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Tag: PalmPay

  • PalmPay seeks responsible gaming to curb fraud

    PalmPay seeks responsible gaming to curb fraud

    PalmPay has called for the promotion of responsible gaming by stakeholders in the industry to protect sports pundits from potential risks common to the industry.

    The focus on responsible gaming was apt for several reasons. According to data compiled last year by Dutch research firm, Newzoo, sub-Saharan Africa’s gaming industry would generate over $1 billion for the first time this year, signifying a buoyant market for gaming enthusiasts in the continent.

    Also, Nigeria’s betting industry reached over $2 billion in 2020, with over 60 million citizens between the ages of 18 and 40 spending $5.5 million daily on betting, according to a 2023 report by the Orange Business Intelligence Technology (ORBIT).

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    The Africa-focused fintech platform spoke at the Africa Gaming Expo which took place in Lagos between March 12 and 15, 2024. It was a melting pot for gaming enthusiasts, regulatory bodies and digital payment platforms from Nigeria, South Africa, Kenya, Ghana, Uganda, Botswana and other African countries to promote responsible gaming across the continent.

  • PalmPay to users: update BVN/NIN or risk account closure Jan. 31st

    PalmPay to users: update BVN/NIN or risk account closure Jan. 31st

    PalmPay has asked its users who are yet to verify their BVN/NIN to do so or risk their account being frozen.

    This latest warning, the company said, is following the directive by the Central Bank of Nigeria for all financial institutions to comply with the Know Your Customer (KYC) procedures for Tier 1 accounts.

    In a statement by the fintech company, it directed all existing users to also validate their BVN or NIN as follows, “Existing users who have validated their NIN or BVN previously must revalidate their KYC information by January 31, 2024; and Existing users who have not yet validated their NIN or BVN must do so by March 31, 2024. Defaulting wallets will be frozen by January 31 and March 31, 2024 respectively.”

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    Expatiating, PalmPay Nigeria Managing Director, Chika Nwosu, said: “We are committed to doing our part to foster a secure financial ecosystem.”

    We urge all PalmPay users to update their KYC information on the app as soon as possible in order to ensure smooth continuation of service for their wallets.”

  • Promo: PalmPay okays N200m for agents

    Promo: PalmPay okays N200m for agents

    Fintech firm, PalmPay has rewarded thousands of its point of sale (PoS) agents under its agency banking platform with N200 million worth of cashback in its  end-of-year promo.

    The reward, which was held from last December 1 to 31, with the winners spread across Nigeria, had 60,000 participating agents and produced 12 grand prize winners across the country, who were rewarded with N200,000, N100,000 and N50,000. Other participating agents got loads of cashback.

    Earlier, Managing Director, PalmPay, Chika Nwosu, said the promo was to appreciate the over 500,000 strong agent bankers for their dedication in helping grow the PalmPay brand over the years.

    “That PalmPay has become a household name deeply ingrained in the local ways of life of our users, is due to the dedication and hard work of our growing 500,000-plus agents, who continue to offer our payment products to Nigerians.

    “As partners in our drive to bridge Nigeria’s financial inclusion gap, it was only natural that we reward these amazing agents for their unwavering commitment to see that PalmPay succeeds in this mission to empower Nigerians,” Nwosu said.

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    During the grand prize presentation for the Lagos region, the winner, Abubakar Muhammed, thanked PalmPay for organizing the end-of-year promo, attributing his entrepreneurial success in 2023 to the support that PalmPay offers its agents.

    “The reward has been useful in supporting my business. I used the money which was paid into my wallet as cashback to renew my shop rent and sort out other personal issues,” Mr Muhammed said.

    He urged other interested entrepreneurs looking at getting into Nigeria’s thriving agency banking business to choose PalmPay, adding that the fintech platform has the best offerings among other competing brands in the industry.

    To become a PalmPay PoS agent, visit https://palmpay.com/agent/pos to fill out the application form with your personal and business details, including your name, address, phone number, and email address, and submit the application for approval.

  • PalmPay sets aside N10b for savers

    PalmPay sets aside N10b for savers

    A fintech company PalmPay said it has set aside N10 billion cash for users of its platform for savings.

    It said the cash is a form of reward for their saving habits in a new drive towards driving financial literacy.

    The savings challenge will run from November 28 to December 7, 2023, and users have the chance to win one of five iPhone 15, five TECNO Phantom X2 smartphones and participate in winning part of N10 billion in Trial Cash.

    “Users will earn a daily interest rate of 16 per cent per annum from the Trial Cash and have the earned interest credited to their savings account as spendable money every day,” Kevin Olumese, Senior Marketing Manager, PalmPay, said.

    “Of course, we understand that it’s easier to spend than to save money. However, what if you were told you could delay that gratification to buy a new smartphone and in 10 days become the owner of a brand new iPhone 15 or Phantom X2?

    “The PalmPay Savings Challenge is to encourage users to delay that gratification to spend and instead save while also being rewarded,” Olumese added.

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    During the campaign period, users stand a chance to win if they join at least one round of challenge, verify their BVN on the PalmPay app, share the campaign with at least one friend, and keep their CashBox balance above N1,000.

    Joining more rounds of challenge will increase users’ chances of winning in the savings promotion. In the final round of the challenge, lucky users with the highest trial cash will be drawn to win an iPhone 15 or Phantom X2.

    Trial Cash is a distinctive reward designed to let you explore the benefits of the PalmPay App's flexible savings feature. This is not real money, however, you get the spendable daily interest of 16 per cent per annum for the Trial Cash.

    Users can earn Trial Cash by completing daily tasks on the PalmPay App within the period of the savings challenge, such as transferring to a PalmPay account or adding money to their PalmPay account from their bank account or agent.

    In both instances, you get up to N50,000 Trial Cash on your first three transfers above N1,000 or when you add money to your PalmPay wallet from your bank or agent. The higher the single transaction amount, the higher your Trial Cash reward.

    You get N1,000 Trial Cash daily when you top up your airtime or buy a data bundle above N500, and N2,000 Trial Cash when you fund your betting wallet with above N2,000. Also, you are rewarded with N100 Trial Cash daily by simply visiting the PalmPay homepage at least once a day to complete your log-in task.

    If you’re not a PalmPay user, start your savings challenge at http://bit.ly/3QVhCN1 or by downloading the PalmPay App via https://bit.ly/4805x0k

  • PalmPay bridging financial literacy gap

    PalmPay bridging financial literacy gap

    Fintech company, PalmPay says it is  closing the financial literacy gap in the country.

      PalmPay’s Global Chief Marketing Officer (CMO), Sofia Zab, announced the company’s progress towards promoting financial literacy at the Moonshot by TechCabal Conference yesterday in Lagos.

      According to her, the company employs mobile money agents as resource workers to improve marginalised communities by providing them with financial services and educating them.

    Zab added that the company is looking into joint ventures to advance financial literacy. She said these alliances would not only strengthen PalmPay’s value proposition for customers but also significantly contribute to the public’s representation and financial literacy.

    Read Also: PalmPay gets award

    “Financial literacy is very important in the context of Nigeria. While there is an extremely tech-savvy population, a large proportion of adults remain financially excluded or underserved, and so we need to bridge that gap.

    “This expansive reach positions PalmPay as an ideal collaborator for governmental and non-governmental institutions aiming to drive financial literacy initiatives. By joining forces with like-minded partners, PalmPay aims to leverage its platform and resources to amplify the impact of financial education,” Zab said.

    The MoonShot by TechCabal conference brought together over 50 speakers, considered some of the foremost thought leaders and operators in African tech, to discuss opportunities in the continent’s digital economy, from fintech to e-commerce, energy, Web3, and AI, communications, and investments.

  • PalmPay gets award

    PalmPay gets award

    A fintech company, PalmPay has received ‘Most Outstanding Payment Platform of the Year’ award by Marketing Edge at the latter’s 20th anniversary and awards in Lagos.

    Managing Director, PalmPay, Chika Nwosu said the recognition underlined the firm’s contribution to the fintech sector and their dedication to provide people  innovative payment options.

    Nwosu highlighted the company’s goal of transforming the payment landscape to maintain its position as a leader in modern technology and user experience.

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    “We are delighted to receive this award because it is indeed a testament to the great strides of PalmPay in Nigeria.

    “This award underscores the team’s efforts in revolutionising the payment landscape and ensuring that PalmPay remains at the forefront of cutting-edge technology and user experience.

    “PalmPay is set to revolutionise the banking experience by offering a dynamic and rewarding experience to drive financial inclusion. We are set to revolutionise the banking experience by offering a dynamic and rewarding experience to drive financial inclusion,” Nwosu said.