FRI, JUNE 30 2023-theGBJournal |PalmPay, a leading Nigerian financial platform, has unveiled its latest product, a high yield savings feature which 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.
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.
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