PalmPay is an Africa-focused fintech platform. It has unveiled two new products in Nigeria. These are the Unlimited Free Transfer and Target Savings. Transfer fees to all banks and fintech platforms on its app have been removed.
Recently, PalmPay announced that users of its app now have access to unlimited fund transfers. They can also pay their bills and manage their finances through the app. This is all with the help of Unlimited Free Transfer product.
The fintech said that with PalmPay Target Savings, users can create their savings goals. They can also customize their chosen savings duration and frequency.
The fintech said that the system will automatically save for the users based on their set frequency and amount. It also added that once the user has attained their goals, reached their savings target date, and achieved their set savings amount, they earn an interest rate of 12% per annum. This applies to their savings discipline on the amount they have been able to save.
PalmPay has a footprint in Ghana already. There, it operates with an enhanced payment service provider’s license. They also offer merchant acquiring solutions. PalmPay operates as a payment system provider in Tanzania, with plans to grow its multi-country and cross-border presence.
PalmPay Nigeria’s MD, Chika Nwosu stated that this move aligns with its missions to provide inclusive financial services. He said that they believe everyone should have access to affordable financial services. This update is an important step towards that goal.