PalmPaya leading African-focused fintech platform has unveiled two cost-saving financial products – Unlimited free transfer and Savings goal – for users of its app in Nigeria.
Details
PalmPay app users will be able to enjoy unlimited free transfers across all banks in Nigeria and also customize their savings plan to suit their preferred savings amount, duration and frequency.
PalmPay Target Savings allows users to create savings goals and customize their preferred savings duration and frequency. The system will automatically save for you based on the frequency and amount you set.
Once the user achieves their goals, reaches the savings target date and achieves the specified savings amount, they earn an attractive interest rate of 12% per annum (PA) for the discipline of their savings in relation to the amount they managed to save.
What they say
While announcing the unlimited free transfer, the Managing Director of PalmPay Nigeria, Chika Nwosusaid the fintech company offers accessible and affordable financial services to its users to transact without worrying about bank transfer charges across all banks for an initial phase of 3 months.
“We are excited to introduce unlimited free transfers to our users. This is in line with our mission to provide inclusive financial services that meet the needs of our diverse user base. We believe everyone should have access to affordable financial services and this update is an important step towards that goal,” said Mr Nwosu.
The bigger picture
PalmPay has its footprint in Ghana, where it operates under an Enhanced Payment Service Provider (EPSP) license, offering merchant acquisition solutions (All-in-one payment solutions for businesses) and also operates in Tanzania as a payment system provider, with plans to expand its multinational and cross-border presence.
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