’s mobile sector, evident from industry statistics indicating approximately 187 million mobile subscribers as of November 2025. Additional reports suggest the total number of internet users hovered around 131 million towards the end of 2025, with the majority relying on mobile connections to access the web.
Palmpay operates across various developing markets, spanning Africa and South Asia. The company had been recognized as one of CNBC and Statista’s top 300 fintech enterprises for the year 2025. However, specific details regarding the financial terms of the new Bangladesh pilot program, such as eligibility requirements, repayment timelines, pricing structures, and applicable charges, were not disclosed by the company.