• Monday, May 20, 2024
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PalmPay launches N100m Covid-19 support fund

PalmPay wants more  Nigerians to embrace digital payments

One of Nigeria’s fastest-growing mobile payments companies, PalmPay, has announced the launch of PalmPay CARES, an N100 million humanitarian response plan to support the fight against the deadly Coronavirus in Nigeria.

According to the Fintech Company, the N100million support fund will be used to support relief organizations working to address the outbreak of the novel coronavirus in the country, as well as to fund the provision of an innovative COVID-19 cover for its entire customer base.

“We are proud to be launching this campaign to offer our support to our community of users and organizations on the front line of the response to the pandemic”, Greg Reeve, Global PalmPay CEO said.

As a result of the support fund, every transacting PalmPay customer can qualify for a N100,000 payout from PalmPay should they be diagnosed with COVID-19, the company said stating that the intention is to provide a financial cushion to its user base and while also helping Nigerians who are affected by the virus to get back on their feet.

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“We want our customers to know that we are there for them through these uncertain times and that they can be a part of relief efforts too as we will add to the fund every time they transact on the PalmPay app,” Reeve said.

According to Palmpay, more money will be added to the fund every time a transaction is made on the app for the duration of the campaign, The PalmPayCares campaign is due to run for an initial month-long period.

Other key measures announced by the company that is designed to ease the financial burden on Nigerian consumers as they try to minimize their risk of exposure to the virus is the removal of money transfer charges from its service, making it free to transfer money from its wallet to other PalmPay users and to Nigerian bank accounts for any amount.

“Using digital payment methods is one of the ways people can protect themselves and others from the virus, which can attach itself to cash and other surfaces,” Palmpay CEO said adding that the aim of the company is to make financial transactions as easy and affordable as possible and offer Nigerians a rewarding way to make payments through its mobile app.

PalmPay offers its customers a range of financial services via its mobile app, including transfers, airtime, and bill payment. With a tagline of “The Payment App That Rewards You”, the company’s USP of offering cashback and discounts to its customers has established the mobile payments service as one of the favourites among millennial consumers.

According to the company, users can earn up to N20,000 a month in cash back in the form of PalmPoints that can be used to carry out transactions on the app.

Other incentives include an N300 referral reward for each new friend that existing customers introduce to PalmPay, a multi-level marketing programme to provide further rewards for regular referrers, and a “Lucky Money” game that can be played after each transaction with prizes including discount coupons and more PalmPoints.

Since launching in September 2019 under a Mobile Money Operator license granted by the Central Bank of Nigeria, PalmPay has become one of the fastest-growing financial services companies in Nigeria. Its app has gathered over 500,000 users and can be found in the top 5 in the finance category on both the Google Play Store and the iOS App Store.

Haven completed integration into NIBSS’s NIP list, users of the Palmpay app can make sending money to a PalmPay wallet straight from their online banking platform.

According to the Fintech Company, users can also deposit to their PalmPay wallets free of charge using their ATM cards within the app, and will benefit from a N100 incentive every week for depositing at least N1000 with either method.