Speaking on the achievement, PalmPay’s Head of Marketing and Communications, Femi Hanson, said, “Our mission with our Wealth products is to make saving simple, rewarding, and accessible for every Nigerian.
Lagos, Nigeria – PalmPay has announced the disbursement of N4 billion in interest payments to over 10 million Nigerians in 2024 through its savings and investment platform, PalmPay Wealth. The milestone reflects the company’s commitment to fostering financial empowerment and encouraging better saving habits across Nigeria.
In a statement released on Tuesday, PalmPay highlighted the significant impact of its platform, revealing that one user earned an impressive N11 million in interest alone. Out of its 35 million active users, 10 million have adopted PalmPay Wealth’s savings products, with 80 percent reporting improved financial habits.
Central to the platform’s success is the Cashbox savings wallet, which offers an annual interest rate of up to 20 percent. The product provides flexibility and high returns, enabling users to withdraw funds or make payments directly from their savings without forfeiting accrued interest.
In late 2024, the company launched SmartEarn, a new product offering a 22 percent annual interest rate, instant withdrawals, and zero fees. This innovation has further solidified PalmPay’s position in Nigeria’s high-yield financial services sector.
Speaking on the achievement, PalmPay’s Head of Marketing and Communications, Femi Hanson, said, “Our mission with our Wealth products is to make saving simple, rewarding, and accessible for every Nigerian. The N4 billion paid out in interest last year represents more than just a figure; it reflects the lives we’ve touched, the habits we’ve shaped, and the trust we’ve earned from millions of Nigerians.”
The company’s innovative savings solutions, including Cashbox and SmartEarn, are transforming Nigeria’s saving culture, empowering millions to achieve greater financial security.
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