Aduragbemi Omiyale
By Aduragbemi Omiyale
A leading Nigerian financial platform, PalmPay, has introduced a high-yield savings product known as Cashbox, allowing customers to earn about 20 per cent interest on funds in the account.
The firm disclosed in a statement that the flexible and fixed-term savings account, which is provided by Blooms Microfinance Bank Limited, has no minimum amount to participate, empowering users to tailor their savings strategies to align with their unique financial goals and timelines.
The PalmPay Cashbox product provides customers with daily interest payouts, as users’ deposited funds remain accessible for withdrawal at any time without penalty.
It explained that the interest is calculated on the Cashbox balance at an impressive rate of 16 per cent per annum, with earnings applied to both the principal amount and the accumulated interest from previous savings.
The company noted one of the stand-out aspects of the Cashbox product is its automation capability, as customers can enable an auto-save function that automatically transfers any deposited funds into their Cashbox.
The Cashbox balance can then be used directly to make transfers and bill payments. It eliminates the need for manual funding and withdrawal, allowing users to streamline their savings journey and enjoy effortless wealth accumulation.
However, for those who opt for a fixed-term savings plan, PalmPay offers higher interest rates of up to 20 per cent per annum. This product promotes prudent financial habits and serves as a powerful tool to help people achieve their financial goals.
PalmPay is unveiling this product a few days after reaching 25 million users on its smartphone app, with 800,000 businesses signing up to its mobile money agent and merchant networks.
While commenting on the new feature, the Managing Director of PalmPay Nigeria, Chika Nwosu, said, “With the introduction of our user-friendly savings feature, we are empowering all Nigerians, regardless of their income bracket, with access to high-yield returns. This accelerates their journey to financial freedom,” adding that, “We’re excited to offer our users an effective way to build their financial stability and grow their wealth.”
On her part, PalmPay Global CMO, Ms Sofia Zab, said, “We want to see a world where everybody has access to tools that help them thrive financially. PalmPay’s savings products help our customers save for the future, invest in their businesses and protect themselves against unexpected financial shocks.
“We are proud to be the trusted financial partner for over 25 million Nigerians and are looking forward to reaching greater heights together with our community of users,” she added.
