PalmPay drives financial growth with N4bn payout

PalmPay has announced that it has paid out N4bn in interest to over 10 million Nigerians in 2024 under its savings and investment platform, PalmPay Wealth.

A statement by the firm on Tuesday disclosed that this milestone highlights the platform’s success in fostering a culture of financial empowerment and improving saving habits across the country.

It noted that one user reportedly earned a remarkable N11 mn in interest, showcasing the lucrative opportunities PalmPay offers. Of its 35 million active users, 10 million are now leveraging PalmPay Wealth’s savings products, with 80 per cent of these users reporting improved financial behaviours.

PalmPay’s Cashbox savings wallet, which offers an annual interest rate of up to 20 per cent, remains central to the platform’s appeal.

The product combines flexibility with consistently high returns, allowing users to withdraw or pay directly from their savings without losing interest.

The introduction of SmartEarn in late 2024, providing a 22 per cent interest rate with instant withdrawals and no fees, has further positioned PalmPay in the high-yield financial services in Nigeria.

Speaking, the Head of Marketing and Communications at PalmPay, Femi Hanson, said, “Our mission with our Wealth products is to make saving as simple, rewarding, and accessible for every Nigerian. The N4bn paid out in interest alone last year is not 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’s innovative approach, driven by products like Cashbox and SmartEarn, is transforming the saving culture in Nigeria and empowering millions to achieve financial security,” the statement added.