With an emphasis on Africa, the fintech platform PalmPay has launched two new products in Nigeria. Target Savings and Unlimited Free Transfer, which do away with transfer fees for all banks and fintech companies using its app.
Nigerian Fintech PalmPay Launches Two New Products
Today, PalmPay made the announcement, stating that its app users may now pay their bills and handle their finances in addition to having limitless financial transfers to friends and family through the Unlimited Free Transfer program.
According to the fintech, PalmPay Target Savings enables customers to set their own savings objectives and personalize the frequency and duration of their chosen contributions.
The fintech said, “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 interest rate of 12% per annum for their savings discipline on the amount they’ve been able to save,” it added.
With an improved payment service provider license, PalmPay is now operating in Ghana and providing merchant acquiring solutions.
PalmPay Plans to Expand
After being established in 2018 and beginning operations in Nigeria the following year, the business has developed into one of Africa’s top fintech firms. “We plan to expand PalmPay to other countries in 2024,” Sofia Zab states.
It currently provides payment systems in Tanzania and intends to expand its cross-border and multi-country footprint.
According to PalmPay Nigeria’s MD, Chika Nwosu, this action is in line with the company’s goal of offering inclusive financial services. “This update represents a significant step towards our goal of providing affordable financial services to everyone,” the statement reads.
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