Is PalmPay Legit or Scam? Here’s What To Know

Is PalmPay legit or a scam? In this article, we’re going to find out.

Today, many apps in Nigeria are similar and perform the same tasks.

Finding a reliable place to keep your money in the Nigerian financial sector is challenging because many scam sites have dominated the market. 

Fraudsters use some online platforms to scam people with their hard-earned money. PalmPay, as we know it, has gained widespread exposure as a Fintech company that offers a wide range of financial services like loans, utilities and bills payments, savings and many more.

The question is, are they another scam platform that would suddenly shut down?

In this article, we take a closer look at PalmPay to determine whether it is legit or a scam.

When was PalmPay established?

According to CB insights, PalmPay was established in 2019 and is based in London, United Kingdom. 

It is a leading Pan-African digital wallet in Nigeria, Ghana, and several other African countries.

Nigeria, Ghana, and other African nations are served by the well-known Pan-African digital wallet PalmPay.

The financial support for PalmPay comes from institutions like Chuangshi Capital, Yunshi Equity Investment Management, Trust Capital, Chengyu Capital, Transsion, NetEase, MediaTek, AfricaInvest, and others. 

On August 30, 2022, the business closed its $100M Series A round. The total funding received by PalmPay up to this point has been $140M.

Transnet, a joint venture between Transsion and NetEase, owns PalmPay. In addition to the funding, Transsion also provides PalmPay with a distinct market advantage by pre-installing the app on Transsion’s mobile phone brands, such as Tecno, Itel, and Infinix.

PalmPay’s affiliation with popular phone brands makes it a legit app. But, let’s not conclude. Let’s learn more about their licenses.

PalmPay licenses

PalmPay is CBN-licensed, NDPR-compliant, PCI DSS-certified Mobile Money Operator and Nigerian Deposit Insurance Corporation (NDIC) to ensure the security of your money.

These licenses give them to right to operate as a payment platform and an online banking platform.

Is PalmPay approved by CBN?

Yes, PalmPay is approved by CBN.

 PalmPay is duly licensed with mobile payment regulatory authorisation to provide mobile money services to banked and unbanked Nigerians and drive financial inclusion in Nigeria.

The payments venture registered 100,000 users and processed 1 million transactions during its pilot phase.

The startup’s payments focus enters Africa’s most promising digital sector. Still, it is also one that has become noticeably competitive and crowded, particularly in Nigeria, the continent’s largest economy and most populous country.

Does PalmPay have an office?

Yes, even though it is a Chinese company, PalmPay maintains physical locations in Ghana, Nigeria, and the United Kingdom – its headquarters.

The Nigerian headquarters are in Lagos State, Nigeria, at 20 Opebi Road, Ikeja.

The Ghanaian headquarters are located in Accra, Ghana, at 54 Senchi Street in the Airport Residential Area.

Its international headquarters is located in the United Kingdom at 2 Eastbourne Terrace,

London, England, W2 6Lg, United Kingdom.

How secure is PalmPay?

Now let’s examine how secure PalmPay is for its users.

The use of PalmPay is entirely legal and highly secure. The PalmPay app is officially recognised as legal tender by the Central Bank of Nigeria (CBN) and the Nigerian federal government. Furthermore, it is insured by NDIC (Nigerian Deposit Insurance Corporation).

One of the most reliable places to store your money is PalmPay, an online bank owned by Nigeria. Since Greg Reeves launched PalmPay in 2019, it has hit the 10 million users milestone, all of whom have praised the app for its usefulness.

You can rest assured that your transactions are safe and secure using PalmPay. The mobile application prevents outside interference through its encryption technology.

There is no need to panic because all of your fears have been allayed.

PalmPay safeguards its users from fraud and unauthorised use with robust anti-fraud and KYC systems. These safeguards include real-time risk control and abnormal behaviour detection, which automatically monitors, flags, and freezes high-risk transactions and accounts.

One can get in touch with PalmPay customer service via in-app chat, email, social media, or call centre to report fraudulent activities.

If fraudulent activities are reported, PalmPay examines the case and puts accounts on hold to prevent further losses, thereby increasing the likelihood of finding and recovering funds.

With all these, is PalmPay legit or scam? I’m sure you know the answer.

How to get started on PalmPay?

Step 1:Install the PalmPay app on your phone or tablet. Both the iOS Store and the Google Play Store offer it.

Step 2: Launch the app after downloading it, then select the Sign-up option. Enter your complete phone number after choosing your country code.  The registered number would receive a verification code.

Step 3: Enter your verification code as soon as you get it via SMS, then fill up your details.

Step 4: Create a pin with four digits

After you register for PalmPay, the next step is to fund your account.

By following the steps below, you can fund your PalmPay account using your debit card:

• To fund, select the “Fund” button on your profile dashboard.

• Enter the amount you want to deposit.

• Enter the transaction description if you wish, then go to the following page.

• Choose your preferred payment method or pick a previously bound debit card. If you haven’t already, you can bind a new debit card. (Using your debit card to make payments is the safest way. PalmPay is entirely safe.)

• Select your bank from the list of other banks, then enter all the necessary card and bank information.

• To continue, enter your 4-digit security code.

• Your bank’s secure payment gateway may load on a new page. Your card’s associated email address and phone number will receive an OTP. After entering the OTP, press the “complete” button.

• If the deposit is successful, your dashboard will be displayed.

Conclusion

Is PalmPay legit or scam? So far, our findings have shown that Palm is legit and not a scam.

The company is licensed by the authorities and has put measures in place to safeguard its users’ funds.

Palmpay is a legit digital bank that satisfies your financial requirements by providing features that let you conduct transactions like sending and receiving money, paying bills, and more.

With a well-rounded user-friendly app that includes several features to make financial services and products accessible, Palmpay aims to ensure users have the banks in their pockets.