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PalmPay, a fintech platform focused on Africa, has unveiled two innovative financial products aimed at enhancing financial inclusion within Nigerian communities. These products, Unlimited Free Transfers and Target Savings, are now accessible through the PalmPay mobile app.
With Unlimited Free Transfers, users can transfer funds to any bank in Nigeria without incurring any charges for an initial three-month period. This initiative is designed to make financial transactions more accessible and affordable for PalmPay users, eliminating concerns about transfer fees.
Additionally, the Target Savings feature enables users to customize their savings plan according to their preferences. Users can specify their desired savings amount, duration, and frequency, empowering them to effectively work towards their financial goals.
Chika Nwosu, Managing Director of PalmPay Nigeria, underscored the company’s dedication to providing accessible and affordable financial services to its users. Through these new offerings, PalmPay aims to empower individuals to manage their finances efficiently and securely, thereby promoting financial well-being and inclusion across Nigeria.
“We are thrilled to introduce unlimited free transfers to our users. This is in line with our mission to offer inclusive financial services that cater to the diverse needs of our user base. We believe that everyone should have access to affordable financial services, and this update is a significant stride towards that objective,” Mr. Nwosu stated.
By eliminating transfer fees to all banks and fintech platforms on its app, PalmPay has enabled its extensive customer base to enjoy seamless fund transfers, bill payments, and more efficient financial management.
Through PalmPay Target Savings, users can set their savings goals and customize their preferred savings duration and frequency. The system automatically allocates funds based on the user’s specified parameters.
Upon achieving their savings goals, target date, and designated savings amount, users earn an attractive interest rate of 12% per annum (P.A) as a reward for their disciplined savings behavior. This incentive encourages users to save consistently and achieve their financial objectives effectively.
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