PalmPay Launches Unlimited Free Transfer and Target Savings Services in Nigeria

PalmPay, a fintech platform focused on Africa, has introduced two new services in Nigeria – Unlimited Free Transfer and Target Savings. These offerings eliminate transfer fees to all banks and fintech platforms via the PalmPay application.

The company announced that the Unlimited Free Transfer product provides app users with the ability to have endless fund transfers to their family and friends. It also enables them to pay their bills and manage their financial matters.

With the introduction of PalmPay Target Savings, users can now establish their saving goals and personalize the duration and frequency of their savings according to their preferences.

The fintech firm explained, “The system will automatically save for you based on your set frequency and amount.” It elaborated that users earn an interest rate of 12% per annum once they reach their savings target, either through achieving their savings goal or upon reaching their pre-set savings amount. This is a reward for their disciplined approach to savings on the total amount saved.

PalmPay has previously established its presence in Ghana, operating under an enhanced payment service provider’s license, offering merchant acquiring solutions. In Tanzania, it functions as a payment system provider, with future plans to expand its multi-country and cross-border presence.

Chika Nwosu, the Managing Director of PalmPay Nigeria, states that this latest move is in line with the company’s commitment to offer inclusive financial services. He said, “We believe that everyone should have access to affordable financial services, and this update is a significant step towards that goal.”