According to PalmPay, more than 10 million Nigerians received N4 billion in interest payments from the company in 2024 through PalmPay Wealth, its savings and investing platform.
According to a statement released by the company on Tuesday, this milestone demonstrates how well the platform has worked to improve saving habits and promote a culture of financial empowerment nationwide.
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It mentioned that one user allegedly made an incredible N11 million in interest, demonstrating the profitable prospects that PalmPay provides.
Financial discipline through PalmPay’s Wealth
10 million of 35 million PalmPay Wealth’s active users are currently using its savings products, and 80 percent have reported improved financial habits, the company said.
A key component of PalmPay’s allure is its Cashbox savings wallet, which provides a yearly interest rate of up to 20 percent.
Users can withdraw or pay immediately from their savings without losing interest because of the product’s flexibility and consistently strong yields.
PalmPay’s position in Nigeria’s high-yield financial services has been further enhanced by the launch of SmartEarn in late 2024, which offers a 22 percent interest rate, quick withdrawals, and no fees.
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Speaking, the Head of Marketing and Communications at PalmPay, Femi Hanson, said, “Our mission with our Wealth products is to make saving as simple, rewarding, and accessible for every Nigerian. The N4bn paid out in interest alone last year is not just a number for us; it represents the lives we have impacted, the habits we have helped shape, and, more importantly, the trust we have earned from millions of Nigerians across the country.”
“PalmPay’s innovative approach, driven by products like Cashbox and SmartEarn, is transforming the saving culture in Nigeria and empowering millions to achieve financial security,” the statement added.