PalmPay - Transfers, Bills

PalmPay is a mobile banking application providing account management, money transfer, bill payments, savings products, loans, and telecommunications services. The platform operates as a licensed and regulated Mobile Money Operator under the Central Bank of Nigeria's supervision.

The primary banking functionality centers on money transfers. The app enables transfers to over 500 financial institutions across Nigeria with no transaction fees. The transfer capability is unlimited, with no cost for additional transactions. Transfers settle instantly to recipient accounts. Bill payment services operate through the same account structure, allowing users to settle obligations from their accounts.

All user deposits within the platform are insured by the Nigeria Deposit Insurance Corporation, providing account protection at specified coverage levels. This insurance applies to the primary account and any linked savings products, offering financial protection for stored funds.

A debit card, the ATM Card, is available directly through the app or through local card agents. The card carries no maintenance fees—a significant distinction from many traditional bank debit cards that charge annual or monthly fees. SMS alert notifications are provided without charge. The card operates across three channels: POS terminals for retail purchases, ATM machines for cash withdrawal, and online transactions. The card functions identically to a standard debit card for these purposes.

Two savings products with distinct characteristics serve different user objectives. Cashbox functions as a savings wallet offering annual interest rates up to 20 percent on stored balances. SmartEarn operates as a higher-yield alternative, providing 22 percent annualized interest rates. SmartEarn incorporates additional features that distinguish it from Cashbox: users can withdraw funds instantly, 24 hours daily without access restrictions. The product imposes no redemption fees when funds are withdrawn, preserving full accumulated returns.

Short-term lending through Blooms MFB Ltd. accommodates loan amounts ranging from 2,000 naira to 500,000 naira across repayment periods from 61 days to 6 months. Annual percentage rates on loans extend up to 36 percent, with individual rates determined during credit underwriting based on applicant assessment and loan term selection.

The app integrates telecommunications utilities within its service structure. Data bundle purchases support three major Nigerian carriers: MTN Social Bundles, GLO Campus Bundles, and Airtel 6X Voice Bundles, allowing direct acquisition of data plans. Airtime recharge services are available for five networks: MTN, Airtel, GLO, 9Mobile, and Smile, enabling credit purchases directly through the app.

Security infrastructure protects user information and transactions through multiple mechanisms. Encryption technology secures personal and transaction information. Transaction screening uses international databases to prevent money laundering and fraudulent activity. The platform maintains PCI DSS certification, indicating compliance with payment card industry security requirements. NITDA recognition confirms alignment with Nigeria's information technology development standards. Data handling complies with the Nigeria Data Protection Regulation.

Customer support operates 24/7, providing assistance for account management, transaction issues, and general platform functionality. Users can address concerns or questions at any time without waiting for business hours.

The Airtime Auto-Renew feature allows users to establish automatic airtime purchases at selected intervals. This functionality prevents service interruption by eliminating manual recharge requirements. Users configure the feature once and maintain continuous network access without repeated manual transactions or attention to credit depletion.