“Everyone Should Have Access”: PalmPay Begins Free Money Transfers to Access, Zenith, UBA, Others

“Everyone Should Have Access”: PalmPay Begins Free Money Transfers to Access, Zenith, UBA, Others

  • Customers of PalmPay will now be able to enjoy free transfers to all banks through the PalmPay banking app
  • According to the platform, the development will allow users to provide its customers with easily priced financial services
  • It added that this would help to empower customers to enjoy endless fund transfers to family and friends

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

As part of its ongoing efforts to promote financial inclusion throughout Nigerian communities, users will expect to receive three months of limitless free transfers to all banks using the PalmPay banking app.

The digital payment platform said its users will be able to conduct transactions without worrying about bank fees thanks to the limitless free transfer.

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PalmPay commences free transfer
PalmPay said it has now empowered its millions of customers to enjoy endless fund transfers. Photo Credit: Palm, FG Trade
Source: Getty Images

Chika Nwosu, managing director of PalmPay, in a Leadership report, said the upgrade demonstrates PalmPay's dedication to providing its customers with easily accessible and reasonably priced financial services.

He said:

“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 everyone should have access to affordable financial services, and this update is a significant step towards that goal,”

With an emphasis on Africa, PalmPay is a fintech platform that provides premium services like bill payment, credit services, money transfers, and savings through its mobile money agents and app. Its mission is to promote economic emancipation in Africa.

With PalmPay, users may transfer and receive money with simplicity, pay bills without difficulty, shop conveniently, and get cashback and savings while doing these activities.

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By removing transfer fees to all banks on its app, PalmPay said, it has now empowered its millions of customers to enjoy endless fund transfers to family and friends, pay their bills seamlessly, and manage their finances more effectively.

Earlier, Legit.ng reported that OPay and Palmpay have announced key changes to how customers get verified on their platforms.

The two digital banking platforms made the changes in response to reports of loopholes exploited by fraudsters when opening accounts.

For Opay, there are changes in the identification method of securing bank accounts during the onboarding process.

PalmPay sets date to freeze users' accounts

Legit.ng earlier reported that PalmPay asked its customers to link their accounts to their National Identification Number (NIN) before January 31, 2024, or have them frozen.

The company said the move aligned with the recent directives of the Central Bank of Nigeria (CBN) for banks and financial institutions to validate customers' accounts with Bank Verification Number (BVN) and NIN.

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PalmPay said it had launched a new onboarding flow on its app, mandating customers to validate their NIN or BVN or their accounts would be frozen.

Source: Legit.ng

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