Business and Economy

PalmPay Drives Financial Inclusion in Nigeria with Cost-Saving Benefits for Users

PalmPay, the Africa-focused fintech platform, has recently introduced two new financial products—Unlimited Free Transfer and Target Savings – to promote financial inclusion in Nigerian communities. With these products, users of the PalmPay app can now enjoy unlimited free transfers to any bank in the country and personalize their savings plan according to their desired amount, duration, and frequency.

Chika Nwosu, the Managing Director of PalmPay Nigeria, expressed excitement about the introduction of unlimited free transfers. He emphasized that the company aims to provide accessible and affordable financial services to its users, allowing them to perform transactions without worrying about bank charges for an initial period of 3 months. This initiative aligns with PalmPay’s mission to offer inclusive financial services that cater to the diverse needs of its user base.

By eliminating transfer fees to all banks and fintech platforms on its app, PalmPay has empowered its millions of customers to engage in seamless fund transfers, pay bills effortlessly, and effectively manage their finances. This update represents a significant step towards ensuring that everyone has access to affordable financial services.

Additionally, PalmPay’s Target Savings feature enables users to set savings goals and customize their preferred duration and frequency. The system automatically saves money based on the user’s specified frequency and amount. Once users achieve their goals, reach their savings target date, and accumulate their desired savings amount, they earn an attractive interest rate of 12% per annum for their disciplined savings.

PalmPay, a prominent fintech platform focused on Africa, is dedicated to promoting economic empowerment on the continent. Through its app and mobile money agents, PalmPay provides a wide range of high-quality financial services such as money transfers, bill payments, credit services, and savings options.

In Ghana, PalmPay operates under an enhanced payment service providers (EPSP) license, offering comprehensive merchant acquiring solutions for businesses. Additionally, PalmPay serves as a payment system provider in Tanzania and has plans to expand its presence across multiple countries and facilitate cross-border transactions.

With an impressive transaction success rate of 99.9%, PalmPay users can effortlessly send and receive money, conveniently pay bills, enjoy seamless shopping experiences, and even earn discounts and cashback rewards while conducting these transactions.

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