Mobile Payments App PalmPay launches free money transfers and ₦100m+ COVID-19 Support Fund
Pam-Pay, among Nigeria’s fastest-growing mobile payments companies, today announced the creation of a ₦100,000,000 fund to support Nigerians from the fight against the coronavirus (COVID-19) pandemic.
The cash will be used to support relief organizations working to deal with the outbreak of this novel coronavirus in the nation, as well as to finance the provision of an innovative COVID-19 cover for the entire customer base.
Under the original scheme, each transacting PalmPay client can qualify for a ₦100,000 payout from the PalmPay Support Fund if they are diagnosed with COVID-19.
The purpose is to offer a financial cushion to its own user base and help Nigerians who are affected by the virus get back on their feet.
More cash is going to be added into the fund whenever a transaction is made on the program for the length of the campaign, and information about the fund is transparently updated in real-time on the PalmPay app.
The campaign has been branded #PalmPayCares and is expected to run for a first month-long period.
We’re proud to be launching this campaign to provide our support to our community of customers and associations on the front of this response to the pandemic”, said Greg Reeve, Global PalmPay CEO. “We need our customers to understand that we are there for them through these uncertain times and they may be part of aid efforts also as we’ll add to the fund whenever they float on the PalmPay app.
Additional key measures being announced today are intended to ease the financial burden on Nigerian consumers and help them as they try to lessen their risk of exposure to the virus.
Palmpay is removing all money transfer charges from its service, which makes it free to transfer money from its wallet to other PalmPay customers and Nigerian bank accounts for almost 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 money and other surfaces.
Our aim with these initiatives is to make this as easy and affordable as possible, and offer Nigerians a profitable way to make payments through PalmPay.” explains Reeve.
Palm-Pay provides Nigerians a selection of financial services through its cellular apps, such as transfers, airtime, and invoice payment.
With a tagline of “The Payment Program That Benefits You”, the company’s USP of offering cashback and discounts for its customers has established that the mobile payments service as a favorite among millennial customers.
Since its launch in September 2019 beneath 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 program has gathered over 500,000 users and can be found at the top 5 in the finance class on both the Google Play Store along with also the iOS App Store.
In November 2019, the company announced a $40m seed financing round led by TECNO Mobile, the leading cell phone brand which appreciates over 50% market share in Nigeria.
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