PalmPay Unveils Two Cost-Saving Financial Products to Enhance Financial Inclusion in Nigeria
PalmPay, an Africa-focused fintech platform, has recently introduced two cost-saving financial products to enhance financial inclusion in Nigerian communities. These products include Unlimited Free Transfers and Target Savings, both available within the PalmPay app.
With Unlimited Free Transfers, users can now enjoy the convenience of transferring funds to any bank in Nigeria without incurring any charges for an initial period of three months. This initiative aims to make financial transactions more accessible and affordable for PalmPay users, eliminating concerns about bank transfer fees.
Additionally, the Target Savings feature allows users to customize their savings plan according to their preferences. Users can specify their desired savings amount, duration, and frequency, empowering them to achieve their financial goals effectively.
Chika Nwosu, the Managing Director of PalmPay Nigeria, emphasized the company’s commitment to providing accessible and affordable financial services to its users. Through these new offerings, PalmPay seeks to empower individuals to manage their finances efficiently and securely, ultimately promoting financial well-being and inclusion across Nigeria.
“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.
With the elimination of transfer fees to all banks and fintech platforms on its app, PalmPay has empowered its vast customer base to enjoy seamless fund transfers, bill payments, and more efficient financial management.
Through PalmPay Target Savings, users can establish their savings goals and tailor their preferred savings duration and frequency. The system automatically sets aside funds according to the user’s specified frequency and amount.
Upon reaching their savings goals, target date, and designated savings amount, users earn an attractive interest rate of 12% Per Annum (P.A) as a reward for their disciplined savings habits. This incentive encourages users to save consistently and achieve their financial objectives effectively.
