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Nigeria’s Fintech PalmPay Launches Two New Products, Set to Revive Savings Culture

Nigeria’s Fintech PalmPay Launches Two New Products, Set to Revive Savings Culture

Africa-focused fintech platform PalmPay has unveiled two new products in Nigeria, Unlimited Free Transfer and Target Savings, removing transfer fees to all banks and fintech platforms on its app.

PalmPay announced the news today, saying with the Unlimited Free Transfer product, users of its app now have access to unlimited fund transfers to family and friends, can pay their bills and manage their finances.

With the PalmPay Target Savings, the fintech said this allows users to create their savings goals, and customise their preferred savings duration and frequency.

“The system will automatically save for you based on your set frequency and amount,” said the fintech.

It added: “Once the user has attained their goals, reached their savings target date and has achieved their set savings amount, they earn an interest rate of 12% per annum for their savings discipline on the amount they’ve been able to save.”

PalmPay already has a footprint in Ghana, where it operates with an enhanced payment service provider’s license, offering merchant acquiring solutions. In Tanzania, it operates as a payment system provider, with plans to grow its multi-country and cross-border presence.

Chika Nwosu, MD, PalmPay Nigeria, said this move aligns with its mission to provide inclusive financial services. “We believe that everyone should have access to affordable financial services, and this update is a significant step towards that goal.”

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