TechPression

Tag: Palmpay

  • PalmPay expands fintech services in Africa, hits 25 million users

    PalmPay expands fintech services in Africa, hits 25 million users

    Pioneering Africa-focused fintech platform, PalmPay, reached a significant milestone with 25 million users on its smartphone app, accompanied by an extensive network of mobile money agents and merchants in its payments ecosystem.

    At a recent press conference in Lagos, Sofia Zab, the Global Chief Marketing Officer (CMO) of PalmPay, expressed pride in the company’s achievement and emphasized its role as a driving force behind financial inclusion and the adoption of cashless payments in Nigeria. 

    The growth of PalmPay is a testament to the increasing demand for innovative fintech solutions that cater to the unique needs of Africa’s underserved population.

    Read also: PalmPay raises awareness about payment safety

    User-friendly and inclusive financial services

    PalmPay attributes its rapid growth within Nigeria, achieved in just four years since entering the market, to its robust strategy of providing secure, user-friendly, and inclusive financial services.

     The simplicity of the application has led to a significant shift in consumer behaviour from cash to digital payments, enabling swift and convenient transactions. 

    As a result, PalmPay now processes over five billion USD per month and offers a comprehensive suite of financial services that empower users to manage their finances conveniently in one place.

    PalmPay launched its savings service, offering users an annual interest rate of 20 percent. The fintech platform also extends its services to businesses by equipping them with dedicated apps, web portals, and POS machines, thereby providing banking solutions tailored to their needs.

    Enabling Financial Inclusion and Quick Transactions

    Approximately 30 percent of PalmPay users reveal that they opened their first-ever financial account on the app, highlighting the company’s commitment to promoting financial inclusion. Additionally, PalmPay boasts a 99.5 percent success rate for transactions completed within 10 seconds, positioning the platform as a leader in the highly competitive fintech space.

    Sofia Zab, Chief Marketing Officer of PalmPay, emphasizes the platform’s ambition to go beyond being a digital wallet and instead aims to become Africa’s financial super-app. 

    PalmPay’s goal is to offer consumers all the necessary tools for financial success while fostering mutual growth within its digital ecosystem through robust payment infrastructure and a data-driven approach.

    PalmPay’s next strategic move focuses on bridging the gap between consumers and businesses by digitizing merchant payments.

     The company is onboarding tens of thousands of offline retailers every month, primarily through referrals. Chika Nwosu, the Managing Director of PalmPay Nigeria, believes that digitizing payments for the retail and informal economy will reduce business costs and enable them to build a digital track record, qualifying them for credit and other financial services.

    Expanding to More Countries and Enabling Cross-Border Transactions

    Looking ahead, PalmPay plans to extend its operations to additional countries and aims to facilitate cross-border transactions in the future. The company is currently piloting services in Ghana and preparing to launch in several other African markets.

    PalmPay’s remarkable growth, dedication to financial inclusion, and expansion of fintech services highlight its commitment to revolutionizing digital payments in Africa. With its user-friendly platform and comprehensive suite of financial tools, PalmPay is well-positioned to lead the way in Africa’s evolving financial landscape. 

  • PalmPay unveils savings feature with 20% per cent interest rate

    PalmPay unveils savings feature with 20% per cent interest rate

    PalmPay, a Nigerian banking platform, has released its newest product: a high-return savings feature that enables customers earn up to 20% interest per year on their savings using the PalmPay app.

    Users are given plenty of flexibility to create savings strategies that are in keeping with their own financial objectives and timeframes, owing to the feature’s flexible and fixed-term plan options and having no required minimum investment.

    The PalmPay Cashbox product is a savings account that pays users interest on a daily basis. User deposits are always available for withdrawal, with no concerns asked. The Cashbox offers a competitive interest rate of 16% per year, with earnings applied to both the principle and the accumulated interest from earlier saves.

    One of the most notable features of the Cashbox product is its automation capacity. When activated, the user’s Cashbox will automatically be credited with any subsequent deposits. Bills and transfers can be paid straight from the Cashbox balance. Due to this, customers may simplify their savings path and experience a seamless accumulation of wealth without no having to manually deposit and withdraw their accounts.

    Read also: PalmPay raises awareness about payment safety

    The payment app has reached 25 million users

    PalmPay provides greater interest rates of up to 20% per year for individuals who choose a Fixed Term savings plan. This product encourages prudent spending and is a potent instrument for achieving one’s financial objectives.

    With the launch of our straightforward savings feature, we are offering Nigerians of all socioeconomic backgrounds the opportunity to earn substantial returns on their investments. To quote PalmPay Nigeria’s Managing Director Chika Nwosu: “This is a huge step towards achieving financial independence. We’re pleased to provide our customers a powerful tool for establishing and increasing their material well-being.This news comes after PalmPay recently announced that its payment app has reached 25 million users and that 800,000 companies have joined its mobile money agent and merchant networks.

    Top 10 Neobanks in Africa

    PalmPay offers savings products to plan for customers

    The platform’s popularity stems from its user-friendly design, low transaction fees, and trustworthy infrastructure. Due in large part to PalmPay’s success during the cash shortage earlier this year, the firm expanded rapidly to meet the surging demand for its digital payment services.

    By leveraging the power of technology, PalmPay places premier financial services in the pockets of ordinary Nigerians, thereby contributing to a financially inclusive future.

    We envision a society where everyone has easy access to the resources they need to succeed monetarily. According to PalmPay’s global chief marketing officer, “Sofia Zab, our customers can use PalmPay’s savings products to plan for the future, invest in their businesses, and protect themselves from unforeseen financial shocks.” “We look forward to reaching greater heights together with our community of users and are honoured to be the trusted financial partner of over 25 million Nigerians.”

  • PalmPay raises awareness about payment safety

    PalmPay raises awareness about payment safety


    Palmpay, a Nigerian fintech start-up, has started a new campaign to raise awareness about payment security. This is part of PalmPay’s desperate attempt to help customers improve their security knowledge and learn how to spot and avoid e-scammers.

    PalmPay has completed a $100 million series A funding round, which took place in August of 2021, and the company also has offices in Ghana. The new company has already raised 140 million dollars through fundraising and plans to expand into more African markets in 2018.

    What brought about this campaign?

    This new campaign comes when internet usage and digital payment methods have seen significant growth in Africa over the past few years. This fast growth in connectivity has led to some problems, such as fake news, the spread of personal information, and financial scams.

    This week, PalmPay announced the launch of Wallet Safe Workshop, a monthly campaign to teach customers about payment security. The goal is to help customers improve their security knowledge and learn how to spot and avoid e-scammers.

    Over the past few years, there has been a dramatic increase in the proportion of African people who have access to the internet and make payments online.

    The overall number of attempts to commit fraud in Nigeria increased by 186% from 2019 to 2020, as stated in a report that was recently published by the Nigeria Inter-Bank Settlement System (NIBSS). Fraud attempts on mobile devices increased by 330% year over year, while those on the web and at point of sale systems increased by 173% and 215%, respectively. PalmPay says that in recent years, ensuring users’ financial transactions are safe has become a top priority for companies that provide financial services.

    Read also:  Backdoor, Computer-Controlling Malware Grows Across Africa

    The Workshop to Keep Your Wallet Safe

    In conjunction with the release of the Wallet Safe Workshop, PalmPay will use various online and offline media to raise awareness about social media and telecom fraud, provide examples of such fraud, and teach users how to recognize suspicious activity.

    To help people understand how to prevent and deal with telecom fraud and cybercrime, the company will focus on improving anti-fraud warning education for vulnerable groups like students and seniors and promoting laws about how to use mobile wallet accounts correctly.

    “The growing use of digital payments brings new risks and security concerns,” says Chika Nwosu, MD of PalmPay. “PalmPay is committed to giving users a safe and reliable digital payment experience.” We will continue to improve our risk control methods, and we look forward to working with law enforcement and cybersecurity partners to stop fraud and ensure payment security. “

    According to Nwosu, ensuring the security of users against con artists is not a simple process.

    To stop the recent rise in fraudulent activity, it is essential to use the right fraud monitoring and “know your customer” (KYC) checks. PalmPay protects its users from fraud and unauthorized use in many ways. These include real-time risk control and abnormal behaviour detection, which automatically monitor, flag, and freeze high-risk transactions and accounts. PalmPay’s anti-fraud and KYC systems are pretty robust.

    PalmPay’s customer service can be reached by in-app chat, email, social media, or the call centre. Anyone who thinks they or someone else may have been a victim of fraud while using PalmPay’s services is encouraged to do so.

    PalmPay has said that it will do an investigation and freeze accounts to stop any more fraud-related losses and increase the chances of finding and getting back stolen assets.

    About Palmpay

    PalmPay is a company that has been given permission by the Central Bank of Nigeria (“CBN”) to offer Mobile Money Services, which include mobile payment services, to Nigerians with and without bank accounts. This is part of PalmPay’s mission to promote financial inclusion in the country.
    PalmPay is a digital wallet and an online payment platform that provides customers with access to financial services through the PalmPay mobile application. One of the most impressive aspects of PalmPay is that it allows customers to make money while simultaneously using the mobile app. Through rewards, bonuses, and cashback, it is possible to earn money using PalmPay.
    You are able to settle bills, recharge airtime, transfer money to other users, get money into your account, receive withdrawals into your bank account, and send money to other users. You can use the reward points you earn when you make certain purchases whenever you want.