Palmpay Review 2024: What You Can Do On The App | Features & Benefits

Palmpay Review 2024

Palmpay is a leading digital wallet and financial services app designed for the Nigerian market. With over 10 million downloads, Palmpay has quickly become one of the most popular choices for digital banking and payments among Nigerian smartphone users.

In this detailed Palmpay review, we cover everything you need to know about the app including its key features, how to get started, pricing, pros and cons, and how it compares to competitors. Read on for our full analysis.

What Palmpay Does

Palmpay offers an all-in-one mobile money platform that allows users to:

  • Send and receive money transfers
  • Pay bills
  • Purchase airtime top-ups
  • Shop online and in-stores
  • Access short term loans and investment products

At its core, Palmpay aims to provide seamless mobile banking and payments solutions for the average Nigerian. The app is focused on facilitating everyday financial transactions like airtime and data purchases, funds transfers, and bill payments.

But Palmpay also offers additional services not typically found in other mobile money apps like its flex lending feature and high-yield investment products.

Key Features and Functionalities

Palmpay packs an impressive range of features into a user-friendly app:

Money Transfers

  • Send money to any Nigerian bank account or mobile wallet
  • No transfer fees
  • Recipient gets instantly credited

Airtime & Data Purchase

  • Buy airtime and data plans from all major Nigerian networks
  • Get up to 100% cashback on airtime recharges

Bill Payments

  • Pay bills to service providers like PHCN, GoTV, DSTV, etc
  • Schedule recurring bill payments

Flex Credit

  • Access short term loans up to ₦200,000
  • 0% interest and no hidden fees
  • Repay conveniently from your Palmpay wallet

PalmPay Save

  • Save and earn interest up to 10% per annum
  • No minimum balance or lock-in period

Debit Card

  • Request a free virtual or physical debit card
  • Use card to shop online and withdraw cash from ATMs


  • Earn cashback rewards on transactions
  • Get generous referral bonuses when you invite friends

Merchant Payments

  • Scan QR codes to make payments at supported merchants
  • Safe and secure QR code payments

Overseas Services

  • Remit money abroad
  • Access forex trading services

How to Use Palmpay

Getting started with Palmpay is quick and straightforward:

Download the App

First, download the Palmpay app on your Android or iOS device. It’s available for free on Google Play and the Apple App Store.

Sign Up

To create your account, provide your name, phone number, email address, date of birth, and home address.

Complete KYC

You’ll need to complete a one-time KYC verification process. This involves uploading a valid ID document like national ID, voter’s card, or driver’s license.

Fund Your Wallet

Add money to your Palmpay wallet via bank transfer, debit card, USSD, or by requesting money from a friend.

Explore the App

Once set up, you can start using Palmpay’s payments, airtime purchase, funds transfer, and other services.


Palmpay offers most of its core services like money transfers, airtime/data purchase, and bill payments completely free of fees.

You only get charged when accessing extra services:

  • Flex Credit – 2% processing fee on loan amount
  • PalmPay Save – 10% annual interest paid on savings
  • Debit Card – ₦1,500 one-time issuance fee

Palmpay does not charge monthly account maintenance fees which helps it maintain an edge over traditional banks.

Comparison to Similar Apps

How does Palmpay stack up against the competition? Here’s a quick look at how it compares to other top fintech apps in Nigeria:

vs OPay

  • Both offer similar mobile banking and payment services
  • Opay has wider merchant acceptance for QR payments
  • But Palmpay provides services like Flex Credit and PalmSave lacking in Opay

vs PayAttitude

  • Palmpay has slicker app design and is easier to use
  • But PayAttitude offers lower transfer fees at just ₦10 per transaction
  • Palmpay has no transfer fees

vs TeamApt

  • Palmpay and TeamApt both provide zero-fee money transfers
  • TeamApt offers more advanced investment products
  • But Palmpay has a larger agent network for cash deposits/withdrawals

Pros of Using Palmpay

What are the key advantages of choosing Palmpay for your mobile money needs?

  • User-friendly app interface
  • Zero fees for core services like money transfers
  • Cashback rewards program on airtime purchases
  • Access to short term credit through Flex Loan
  • Higher interest rates on PalmSave compared to alternatives
  • More extensive agent network than competitors
  • Excellent customer support via in-app chat, email, phone

Cons to Consider

Palmpay comes with a few downsides to keep in mind:

  • Not as widely accepted for merchant payments as OPay
  • App is sometimes buggy with occasional downtime
  • Newer fintech companies could be riskier
  • Limited physical branch presence compared to traditional banks
  • Lack of web portal – app-only access

User Reviews and Ratings

Scouring user comments and reviews on the Google Play Store and App Store, the general sentiment towards Palmpay is quite positive.

Here is a summary of average user ratings:

  • Google Play Store – 4.3 out of 5 stars (over 500,000 reviews)
  • Apple App Store – 4.1 out of 5 stars (over 5,000 ratings)

The most common praise for Palmpay includes its intuitive interface, smooth money transfers, and generous cashback rewards.

Top complaints mention occasional app bugs, delayed deposits, and difficulty reaching customer service. But most issues seem intermittent rather than systemic.

Palmpay’s Customer Support

While some users have complained about delayed responses from customer service, Palmpay offers multiple support channels including in-app live chat, email, and phone support.

Agents are available 24/7 to assist with any issues. Common queries relate to deposit delays, app bugs, password resets, and fraud claims. Overall, customer service is decent but wait times can be long during peak periods.

User Interface Design

The Palmpay app features a clean, modern UI with an easy navigation structure. The home screen displays your account balance, profile info, and shortcuts for common tasks like funds transfer. Tabs along the bottom lead to services for airtime, payments, PalmSave, Flex Credit etc. The visual design uses bold colors, large buttons, and graphics to create an engaging user experience. Those familiar with apps like WhatsApp will feel instantly comfortable.

Transaction Limits

To enhance security, Palmpay enforces daily limits on transaction activity:

  • Daily transfer limit – ₦100,000
  • ATM withdrawal limit – ₦50,000
  • Flex Credit limit – ₦200,000
  • Airtime purchase limit – ₦20,000

Users can request temporary or permanent increases to these limits by contacting customer support. But limits help reduce fraud exposure.

Uptimes and Downtimes

Palmpay manages impressive uptime in excess of 99% monthly. But the app does suffer occasional downtimes ranging from a few minutes to several hours during maintenance, upgrades or system issues. Downtimes disrupt services like transfers and bill pay. While frustrating, downtimes are an infrequent occurrence. Palmpay does notify users of scheduled maintenance windows.

Privacy and Security

Palmpay prioritizes data privacy and account security. User passwords are encrypted and the app requires PIN authentication for most actions. No account details are shared without explicit consent. Palmpay also uses AI to monitor transactions and flag suspicious activity indicative of fraud. Cold wallets securely store majority of user funds offline.

Onboarding Process

Signing up for Palmpay is quick and straightforward. The KYC process typically completes within 5-10 minutes after uploading your government ID. Those without proper ID can also submit alternate documents like national voter’s card and driver’s license. Overall, Palmpay has simpler KYC requirements compared to traditional banks.

Funding your Wallet

Adding money to Palmpay can be done instantly via debit card or bank transfer. You can also fund your wallet by visiting physical agent locations scattered across the country. Palmpay offers one of the largest cash-in/cash-out networks in Nigeria with over 40,000 agent access points.

Growth and Traction

Since launching in 2019, Palmpay has seen impressive growth in its three years of existence. It now boasts over 10 million registered users, processes close to $2 billion in transaction volume annually, and has raised $160 million in funding. Palmpay continues pursuing an aggressive growth strategy across Nigeria.

PalmPay Card

Palmpay offers a free debit card that lets you spend money directly from your Palmpay wallet. The PalmPay card can be used online, via POS terminals, and to withdraw cash at ATMs. You can request for a physical or virtual card through the app. Virtual cards are issued instantly while physical cards take 2-3 weeks for delivery.

Billers and Merchants

Key billers supported on the app include DSTV, GOtv, StarTimes, Eko DISCO, Ikeja Electric, Smile, Spectranet and more. Palmpay also has an expanding network of supported merchants where you can make QR code payments from the app. Their merchant network still lags behind OPay and TeamApt though.

Investment Products

Beyond just payments and transfers, Palmpay enables investing and savings via PalmSave. You earn up to 10% annual interest on savings, far higher than regular bank rates. Palmpay also offers a mutual fund product for hands-off investment operated via their partner PiggyVest.

Business Accounts

While mainly targeted at consumers currently, Palmpay plans to eventually unveil dedicated business accounts. These will have higher limits and offer value-added services like inventory management, invoicing and payroll. This will allow businesses to fully digitize their financial operations.


Palmpay scores impressively well across the board as a leading digital wallet for managing your everyday finances in Nigeria. With its robust features, zero-fee structure for key services, and user-friendly design, Palmpay presents a compelling value proposition.

Minor concerns around customer service responsiveness and sporadic downtime do exist. But Palmpay’s overall advantages seem to outweigh these cons for most users.

If you are looking for an all-in-one mobile money platform to send funds, pay bills, top up airtime, and earn rewards, Palmpay is definitely worth considering.

The app continues to improve with frequent updates addressing bugs and adding new features. As Palmpay grows its user base, acceptance network, and reliability, it has the potential to become an indispensable everyday finance app for Nigerians.

Frequently Asked Questions

Is Palmpay regulated in Nigeria?

Yes, Palmpay is a licensed mobile money operator regulated by the Central Bank of Nigeria. User funds held in Palmpay wallets are also insured by the Nigeria Deposit Insurance Corporation.

How do I withdraw cash from Palmpay?

You can withdraw cash by visiting a Palmpay agent location, using the Palmpay debit card at an ATM, or initiating a direct bank transfer from your Palmpay wallet.

Does Palmpay work internationally?

Palmpay only has full services in Nigeria. But you can use services like international remittances and forex trading to transact overseas.

Is there a web version of Palmpay?

No, Palmpay is currently only available as a mobile app on Android and iOS devices. There is no web dashboard.

How old do you have to be to create a Palmpay account?

You must be at least 18 years old to sign up for a personal Palmpay account.

Can I have more than one Palmpay account?

Each user can only register one account associated with their government ID, phone number, and other details. Multiple accounts are prohibited.