PalmPay Introduces a New Savings Feature with an Annual Percentage Rate (APR) of Up to 20%

Nigerian financial platform, PalmPay has launched its latest product- a high yield savings feature which offers its customers the opportunity to earn up to 20% annual interest rate using the PalmPay app.

The savings feature allows for flexible and fixed-term plans and 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, a flexible savings plan, provides customers with daily interest payouts. Users’ deposited funds remain accessible for withdrawal at any time without penalty. Interest is calculated on the Cashbox balance at an impressive rate of 16% per annum, with earnings applied to both the principal amount and the accumulated interest from previous savings.

The ability of the Cashbox product to be automated is one of its most notable features. The ability to automatically save any deposits into the user’s Cashbox is available to users. After that, transfers and bill payments can be made directly from the Cashbox balance. By doing away with the necessity for manual funding and withdrawal, consumers can streamline their savings process and take pleasure in simple wealth growth.

PalmPay offers greater interest rates of up to 20% annually for individuals who choose a Fixed Term savings plan. This product encourages wise financial practises and acts as a potent tool to assist people in achieving their financial objectives.

Chika Nwosu, Managing Director of PalmPay Nigeria 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.

“We’re excited to offer our users an effective way to build their financial stability and grow their wealth.”

This announcement follows PalmPay’s recent milestone of reaching 25 million users on its payment apps and enrolling 800,000 businesses in its mobile money agent and merchant networks.

The platform’s user-friendly design, discounted transactions, and safe, dependable network are its trademarks. Earlier this year, when there was a cash crunch, PalmPay’s dependability was especially valued because it allowed the business to grow faster while expertly managing the spike in demand for digital payment services.

By harnessing the power of technology, PalmPay brings top-tier financial services into the pockets of everyday Nigerians, contributing to a financially inclusive future.

“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.”, stated Sofia Zab, PalmPay Global CMO. “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.”

PalmPay is fully licensed by the Central Bank of Nigeria as a Mobile Money Operator and works with licensed partners to provide the savings feature on its app. The PalmPay app is available for both Android and iOS.