E-Financial
6 Ways to Make Money on the PalmPay App in 2024

If you need an additional source of income, you should look no further than Nigeria’s thriving digital banking industry. You’ll find the best business opportunity there, with PalmPay being the most rewarding fintech to bank with.
With over 30 million users and 1.1 million businesses, including 600,000 merchants and 500,000 agents as part of its cashless payment ecosystem, PalmPay is a perfect platform for those looking to make money in the digital banking space.
One major reason why PalmPay stands out among other competing brands is that its users can send and receive money seamlessly, pay bills effortlessly, and shop with ease, all while earning discounts and cashback performing these tasks.
In Nigeria’s fintech space, no other brand has these financial offerings, except PalmPay. Data even shows that PalmPay has the highest rating on Google Play store in the fintech space.
This article covers the top six most popular features of the PalmPay app that anyone can use to make money from referrals, betting, cashback and discounts, sales and a distinctive financial offering by PalmPay called the Trial Cash.
Refer & Earn
PalmPay’s Refer and Earn feature is a perfect marriage between your contact list and the app’s innovative financial payment offerings. Inviting people you know to register on the PalmPay app and transact can earn you extra good money.
How does it work? When you invite anyone on your contact list using your invite link on the app dashboard, PalmPay pays you for every successful download of the app and transaction that your invites go ahead to make through your referral link.
A fee of N250 is paid to you for every successful referral. You’ll then need to complete five referrals to be eligible to withdraw from your PalmPay wallet for spending from as low as N2,000 and as much as you can earn through successful referrals.
Sports Betting
There are several ways to fund your sports betting account, but none comes close to using PalmPay. This UEFA EURO ‘24 season, PalmPay is bringing you an exciting opportunity to win fantastic prizes, including an iPhone 15 Pro and amazing cash rewards in its Bet and Win Big promo in partnership with iLOT, BetWay, BetCorrect, AccessBet and BetKing. Join in the thrill of the tournament while boosting your chances to win big with our special betting deposits campaign.
From June 14th to July 15th, 2024, make your betting deposits and stand a chance to win an iPhone 15 Pro and share in millions of cash prizes.
Airtime to Cash
You will agree that converting airtime to cash to earn money is an interesting idea. Do you remember back then when you bought more airtime than you needed and didn’t know what to do with the extra airtime? This feature erases that dilemma.
This feature, the first of its kind by a digital payment platform, enables PalmPay users to convert airtime to cash at ease, following just a few simple steps, after which the money equivalent is credited to their PalmPay wallet for onward spending.
As a PalmPay user, should you ever have extra airtime that you do not intend to use and want cash in exchange, all you have to do is click on the Recharge2Cash icon on the app, select the SIM network, enter the OTP sent to your phone, then select the amount you want to convert to cash and finally click on convert.
Cashback & Discounts
PalmPay is big on cashback and discounts. You get rewarded coupons or PalmPoints for almost every transaction on the app, from electricity, airtime and data to cable TV subscriptions. The cashback and discounts are respent on the app.
The cashback and discounts apply for the first five bill payments that you make in a month and range from 15 PalmPoints for your first airtime recharge of N100 to a 2% bonus in PalmPoints when you pay for Cable TV and electricity.
PalmPay offers new users various coupons for them to get cashback and discounts on the bouquet of services available on the app. PalmPay users have the privilege of paying less than the market value for the numerous services on the app.
In-app Promotions
Periodically, PalmPay rewards users with various in-app promotions which involve the users undergoing activities. One such is the ongoing 2023 AFCON tournament which PalmPay is partnering with TECNO, StarTimes and Bet9ja. Users who take part in the PalmPay AFCON Soccer Fiesta stand a chance to share N108 million and win free StarTimes subscriptions, betting coupons and loads of cashback.
Ready to kick off the excitement and make money doing so? Open your PalmPay app now and dive into the AFCON Soccer Fiesta for a chance to win big!
Trial Cash
Another first of its kind by any digital payment platform, the Trial Cash is a distinctive reward designed to let you explore the benefits of the app’s flexible savings feature. As with most PalmPay features, this comes with exciting rewards.
The PalmPay Trial Cash is not real money, however, users of the app are rewarded with a spendable daily interest of 16 per cent per annum sent into their wallet, which they can then go ahead and use to perform different transactions on the app.
Users can earn Trial Cash by completing daily tasks on the app such as transferring to a PalmPay wallet or adding money to their wallet from their bank account or agent.
Conclusion
If you plan not only to spend money this 2024 but also make money, there’s no reason why you should use any other digital payment platform for your transactions. PalmPay offers you incentives that no other platform does.
Not using PalmPay for your daily transactions? Go ahead and download the PalmPay app, follow the CBN KYC directive to update the app with your BVN and NIN and continue to perform transactions and make good money.
E-Financial
Africa Launches PAPSSCARD, First Pan-African Card Scheme

Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s first Pan-African card scheme.

Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank,
Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.
PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Currently, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa.
Speaking at the launch, Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.”
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.
Muzaffer Khokhar, executive chairman, Mercury, said the launch represents a milestone in Africa’s move toward financial sovereignty.
“We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”
John Bosco Sebabi, acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.
He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”
Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD.
This initiative was made possible by strategic partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.
African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.
This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
E-Financial
Ecobank Plans to Raise $250m Capital Through Private Placement

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
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