PalmPay Introduces New Savings Feature with up to 20% Annual Percentage Rate

PalmPay, a prominent financial platform in Nigeria, recently introduced its newest product: a high yield savings option that gives users the chance to earn up to 20% in annual interest.

The PalmPay app (https://www.palmpay.com/), which recently announced it has reached 25 million users on its smartphone app and signed up 800,000 businesses to its mobile money agent and merchant networks, now offers flexible and fixed-term high yield savings option, allowing its users to earn up to 20% annual interest rate.

Users can customize their savings methods to fit their own financial objectives and timeframes thanks to the savings feature’s flexible and fixed-term plans and lack of participation minimums.

Customers receive daily interest payments from the flexible savings plan known as the PalmPay Cashbox. The money that users have put is still available for withdrawal at any moment and without fees. With earnings applied to both the principal amount and the accrued interest from prior contributions, interest is calculated on the Cashbox balance at an excellent rate of 16% annually. Savings accounts are provided by Blooms Microfinance Bank Limited. 

The ability of the Cashbox product to be automated is one of its most notable features. The ability to automatically save any deposits into the user’s Cashbox is available to users. After that, transfers and bill payments can be made directly from the Cashbox balance. By doing away with the necessity for manual funding and withdrawal, consumers can streamline their savings process and take pleasure in simple wealth growth.

PalmPay offers greater interest rates of up to 20% annually for individuals who choose a Fixed Term savings plan. This product encourages wise financial practices and acts as a potent tool to assist people in achieving their financial objectives.

All Nigerians now have access to high-yield returns thanks to the launch of our user-friendly savings function, regardless of their economic group. Their path to financial freedom is accelerated by this, according to Chika Nwosu, managing director of PalmPay Nigeria.

“We’re thrilled to provide our users with a powerful way to increase their wealth and financial security.”

This statement comes after PalmPay recently hit a milestone by signing up 800,000 businesses for its mobile money agent and merchant networks, as well as 25 million users for its payment apps.

The platform’s user-friendly design, discounted transactions, and safe, dependable network are its trademarks. Earlier this year, when there was a cash crunch, PalmPay’s dependability was especially valued because it allowed the business to grow faster while expertly managing the spike in demand for digital payment services.

PalmPay uses technology to provide premium financial services into the hands of regular Nigerians, paving the way for a future when everyone has access to it.

We want to live in a society where everyone has access to resources that will enable them to prosper economically. According to PalmPay Global CMO Sofia Zab, “PalmPay’s savings solutions allow our customers save for the future, invest in their enterprises, and safeguard themselves against unforeseen financial shocks. We take great pride in being the go-to financial partner for more than 25 million Nigerians, and we look forward to growing even more alongside our user community.

The Central Bank of Nigeria has fully authorized PalmPay as a mobile money operator, and it collaborates with authorized partners to offer the savings feature on its app. Both Android and iOS devices can download the PalmPay app.