“No More Bank Fees”: PalmPay Introduces Free Bank Transfers on Transactions

• PalmPay has announced unlimited free fund transfers on its app to all banks in Nigeria
• The company said the move is to allow its customers to have seamless transactions without incurring extra bank charges
• PalmPay said the move is also to drive financial inclusion for millions of its customers nationwide

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

To boost financial inclusion in Nigeria, the financial technology company PalmPay has initiated unlimited free transfers for its customers to all banks.

The feature, introduced earlier this year, has allowed users to transfer to all banks in the country without extra bank fees.

PalmPay initiative offers free unlimited transfers to all banks

According to the company’s Managing Director, Chika Nwosu, the company is committed to ensuring smooth and easy transactions with its free transfer feature, allowing its dedication to providing accessible and affordable financial services to its over 30 million users and every Nigerian.

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“We believe everyone should have access to affordable financial services,” Nwosu said.

Reports say the company stressed that eliminating transfer fees on its app empowered its millions of customers to enjoy endless fund transfers to family and friends, pay bills, and manage their finances.

The company is an Africa-centric fintech platform committed to driving economic empowerment on the continent.

Opay, PalmPay, others announce changes in customers' accounts

In January this year, OPay and Palmpay announced critical changes to how customers get verified on their platforms. The two digital banking platforms changed in response to reports of loopholes exploited by fraudsters when opening accounts. 

For Opay, there are changes in the identification method of securing bank accounts during the onboarding process. 

According to a statement made available to Legit.ng, customers will now have to provide a bank account verification to help users authenticate BVN 

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The company said the process was included because a BVN backs every account.

PalmPay launches security features

Similarly, PalmPay has launched a new security in-app version that mandates all new users to input their BVN or NIN numbers before a wallet can be created.

In a statement made available to Legit.ng, the company said the product launch is in response to the Central Bank of Nigeria's recent directive on promoting financial system stability by strengthening the Know Your Customer (KYC) procedure for customers. 

Moniepoint, Opay, Palmpay, others set to block PoS operators’ accounts

Legit.ng earlier reported that Nigerian banks and fintech companies are set to block accounts of Point of Sale (PoS) operators yet to register their businesses with the Corporate Affairs Commission (CAC) before July 7, 2024.

The Central Bank of Nigeria, in a memo issued on April 30, 2024, directed all non-individuals on the agent banking authorization to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.

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The directive made it mandatory for PoS terminals, whether agents, merchants, or individuals, to register with CAC before the commencement of business.

Source: Legit.ng