Fintech

PalmPay Unveils New Savings Feature with up to 20% Annual Percentage Rate (APR)

PalmPay, a leading Nigerian financial platform, has unveiled its latest product – a high-yield savings feature that offers its customers the opportunity to earn up to 20% annual interest rate.

Published

3 months ago

June 30, 2023

Temitayo Olukoya

PalmPay, a leading Nigerian financial platform, has unveiled its latest product – a high-yield savings feature that offers its customers the opportunity to earn up to 20% annual interest rate.

Flexible and fixed-term savings are now available on the PalmPay app, enabling its customers to earn up to 20% annual interest rate; the company this week announced it has reached 25 million users on its smartphone app and signed up 800,000 businesses to its mobile money agent and merchant networks.

PalmPay, a leading Nigerian financial platform, has unveiled its latest product – a high yield savings feature that offers its customers the opportunity to earn up to 20% annual interest rate using the PalmPay app.

The savings feature allows for flexible and fixed-term plans and has no minimum amount to participate, empowering users to tailor their savings strategies to align with their unique financial goals and timelines.

The PalmPay Cashbox product, a flexible savings plan, provides customers with daily interest payouts. Users’ deposited funds remain accessible for withdrawal at any time without penalty. Interest is calculated on the Cashbox balance at an impressive rate of 16% per annum, with earnings applied to both the principal amount and the accumulated interest from previous savings.

One of the stand-out aspects of the Cashbox product is its automation capability. Users can enable an auto-save function that automatically transfers any deposited funds into their Cashbox. The Cashbox balance can then be used directly to make transfers and bill payments. This eliminates the need for manual funding and withdrawal, thereby allowing users to streamline their savings journey and enjoy effortless wealth accumulation.

For those who opt for a Fixed Term savings plan, PalmPay offers higher interest rates of up to 20% per annum. This product promotes prudent financial habits and serves as a powerful tool to help people achieve their financial goals.

“With the introduction of our user-friendly savings feature, we are empowering all Nigerians, regardless of their income bracket, with access to high-yield returns. This accelerates their journey to financial freedom.”, said Chika Nwosu, Managing Director of PalmPay Nigeria.

“We’re excited to offer our users an effective way to build their financial stability and grow their wealth.”

This announcement follows PalmPay’s recent milestone of reaching 25 million users on its payment apps and enrolling 800,000 businesses in its mobile money agent and merchant networks.

The platform is known for its easy to use interface, discounted transactions and secure, reliable network. PalmPay’s reliability was particularly appreciated during the cash scarcity period earlier this year, which saw the company accelerate its growth as it seamlessly handled the surge in demand for digital payment services.

By harnessing the power of technology, PalmPay brings top-tier financial services into the pockets of everyday Nigerians, contributing to a financially inclusive future.

“We want to see a world where everybody has access to tools that help them thrive financially. PalmPay’s savings products help our customers save for the future, invest in their businesses and protect themselves against unexpected financial shocks.”, stated Sofia Zab, PalmPay Global CMO. “We are proud to be the trusted financial partner for over 25 million Nigerians and are looking forward to reaching greater heights together with our community of users.”

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Fintech

London Fintech Owner Faces Extradition to Belgium Over Alleged Money Laundering for Drug Traffickers

Published

3 days ago

September 20, 2023

Investors King

A London-based fintech owner accused of aiding drug traffickers in laundering hundreds of millions of euros through a cryptocurrency exchange platform must be extradited to Belgium to face criminal charges, a London judge ruled.

Caio Marchesani, the owner of Trans-Fast Remittance, a payments business regulated by the Financial Conduct Authority, is alleged to have facilitated the hoarding of significant amounts of cash for Sergio Roberto De Carvalho, a Brazilian previously described by Interpol as one of the world’s most wanted kingpins before his arrest in 2022.

Marchesani is also accused by prosecutors of managing cryptocurrency accounts for Flor Bressers, a Belgian national known as the “finger cutter.”

Marchesani, who was apprehended at Heathrow Airport in May, has seven days to appeal against the extradition order, according to the London judge’s decision on Tuesday.

Following the ruling, both Marchesani’s lawyer and the prosecution declined to comment.

In a statement filed in court last month, Marchesani maintained his innocence, stating, “I have not been involved in money laundering the proceeds of drug sales for the alleged organized criminal group.”

His legal representatives at Mishcon de Reya had previously argued that the prosecution’s case contained “false, vague, ambiguous, or inaccurate particulars.” They emphasized that none of the allegations against Marchesani were related to his business interests in the UK.

The efforts to extradite Marchesani are part of a broader investigation that began three years ago after the Dutch government seized more than 12 tonnes of cocaine, valued at over €260 million ($278 million), at Europe’s busiest port, Rotterdam. Authorities traced the seized drugs back to Bressers and De Carvalho, eventually focusing on Marchesani after a breakthrough in decoding encrypted communications.

Prosecutors acting on behalf of Belgian authorities alleged, “He is a shadow banker who receives money, either in cash, cryptocurrency, or both, and moves it around at the will of the criminal organization to disguise its origins,” during an earlier hearing.

A trial involving 30 defendants in the case, including Bressers, commenced in Belgium earlier this month but was immediately postponed, as reported by local press outlets.

A pre-recorded message from Trans-Fast Remittance stated that their payment service is currently offline but aims to resume services soon. Companies House filings from August indicate that another owner has been added to the registry.

Fintech

Flutterwave, Africa’s Leading Payments Technology Company, Celebrates the Success of its Graduate Trainee Program

Published

1 week ago

September 15, 2023

Investors King

Flutterwave, the foremost payments technology company in Africa, proudly announced yesterday that it has successfully onboarded nearly 85 percent of its 200 Graduate Trainees following a year of intensive training.

In a recent statement, the company emphasized its unwavering commitment to nurturing young talent while maintaining its reputation as an exceptional workplace that fosters career growth opportunities in the technology sector.

Launched in August 2022, the Flutterwave Graduate Trainee Program was a 12-month-long paid initiative tailored for recent graduates with limited or no prior work experience but boundless aspirations.

The program’s primary objective was to establish a network of emerging talent, equipping them with both technical and soft skills, along with practical experience, through engagement with a global organization boasting over 750 employees worldwide.

The program’s adaptability, including accommodating the unique needs of recent graduates, such as aligning with their National Youth Service Corps (NYSC) obligations, underscores Flutterwave’s commitment to its customers, young talent, and the community.

Speaking on the successful culmination of the program and the abundant growth opportunities available to employees at Flutterwave, Mansi Babyloni, Flutterwave’s Global Chief People Officer, said, “We are excited to have fulfilled our mission of providing 200 exceptionally bright young graduates with the opportunity to learn on the job and kick-start their careers in the tech industry early in life. As 170 of them transition from Graduate Trainees to full-time employees after completing 12 months of on-the-job training and shadowing, a world of opportunities awaits them. I am thrilled that they can now navigate their career paths within our newly launched career progress framework, which epitomizes boundless potential. Today, they hold roles as Analysts and Engineer 1s; tomorrow, they could be VPs and CXOs. At Flutterwave, anything is possible. I extend my best wishes to all 200 Graduate Trainees, even those who have pursued other opportunities; the world is your oyster!”

Bode Abifarin, Chief Operating Officer at Flutterwave, said, “We’re thankful for the successful completion of the Flutterwave Graduate Trainee Program. We thank the People Team and all the Graduate Trainee Managers that helped coach, mentor and train our GTs to propel their growth into Analysts and Engineer 1s. This is in line with our mission to create endless possibilities for all; truly, their careers have taken off and there’s no limit to what they can achieve going forward.”

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MoneyMaster Payment Service Bank Offers 8.0% Annual Interest Rate to G-Kala Savers

Published

1 week ago

September 15, 2023

Investors King

MoneyMaster Payment Service Bank (MMPSB), established by Globacom, is set to elevate the experience of its G-Kala savings account holders by introducing an enticing 8.0 percent annual interest rate on their savings accounts with the bank.

This innovative initiative is aimed at cultivating a culture of saving among both new and existing customers of the bank, thereby promoting financial inclusion across the nation.

In a statement released by the bank in Lagos, it was disclosed that “both new and existing G-Kala savings account holders will benefit from an 8.0 percent interest rate per annum on all deposits made into their G-Kala savings account.”

However, customers are advised that “no more than three withdrawals are allowed per month to qualify for the interest, which will be calculated and credited monthly,” the statement emphasized.

This bold move is intended to encourage the adoption of cashless banking, making it accessible to potential customers who can effortlessly open an account via the bank’s website for a seamless and convenient experience.

“This presents an exciting opportunity for everyone to open a G-Kala account with MoneyMaster PSB, deposit funds into the wallet, and enjoy an 8.0 percent interest rate per annum,” the statement continued.

The bank underscored that G-Kala is a tailor-made product designed to cater to customers who may not have easy access to traditional banks or who belong to the unbanked population.

“G-Kala brings the benefits of banking directly to their mobile phones through USSD, eliminating the need for an internet connection. It empowers them to deposit, withdraw money, transfer funds to other banks, purchase airtime, and pay bills such as electricity, water, DSTV, and more.

“This innovative service offers a convenient and secure alternative for banking transactions, available anytime and anywhere, operating in real time. It’s not only safer and faster but also more convenient and cost-effective compared to traditional money transfer services.”