PalmPay sets aside N10b for savers

 

Leading 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.

According to the company, 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.

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