Nigerian fintech, PalmPay, has unveiled two financial products, namely, Unlimited Free Transfer and Target Savings to cater to the needs of its app users in its bid to foster financial inclusion across Nigerian communities.
With the introduction of these financial features, PalmPay users can now benefit from unlimited free transfers to all banks in Nigeria and personalise their savings strategy according to their specific preferences regarding amount, duration, and frequency.
The Unlimited Free Transfer feature, spearheaded by PalmPay Nigeria’s Managing Director, Chika Nwosu, aims to provide accessible and cost-effective financial services to users, allowing them to conduct transactions without being burdened by bank charges for an initial phase of 3 months.
“We are thrilled to launch unlimited free transfers for our users. This aligns perfectly with our mission to offer inclusive financial services tailored to the diverse needs of our user base. We firmly believe that everyone deserves access to affordable financial services, and this update marks a significant stride toward that objective,” Mr. Nwosu remarked.
By eliminating transfer fees to all banks and fintech platforms on its app, PalmPay has empowered millions of customers to engage in seamless fund transfers to family and friends, settle bills effortlessly, and manage their finances more efficiently.
Furthermore, the PalmPay Target Savings feature enables users to establish their savings goals and customise their preferred savings duration and frequency. The system automates the saving process based on the user’s set parameters.
Upon achieving their goals, meeting their savings target date and reaching their desired savings amount, users stand to earn an interest rate of 12% Per Annum (P.A) for their savings efforts.
PalmPay stands out as a leading Africa-focused fintech platform dedicated to driving economic empowerment across the continent. Through its app and mobile money agents, PalmPay offers a wide array of top-tier financial services, including money transfers, bill payments, credit services, and savings options.
Beyond Nigeria, PalmPay has expanded its footprint to Ghana, operating under an enhanced payment service providers (EPSP) license and offering merchant acquiring solutions. The platform also operates in Tanzania as a payment system provider, with plans to further expand its multi-country and cross-border presence.
With a transaction success rate of 99.9%, PalmPay users can seamlessly send and receive money, settle bills with ease, conduct hassle-free shopping, and earn enticing discounts and cashback rewards while engaging in financial transactions through the platform.
Source: APO Group
By Derrick Kafui Deti – Digital Economy Magazine
