PalmPay Woos Users With Unlimited Free Transfers to All Banks

By Adedapo Adesanya

Africa-focused fintech platform, PalmPay, has unveiled two cost-saving financial products for users of its app in its continued drive to drive financial inclusion and fight off fierce competition with other rivals, OPay and Moniepoint, in Nigeria.

The new products – Unlimited Free Transfer and Target Savings – will see PalmPay users enjoy unlimited free transfers to all banks in the country and also customize their savings plan to suit their preferred savings amount, duration, and frequency.

Speaking on the unlimited free transfer, Managing Director of PalmPay Nigeria, Mr Chika Nwosu, said the fintech company was offering accessible and affordable financial services to its users to perform transactions without worrying about bank charges on transfers to all banks for an initial phase of 3 months.

“We are excited to introduce unlimited free transfers to our users. This aligns with our mission to provide inclusive financial services that meet the needs of our diverse user base. We believe that everyone should have access to affordable financial services, and this update is a significant step towards that goal,” he said.

The fintech said that by extricating transfer fees to all banks and fintech platforms on its app, its customers, put at 30 million users, will enjoy endless fund transfers to family and friends, pay their bills seamlessly, and manage their finances more effectively.

The PalmPay Target Savings allows users of the fintech app to create their savings goals, and customize their preferred savings duration and frequency. The system will automatically save for you based on your set frequency and amount.

Once the user has attained their goals, reached their savings target date, and has achieved their set savings amount, they earn an attractive interest rate of 12 per cent Per Annum (P.A) for their savings discipline on the amount they’ve been able to save.

Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has found its way as one of the top three most-used platforms and was instrumental during the cash crunch that affected Nigerians around a year ago.