PalmPay expands financial services to help Nigerians earn more

PalmPay has expanded its range of financial services to give Nigerians more ways to save, manage their money and earn additional value amid rising living costs.

In a recent statement, the fintech company noted that the rising cost of living had made many Nigerians more conscious of how they spend and manage their income, creating a growing need for financial services that go beyond basic banking and transactions.

One of the services highlighted by PalmPay is Mega Savings Monday, available to users through its third-party provider, Flexi MFB. The initiative allows customers to save for eight days and earn up to 25 per cent interest per annum on their savings.

According to the company, users receive their savings and applicable interest the following Tuesday, after which they can withdraw the money or reinvest it to continue earning.

PalmPay said the initiative was designed to make regular saving easier and help users work towards both short- and long-term financial goals, especially at a time when everyday expenses are competing for the same income.

The company said Mega Savings Monday is part of its broader effort to bring more financial services into one platform, including savings, payments, bill payments and cashback opportunities.

“At PalmPay, we are focused on making digital finance more inclusive and valuable for Nigerians. This means giving customers convenient tools to pay, save, earn and manage their money in one place,” said Chika Nwosu, managing director of PalmPay.

Nwosu added that the company wanted digital finance to go beyond facilitating transactions and help Nigerians get more value from their money.