Flexible and fixed-term savings are now available on the PalmPay app, enabling its customers to earn up to 20% annual interest rate; the company this week announced it has reached 25 million users on its smartphone app and signed up 800,000 businesses to its mobile money agent and merchant networks.
PalmPay, a leading Nigerian financial platform, has unveiled its latest product – a high-yield savings feature that offers its customers the opportunity to earn up to 20% annual interest rate using the PalmPay app.
The savings feature allows for flexible and fixed-term plans and has no minimum amount to participate, empowering users to tailor their savings strategies to align with their unique financial goals and timelines.
The PalmPay Cashbox product, a flexible savings plan, provides customers with daily interest payouts. Users’ deposited funds remain accessible for withdrawal at any time without penalty. Interest is calculated on the Cashbox balance at an impressive rate of 16% per annum, with earnings applied to both the principal amount and the accumulated interest from previous savings.
One of the stand-out aspects of the Cashbox product is its automation capability. Users can enable an auto-save function that automatically transfers any deposited funds into their Cashbox. The Cashbox balance can then be used directly to make transfers and bill payments. This eliminates the need for manual funding and withdrawal, thereby allowing users to streamline their savings journey and enjoy effortless wealth accumulation.
For those who opt for a Fixed Term savings plan, PalmPay offers higher interest rates of up to 20% per annum. This product promotes prudent financial habits and serves as a powerful tool to help people achieve their financial goals.
“With the introduction of our user-friendly savings feature, we are empowering all Nigerians, regardless of their income bracket, with access to high-yield returns. This accelerates their journey to financial freedom.”, said Chika Nwosu, Managing Director of PalmPay Nigeria.
“We’re excited to offer our users an effective way to build their financial stability and grow their wealth.”
This announcement follows PalmPay’s recent milestone of reaching 25 million users on its payment apps and enrolling 800,000 businesses in its mobile money agent and merchant networks.
The platform is known for its easy-to-use interface, discounted transactions and secure, reliable network. PalmPay’s reliability was particularly appreciated during the cash scarcity period earlier this year, which saw the company accelerate its growth as it seamlessly handled the surge in demand for digital payment services.
By harnessing the power of technology, PalmPay brings top-tier financial services into the pockets of everyday Nigerians, contributing to a financially inclusive future.
“We want to see a world where everybody has access to tools that help them thrive financially. PalmPay’s savings products help our customers save for the future, invest in their businesses and protect themselves against unexpected financial shocks.”, stated Sofia Zab, PalmPay Global CMO. “We are proud to be the trusted financial partner for over 25 million Nigerians and are looking forward to reaching greater heights together with our community of users.”
PalmPay is fully licensed by the Central Bank of Nigeria as a Mobile Money Operator and works with licensed partners to provide the savings feature on its app. The PalmPay app is available for both Android and iOS.
- Savings accounts are provided by Blooms Microfinance Bank Limited.
- Variable APRs range from 16 percent to 20 percent based on different saving terms. Rates as of June 28th, 2023.