PalmPay Empowers MSME Business Growth With Innovative Business Offering

PalmPay has reiterated its commitment to empower the Micro, Small and Medium Enterprises(MSMEs) with its innovative business offering.

The banking sector is experiencing a significant and positive shift, with PalmPay leading the charge, making waves in business banking solutions and agent banking even as it boosts a robust network of over 1.1 million agents and merchants.

A statement from the fintech bank and made available to LEADERSHIP Weekend, said, 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. These tools simplify payment acceptance and business management for enterprises of all sizes, providing exceptional ease and security, it said.

“Agents and Merchants have recounted the fact that PalmPayhas one of the best POS networks, which boasts a 99.5% 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.

“The Pay With Transfer feature has particularly resonated with MSMEs, contributing 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 foster MSME growth, PalmPay has launched an initiative where Merchants receive a complimentary POS device upon achieving a minimum monthly sales volume of 5 million. This scheme provides a valuable payment channel at no cost to business owners,” the statement added.

PalmPay’s transparent fee structure, based on daily transaction volume, it stated, ensures fairness, adding that, “For withdrawals between N1 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.”

Saying 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, it noted that, PalmPay’s advancement in business banking exemplifies innovation and inclusivity, disclosing, it is dedicated to facilitating smooth payments, advancing local business growth, and enhancing consumer experiences.

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 is firmly established as a trailblazer in the digital transformation of the financial sector.