PalmPay — review & details

In Bank accounts · By the Rateweb editorial team · How we rate · Details checked 18 Jul 2026

A fast-growing fintech app with free transfers, slick bill-pay and cashback/rewards. Now on a CBN national licence (2026); deposits NDIC-insured.

Best for rewards

PalmPay

A fast-growing fintech app with free transfers, slick bill-pay and cashback/rewards. Now on a CBN national licence (2026); deposits NDIC-insured.
★★★★☆
4.0/5 · How we rate
None
Monthly Fee
Free (fair-use limits apply)
Transfers
CBN national licence (2026)
Licence
NDIC-insured
Deposit Safety
Cashback & bill payments
Best For
digital
Type
Pros
  • Free transfers plus cashback and rewards
  • Slick bill-pay, airtime and data
  • CBN national licence; deposits NDIC-insured
Cons
  • A wallet/app, not a branch bank
  • Rewards terms change often
  • MFB-tier insurance limit (₦2m)
Fees, eligibility & documents
Fees
Monthly maintenanceNone
TransfersFree (fair-use limits)
Statutory levy₦50 EMTL on inflows of ₦10,000+
Eligibility
  • 18+ (limits apply by KYC tier)
  • Valid Nigerian ID
  • BVN and/or NIN
Documents needed
  • Valid ID (NIN, passport, driver's licence or voter's card)
  • BVN
  • Proof of address (utility bill) for a full-tier account
Visit PalmPay
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Our in-depth, independent review of PalmPay — how it works, the risks, and the fine print.
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How PalmPay compares in bank accounts

PalmPay scores 4.0/5 in our bank accounts rankings. Our current top pick is Opay (4.3/5). Always compare a few before you decide — see the full bank accounts comparison.

PalmPay
4.0/5 · this page
 Opay
4.3/5
 Kuda
4.2/5
Monthly Fee None None None
Transfers Free (fair-use limits apply) Free (fair-use limits apply) Free monthly allowance, then a small fee
Licence CBN national licence (2026) CBN national licence (Jan 2026) CBN microfinance bank
Deposit Safety NDIC-insured NDIC-insured NDIC-insured (to ₦2m, MFB)
Best For Cashback & bill payments Free transfers + agent cash-out App-first budgeting
Visit PalmPay → Visit Opay → Visit Kuda →

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Details last checked: July 2026

Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.