PalmPay’s savings product, PalmPay Wealth, has announced a notable milestone, paying out N4 billion in interest to over 10 million users in 2024.
This achievement underscores PalmPay’s commitment to changing how Nigerians save, invest, and grow their finances.
One stand-out PalmPay user earned an impressive N11 million in interest, demonstrating the lucrative potential of its offerings. PalmPay’s Wealth product has firmly established itself as Nigeria’s leading high-yield financial product, outpacing key competitors.
PalmPay Wealth offers a broad spectrum of financial products, including savings, mutual funds, and insurance with high-yielding returns. Following this milestone, PalmPay reported that 10 million of its 35 million active users now utilize the savings product with 80% reporting significant improvements in their saving habits.
At the core of PalmPay Wealth’s success is Cashbox, a versatile savings wallet that offers an industry-leading annual interest rate of up to 20%. Cashbox combines flexibility with consistent returns, allowing users to withdraw or pay directly from their savings at any time while still earning interest.
The introduction of SmartEarn in late 2024 further solidifies PalmPay’s position as a market leader. Tailored for users looking for even higher returns, SmartEarn offers an impressive interest rate of 22%, instant withdrawals, and zero redemption fees.
“Our mission with our Wealth products is to make saving as simple, rewarding and accessible for every Nigerian,” said Femi Hanson, Head of Marketing and Communications at PalmPay. “The N4 billion paid out in interest alone last year isn’t just a number for us, it represents the lives we have impacted, the habits we have helped shape, and more importantly, the trust we have earned from millions of Nigerians across the country.”
PalmPay is more than just a payment platform, it’s the partner Nigerians need for financial empowerment. With innovative products like SmartEarn and Cashbox, PalmPay is ushering a new savings culture in Nigeria, enabling millions to take charge of their finances with confidence.
About PalmPay
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians, actively driving financial inclusion. PalmPay offers money transfers, bill payments and savings on its app and via its mobile money agents. Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and connects 1.2 million businesses through its network of mobile money agents and merchants, cementing its role as a leader in the Nigerian fintech ecosystem.
PalmPay Wealth is a key offering under PalmPay designed to help individuals grow and manage their wealth effortlessly. With a range of innovative products like Flexible Savings, Fixed Savings, Spend & Save, Target Savings, Mutual Funds, and Insurance, PalmPay Wealth caters to diverse financial needs.
Since its inception, PalmPay Wealth has empowered over 10 million users, paying out a remarkable ₦4 billion in interest in 2024 alone. By offering market-leading returns, flexibility, and security, PalmPay Wealth supports users in achieving their financial goals while fostering a community of smart investors.
Backed by cutting-edge technology and a user-centric approach, PalmPay Wealth is committed to making wealth-building accessible and rewarding for everyone.
For more information, visit www.palmpaywealth.ng.
