Bangladesh Bank Approves Smartphone Loan Pilot by PalmPay
Fintech platform PalmPay Limited has secured formal approval from Bangladesh Bank to launch a pioneering loan facility for smartphone purchases. Under the one-year pilot program, the company will provide financing and cardless installment options for up to 10,000 devices.
This marks the first time the central bank has authorized such an initiative, setting a precedent in the country’s digital financial services landscape. The program is expected to expand smartphone access nationwide, accelerating financial inclusion by enabling more people to participate in the digital economy.
PalmPay entered Bangladesh in 2024 through partnerships with mobile operators and financial institutions, initially offering cardless installment plans for smartphones. With the central bank’s endorsement, the company can now scale its loan services further.
Bangladesh Bank emphasized that smartphones are a vital tool for underserved communities to access digital financial services. The pilot project aims to make devices affordable for low-income individuals and first-time users, allowing them to engage in payments, banking, education, and communication. The initiative reflects the central bank’s commitment to financial inclusion and its confidence in PalmPay’s technology and operational capacity.
PalmPay Bangladesh Managing Director Jun Zhang (Ethan) hailed the approval as “a milestone for both PalmPay and the country’s financial sector,” adding that smartphones have become “essential infrastructure for inclusion” and the pilot will allow more citizens to safely and effectively join the digital economy.
PalmPay, a multinational fintech firm, operates across Africa and South Asia and is recognized as Nigeria’s largest digital bank. The company offers digital payments, lending, and inclusive financial services. It was recently listed by CNBC and Statista among the Top 300 Fintech Companies Worldwide (2025). Through its Bangladesh pilot, PalmPay aims to establish itself as a trusted, innovation-driven brand in the market,
DBTech/AZC/EMK
