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Nigeria Fintech Startup PalmPay Launches $260k COVID-19 Support Fund

PalmPay

PalmPay, a Nigerian fintech startup has announced the launch of PalmPay CARES, a $260,000 (N100 million) humanitarian response plan to support the fight against the deadly Coronavirus in Nigeria.

According to the payment company, part of the $260,000 support fund will be deployed to strengthen the efforts of the healthcare workers in the frontline by providing relief materials and care facilities as they help prevent, detect, and manage the spread of COVID-19.

The PalmPay CARES, support funds will also be used to directly support PalmPay customers that contract the virus with an $259 (N100,000) cover.

On the criteria to qualify for the $259 insurance cover, Palmpay explained that vulnerable communities trying to recover from the economic impact of the virus would be beneficiaries of the humanitarian response plan.

“In addition to the $260,000 support funds, PalmPay is proposing a lot of relief and incentives through their product offering to ease the burden during these uncertain times,” the fintech start-up said.

As part of Palmpay’s support to bend the coronavirus curve in Nigeria, the payment service provider said it has made money transfer transactions across Nigeria free on their Payment app.

“This means you can send money to any Nigerian bank for free. This no-fee service encourages the use of fund transfer to move money and avoid physical contact with other people or handling of physical cash, which can potentially spread the virus,” the company said.

PalmPay has also incentivised the usage of the payment app to help users get up to $25 (N10,000) monthly in form of cashback

According to PalmPay, more details on the $260,000 support fund will publish on its social network @palmpayapp in the coming days.

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