In a bid to support the growth and development of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, PalmPay, a leading fintech bank, has introduced a suite of innovative business offerings that are revolutionizing the digital payment landscape.
As the banking sector experiences a significant transformation, PalmPay has emerged as a trailblazer, leveraging its robust network of over 1.1 million agents and merchants to provide tailored solutions for enterprises of all sizes.
“PalmPay has secured digital payment solutions, offering a comprehensive range of tools such as the PalmPayBusiness app, Point of Sale (POS) machines, and Pay With Transfer,” the company stated in a recent press release. “These tools simplify payment acceptance and business management, providing exceptional ease and security for our customers.”
One of the key highlights of PalmPay’s business offering is the reliability and efficiency of its POS network, which boasts a 99.5% success rate and ensures same-day settlement of transactions. This, in turn, supports businesses in achieving more successful transactions and increased revenue, as agents and merchants have attested.
“Agents and Merchants have recounted the fact that PalmPay has one of the best POS networks, which boasts a 99.5% success rate and ensures same-day settlement of transactions,” the statement read. “This reliability supports efficient, high-quality, and secure service, underscoring the adage that time is money.”
Another feature that has resonated with MSMEs is the Pay With Transfer function, which has contributed to a high user retention rate of 75%, with over 40 million Nigerians – about one in five – relying on PalmPay for their monthly shopping and utility payments.
To further encourage MSME growth, PalmPay has introduced a unique initiative where merchants receive a complimentary POS device upon achieving a minimum monthly sales volume of 5 million Naira. This scheme provides businesses with a valuable payment channel at no additional cost, empowering them to streamline their operations and boost their bottom line.
PalmPay’s commitment to transparency and fairness is reflected in its fee structure, which is based on daily transaction volume. For withdrawals between 1 Naira and 20,000 Naira, a 0.5% fee applies, while transactions above 20,000 Naira incur a flat fee of 100 Naira. Additionally, transfers between PalmPay agent accounts are free, and transfers to other banks are subject to a flat fee of 20 Naira, with the added benefit of up to 6 Naira cashback per transfer.
“PalmPay’s business suite stands out with industry-leading cashback rates of 0.1 per cent on every transaction,” the statement highlighted. “For example, a 20,000 Naira withdrawal yields a 20 Naira cashback, effectively reducing the fee rate to 0.4 per cent and the actual cap fee to 80 Naira.”
To further support the growth of its MSME customers, PalmPay has dedicated a team of relationship managers who provide swift resolution of transaction issues and valuable guidance to promote business expansion.
As a licensed Mobile Money Operator (MMO) regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), PalmPay’s innovative business offerings exemplify its commitment to fostering financial inclusion and supporting the success of local enterprises in Nigeria.
