Mohammed Shosanya
Africa-focused fintech platform, PalmPay,has unveiled two cost-saving financial products – Unlimited Free Transfer and Target Savings – for users of its app.
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,the company said in a statement on Monday.
Introducing the unlimited free transfer, Managing Director of PalmPay Nigeria, Chika Nwosu,explained that 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.
“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,” Mr Nwosu said.
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.
The PalmPay Target Savings allows users of the fintech app to create their savings goals, and customize their preferred savings duration and frequency. The system will automatically save for you based on your set frequency and amount.
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’ve been able to save.
PalmPay is a leading Africa-focused fintech platform 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.
PalmPay has its footprint in Ghana where it operates with an enhanced payment service providers (EPSP) license, offering merchant acquiring solutions (All-in-one payment solutions for business), and also operates in Tanzania as a payment system provider, with plans to grow its multi-country and cross-border presence.
With a transaction success rate of 99.9%, PalmPay users are able to send and receive money seamlessly, pay bills effortlessly, shop with ease and earn discounts and cashback while performing these transactions.