PalmPay, a leading Africa-focused fintech platform, has unveiled two cost-saving financial products – Unlimited Free Transfer and Target Savings – for users of its app in its sustained drive for financial inclusion across Nigeria.
With the new financial products, users of the PalmPay app can now enjoy unlimited free transfers to all banks in the country and also customize their savings plan to suit their preferred savings amount, duration and frequency.
Speaking on the unlimited free transfer product, Managing Director of PalmPay Nigeria, Chika Nwosu, said the fintech company was offering accessible and affordable financial services to its users to perform transactions without worrying about bank charges on transfers to all banks for an initial phase of 3 months.
He enthused: “We are excited to introduce unlimited free transfers to our users. This aligns with our mission to provide inclusive financial services that meet the needs of our diverse user base. We believe that everyone should have access to affordable financial services, and this update is a significant step towards that goal.”
According to the fintech expert, by removing transfer fees to all banks and fintech platforms on its app, PalmPay has now empowered its millions of customers to enjoy endless fund transfers to family and friends, pay their bills seamlessly, and manage their finances more effectively.
Nwosu further explained that the PalmPay Target Savings allowed users of the fintech app to create their savings goals, and customize their preferred savings duration and frequency and that the system will automatically save for you based on your set frequency and amount.
A feature of the new product shows that once the user has attained their goals, reached their savings target date and has achieved their set savings amount, they earn an attractive interest rate of 12% Per Annum (P.A) for their savings discipline on the amount they have been able to save.
PalmPay is committed to driving economic empowerment in Africa by offering top-tier financial services like money transfers, bill payments, credit services, and savings on its app and mobile money agents.
With a transaction success rate of 99.9%, PalmPay users are able to seamlessly send and receive money, pay bills, shop with ease and earn discounts and cash back during these transactions.
