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Payment Startup PalmPay launches ₦100M COVID-19 fund, waives transfer fees

The company will offer direct payouts to recipients

A man at a PalmPay agent booth

PalmPay, a payment startup focused on the African market has announced a ₦100M COVID-19 payout kitty. It also said its customers in Nigeria will not pay any transfer fees.

The firm has said it’s creating a fund that will offer direct payouts to clients testing positive for COVID-19 in the country.

According to the startup, PalmPay Support Fund sets aside 100 million Naira (roughly $300K) for the initiative. Each individual confirmed to have coronavirus will receive a direct payment of 100,000 Naira (about $250). Those confirmed to have COVID-19 can apply on the PalmPay app.

To avoid potential cheats, the company will liaise with Nigeria’s Center for Disease Control for verification.

Customers will also benefit from a gift linked to the fund. Per the firm’s CEO Greg Reeve, PalmPay will top up with a gift every transaction customers make for the next one month.

The company has said that the initiative is also set to benefit organizations helping to fight the pandemic. Such organizations will receive grants.

PalmPay initiative one in many by Africa’s tech startups

The initiative follows other similar COVID-19 relief funds by Africa’s tech startups. These efforts are aimed at fighting the spread of the disease as well as ease socio-economic problems affecting a majority of people on the continent.

Nigeria, South Africa, and Kenya, the continent’s top fintech hubs, have imposed lockdowns. Strict social distancing rules have also meant the loss of businesses and income.

PalmPay launched its operations in Nigeria in 2019 after a $40 million seed round led by Transsion.

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