By Chinwendu Obienyi
Fast growing digital company, PalmPay has stated that its initiatives are not just about providing financial services but about creating a robust ecosystem that supports business growth and enhances lives.
The company during its Business Platform and MSME Growth Initiative, pointed out that it has significantly enhanced the banking sector in Nigeria, particularly for Micro Small and Medium Enterprises (MSMEs).
Boasting of a robust network of over 1.1 million agents and merchants, the company stated that it is committed to enhancing financial accessibility across Nigeria.
PalmPay is celebrated for its secure digital payment solutions, offering a comprehensive range of tools such as the PalmPay Business app, Point of Sale (POS) machines, and Pay With Transfer.
These tools according to the company, simplify payment acceptance and business management for enterprises of all sizes, providing exceptional ease and security.
Agents and merchants have recounted the fact that PalmPay has one of the best POS networks, which boasts a 99.5 per cent success rate and ensures same-day settlement of transactions.
This reliability supports efficient, high-quality, and secure service, underscoring the adage that time is money. As a result, businesses benefit from more successful transactions and increased revenue.
It will be recalled that in a bid to foster MSME growth, PalmPay launched an initiative where merchants receive a complimentary POS device upon achieving a minimum monthly sales volume of five million.
This scheme provides a valuable payment channel at no cost to business owners.
The company’s transparent fee structure, based on daily transaction volume ensures fairness.
For withdrawals between N1,000 and N20,000, a 0.5 per cent fee applies, while transactions above N20,000 incur a flat fee of N100. Transfers between PalmPay agent accounts are free, and transfers to other banks are subject to a flat fee of N20, with the added benefit of up to N6 cashback per transfer.
PalmPay’s business suite stands out with industry-leading cashback rates of 0.1 per cent on every transaction. For example, a N20,000 withdrawal yields a N20 cashback, effectively reducing the fee rate to 0.4 per cent and the actual cap fee to N80.
Furthermore, the proactive approach to supporting community businesses includes a dedicated team of relationship managers who offer swift resolution of transaction issues and valuable guidance to promote business growth.