In a bid to further promote financial inclusion across Nigerian communities, PalmPay, an Africa-focused fintech platform, has introduced two innovative financial products – Unlimited Free Transfer and Target Savings – for users of its app.
Under this initiative, users of the PalmPay app can enjoy unlimited free transfers to all banks in Nigeria for an initial phase of three months. This move is aimed at providing accessible and affordable financial services to users, allowing them to perform transactions without worrying about bank charges. Chika Nwosu, Managing Director of PalmPay Nigeria, expressed excitement about the introduction of unlimited free transfers, emphasizing the company’s commitment to inclusive financial services.
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“We believe that everyone should have access to affordable financial services, and this update is a significant step towards that goal,” Mr Nwosu stated. By eliminating transfer fees to all banks and fintech platforms on its app, PalmPay aims to empower its millions of customers to conduct seamless fund transfers, pay bills conveniently, and manage their finances more efficiently.
In addition to unlimited free transfers, PalmPay has introduced the Target Savings feature, allowing users to create customized savings goals based on their preferred savings amount, duration, and frequency. The system automatically saves on behalf of the user according to the set parameters. Upon reaching their savings goals, users earn an attractive interest rate of 12% Per Annum (P.A) on their disciplined savings.
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Driving Economic Empowerment
PalmPay, a leading Africa-focused fintech platform, is dedicated to driving economic empowerment in Africa by offering top-tier financial services such as money transfers, bill payments, credit services, and savings on its app and mobile money agents. With a transaction success rate of 99.9%, PalmPay users can seamlessly send and receive money, pay bills effortlessly, and enjoy discounts and cashback on transactions.
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PalmPay operates not only in Nigeria but also in Ghana and Tanzania, with plans to expand its multi-country and cross-border presence. In Ghana, the platform operates with an enhanced payment service provider (EPSP) license, offering merchant-acquiring solutions, while in Tanzania, it serves as a payment system provider.
Through its secure, user-friendly, and inclusive suite of financial services, PalmPay aims to bring top-tier products into the pockets of everyday Nigerians, driving financial inclusion and economic empowerment. With over 30 million app users and a commitment to providing accessible and affordable financial services, PalmPay continues to play a pivotal role in shaping the financial landscape of Africa.