PalmPay Paid N4 bn as Interest to Over 10 Million Investors in 2024

PalmPay is making waves in Nigeria’s financial sector, disbursing an impressive N4 billion in interest to over 10 million Nigerians in 2024 through its PalmPay Wealth platform. This achievement underscores the company’s commitment to reshaping the nation’s savings culture and promoting financial empowerment.

The savings platform, which has become a financial haven for Nigerians, boasts innovative products like Cashbox and SmartEarn, offering annual interest rates as high as 20 per cent and 22 per cent, respectively. These high-yield options combine flexibility and profitability, enabling users to grow their funds while maintaining easy access to them.

Highlighting the platform’s impact, a single user reportedly earned a N11 million in interest last year, emphasizing the lucrative potential for customers leveraging PalmPay’s offerings. Of its 35 million active users, 10 million now engage with PalmPay Wealth’s savings products, with 80 per cent of them reporting improved financial habits.

In a statement, the Head of Marketing and Communications at PalmPay, Femi Hanson, reflected on the milestone. “Our mission with our Wealth products is to make saving as simple, rewarding, and accessible for every Nigerian. The N4 billion 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.”