Overview
PalmPay is a leading Nigerian fintech company that provides comprehensive digital banking and financial services through its mobile application. Licensed as a mobile money operator by the Central Bank of Nigeria, PalmPay offers a full suite of financial services including money transfers, bill payments, savings, loans, and merchant payment solutions.
The platform serves individual consumers, small businesses, merchants, and agents seeking accessible digital financial services. PalmPay targets the underbanked population by providing free money transfers, competitive savings rates, and instant loan facilities. The app is designed for users who want to manage their finances digitally, pay bills conveniently, and access credit without traditional banking requirements. With over 35 million Nigerian users, PalmPay has become one of the country’s most popular fintech platforms, especially among young professionals and small business owners.
Key Features
Free Money Transfers
Unlimited free transfers to all Nigerian banks
Instant Loans
Personal loans from ₦2,000 to ₦500,000 within minutes
Bill Payments
Pay electricity, water, cable TV, and airtime with discounts
High-Yield Savings
Earn up to 20% annual interest on savings deposits
POS services
Agent network for cash deposits and withdrawals
Pros & Cons
Advantages
- Free unlimited money transfers
- Instant loan approval and disbursement
- High savings interest (up to 20% annually)
- Cashback and discount rewards
- Licensed by CBN and regulated
Limitations
- Frequent account freezing issues
- High loan interest (36% to 300% APR)
- Poor customer service response
- Aggressive debt collection practices
- Limited international transfer options
Security Features
CBN Licensing: Fully licensed mobile money operator regulated by Central Bank of Nigeria
NDIC Insurance: Customer deposits protected by Nigeria Deposit Insurance Corporation coverage
End-to-End Encryption: 256-bit SSL encryption for all data transmission and transactions
Biometric Authentication: Fingerprint and facial recognition for secure app access
Two-Factor Authentication: SMS OTP verification for sensitive transactions and account change
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Account Openinig | Free | No charges for new account registration |
| Bills Payments | Free | No charges for utility and service payments |
| ATM Withdrawals | ₦35 | Standard fee for cash withdrawals at ATMs |
| POS Withdrawals | 0.5% | Agent withdrawal fee (₦5 per ₦1,000) |
| Savings Account | Free | No maintenance fees, earn up to 20% interest |
Getting Started
Detailed Ratings
Final Verdict
PalmPay offers excellent value with free transfers and competitive savings rates, making it attractive for cost-conscious users. The instant loan facility and cashback rewards add significant value. However, frequent account freezing issues and poor customer service create major concerns for users. The extremely high loan interest rates (up to 300% APR) make borrowing expensive. Best suited for basic banking needs rather than long-term financial relationships.