PalmPay Adopts OceanBase's Database Solution

Published 5 months ago

OceanBase, a provider of an enterprise-level distributed relational database, has announced the deployment and operation of its database solution in PalmPay’s core IT systems. PalmPay, a leading fintech platform in Africa, is the first Africa-based customer to adopt OceanBase’s database solution.

Enhancing PalmPay’s IT Infrastructure

After transitioning its accounting, transaction, payment, and billing systems to OceanBase Cloud, PalmPay has significantly boosted the performance of its database infrastructure. OceanBase’s cloud-based service offers advanced capabilities, including efficient data compression, distributed expansion, financial-grade disaster recovery in multi-availability zones, and streamlined unitised deployment support.

In addition, OceanBase’s comprehensive operation platform has significantly improved the efficiency of PalmPay’s daily database operations and management.

PalmPay: A Growing Fintech Platform

Since its launch in 2019, PalmPay has rapidly become one of the leading and fastest-growing financial service providers in Africa. The platform offers a range of financial services such as money transfers, bill payments, credit services, and savings. It serves a user base of over 30 million people and maintains a network of 1.1 million businesses, including 500,000 mobile money agents and 600,000 merchants.

As a result of its rapid user growth, PalmPay experienced a surge in transaction volumes, leading to increased complexities and elevated database management costs. To address this, PalmPay partnered with OceanBase following a thorough assessment of available solutions.

Significant Cost Reductions

PalmPay’s Chief Marketing Officer, Sofia Zab, revealed that the company managed to reduce its core accounting database costs by 86% and its financial history database costs by 71% via OceanBase Cloud. This resulted in an impressive 80% reduction in monthly database-related expenses.

OceanBase’s Global Presence

OceanBase has a proven track record, having been deployed to support all the core systems of Alipay and adopted by e-wallets worldwide, such as GCash in the Philippines and DANA in Indonesia. The company offers both cloud and on-premise versions of its database product and provides customized solutions to meet the diverse needs of enterprises across different industries.

About OceanBase

OceanBase, launched in 2010, is a distributed relational database. Its strengths over alternative solutions include strong data consistency, high availability, high performance, cost effectiveness, elastic scalability, and high compatibility with mainstream relational databases.

About PalmPay

PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Since its launch in Nigeria in 2019, the platform has grown to over 30 million users, with over 1.1 million businesses part of its cashless payment ecosystem.