PalmPay is at the forefront of a major and positive transformation in the financial industry. Being a well-known fintech pioneer, PalmPay is a force to be reckoned with in agent banking and commercial banking solutions. With more than 1.1 million Agents and Merchants in its strong network, PalmPay is dedicated to improving financial accessibility throughout Nigeria.
PalmPay Business app, Point of Sale (POS) devices, Pay With Transfer, and other tools are just a few of the many safe digital payment solutions that the company is well-known for providing. These products offer great ease and security while streamlining business management and accepting payments for businesses of all sizes.
Agents and Merchants have recounted the fact that PalmPay has one of the best POS networks, which boasts a 99.5% success rate and ensures same-day settlement of transactions. This reliability supports efficient, high-quality, and secure service, underscoring the adage that time is money. As a result, businesses benefit from more successful transactions and increased revenue.
The Pay With Transfer feature has particularly resonated with MSMEs, contributing to a high user retention rate of 75%, with over 40 million Nigerians—about one in five—relying on PalmPay for their monthly shopping and utility payments.
To foster MSME growth, PalmPay has launched an initiative where Merchants receive a complimentary POS device upon achieving a minimum monthly sales volume of 5 million. This scheme provides a valuable payment channel at no cost to business owners.
PalmPay’s transparent fee structure, based on daily transaction volume, ensures fairness. For withdrawals between N1 and N20,000, a 0.5% fee applies, while transactions above N20,000 incur a flat fee of N100. Transfers between PalmPay agent accounts are free, and transfers to other banks are subject to a flat fee of N20, with the added benefit of up to N6 cashback per transfer.
PalmPay’s business suite stands out with industry-leading cashback rates of 0.1% on every transaction. For example, a N20,000 withdrawal yields a N20 cashback, effectively reducing the fee rate to 0.4% and the actual cap fee to N80.
Furthermore, the proactive approach to supporting community businesses includes a dedicated team of relationship managers who offer swift resolution of transaction issues and valuable guidance to promote business growth.
PalmPay’s advancement in business banking exemplifies innovation and inclusivity. It is dedicated to facilitating smooth payments, advancing local business growth, and enhancing consumer experiences.
As a licensed Mobile Money Operator (MMO) regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), PalmPay is firmly established as a trailblazer in the digital transformation of the financial sector.
