How To Make Money On PalmPay, And Other PalmPay Features

By: Yusuf Odukoya /
 September 17, 2021
  / 7 min read
Categories: Apps

What is Palmpay?

PalmPay is a CBN-licensed e-wallet and mobile payment platform that offers financial services to users via its mobile app. This article will tell you everything about PalmPay, its features, and how to make money on PalmPay.

On PalmPay, you can send money to both PalmPay and non-PalmPay users, you can receive funds from any bank account in Nigeria and you can also withdraw your earnings to your bank account. What more? You can pay for your DSTv and GOTv bouquets, fund your betting accounts, pay for utilities e.g water and electricity, etc, pay school fees, and buy airtime.

What makes PalmPay interesting is that it allows you to earn rewards as you use the app. Money can be earned on PalmPay through rewards known as PalmPoints. You can then convert all your PalmPoints to cash any time you like.

Key Features of PalmPay

PalmPay has many features through which it offers financial services to users. It is a good alternative to traditional bank accounts. Its service charges are almost zero. Instead of charging you for bank transfers like most banks do, they will reward you with PalmPoints.

  • Earn PalmPoints cashback and coupons for making purchases and transfers
  • No monthly maintenance fees
  • Easy payment of bills and fast VTU services.
  • Free deposits and withdrawals
  • You can make money by inviting your friends to install the app

Your friends will also receive a welcome bonus immediately when they create an account with PalmPay. Note that you will not receive your referral bonus until after the person creates an account with PalmPay.

Is PalmPay legit?

PalmPay is 100% legitimate and very safe to use. Your deposits are insured by the NDIC. PalmPay is owned and managed by a company called Transsnet. Transsnet is a partnership venture between NetEase and Transsion Holdings, the manufacturers of Tecno Mobile and Infinix, and iTel.

Part of the partnership involves pre-installing the PalmPay app on all Itel, Tecno, and Infinix phones, so you shouldn’t be surprised to find PalmPay preinstalled in any of those phones if you happen to buy them.

Apart from being owned by a reputable company, PalmPay also has a physical office address in Nigeria and Ghana.

PalmPay Nigeria has its Head Office situated at 20, Opebi Road, Ikeja, Lagos, Nigeria, while the Ghanian head office is situated at 54, Senchi Street, Airport Residential Area in Accra, Ghana.

How to create a PalmPay account

1. Download the app

2. Launch the app and sign up

After downloading, launch the app and click on the Sign-up button. Select your country code and input your full phone number (e.g 08034567890). A verification code would be sent to the registered number.

3. Verify your phone number

As soon as you receive your verification code via SMS, input the code and wait for the next page to load.

4. Set up your pin

You will be required to set up a 4-digits pin. You can enter your normal ATM password so that you don’t forget.

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How to fund your PalmPay account

Funding or depositing money into your PalmPay account is very quick and easy.

You can fund your PalmPay account through your debit card by following the steps below:

  • Click on the “Fund” button located on your profile dashboard.
  • Enter the amount of money you wish to deposit.
  • Optionally, enter the description of the transaction and move on to the next page.
  • Select your payment method or you can just select one of your previously bounded debit cards. You can also bind a new debit card if you are yet to do so. (Funding your account with your debit card is the most reliable and easiest payment method. Your cards are 100% safe with PalmPay)
  • Choose your bank from the list of other banks and input all the required bank/card details.
  • Enter your 4-digit security code to proceed with the transaction.
  • A new page may load, which is the secure payment gateway of your bank. An OTP will be sent to the email address and/or phone number linked to your card. Enter the OTP and click on the “complete” button.
  • The deposit is successful and you will be redirected to your dashboard.

How to refer & earn on PalmPay

There are two methods to refer and earn, depending on your proximity to the person you are going to invite;

Method One: QR Code

  • Open the PalmPay app on your mobile phone.
  • Click on the “More […]” button.
  • Tap on Invitation.
  • Tap on “QR code”
  • Your QR Code would be shown and your friend can scan it to download the PalmPay app, and you’ll be automatically rewarded for inviting them when they complete their registration.

For example, you can just scan the QR below and I would automatically get rewarded for inviting you to PalmPay when you complete your registration.

IMG 6187


Method Two: Share Your Affiliate Link

  • Open the PalmPay app on your mobile phone.
  • Click on the “More […]” button.
  • Tap on Invitation.
  • Tap on “Share”
  • Your device’s share modal would automatically pop up.
  • Select the social media app you which to share your link on (e.g Facebook, Linkedin, Messenger, WhatsApp) or just select a contact to send a direct message to them.
  • You would automatically get rewarded when someone joins PalmPay through your link.

Other ways to make money on PalmPay

Apart from sending and receiving money using the PalmPay app, you can also earn money via any or all of the 6 ways listed below;

  1. Rewards on transactions.
  2. Cash spree.
  3. The lucky game.
  4. Playing the PalmPay Grab Game
  5. By joining PalmForce.
  6. Awoof Moni (discontinued for now).

1. Rewards on Transactions

Almost all of the transactions done with the PalmPay app come with special rewards. These rewards can be in form of discount coupons or PalmPoints.

A PalmPoint is equivalent to ₦1. You can win discount coupons up to 50% off whenever you want to recharge airtime.

For example, if you have 100 PalmPoints and you want to recharge your phone number with an airtime of ₦200, the 100 PalmPoints (p100) can be used to settle half of the bill (₦100). This means that you will only need to spend ₦100 for the ₦200 airtime recharge value. You can also use the palmpoints to pay for other bill payments within the app.

The amount of PalmPoints you earn directly depends on how much your transactions are worth.

Also, you will earn a bonus of 2% (in the form of PalmPoints) whenever you pay bills like electricity bills and Cable TV subscriptions.

2. PalmPay Cash Spree

The PalmPay Cash Spree is a referral feature that helps users to make money on the PalmPay app whenever they invite someone successful.

PalmPay CashSpree
PalmPay CashSpree

If the person honours your invite and creates an account with PalmPay, you will receive a cash reward.

The new reward tiers are:

N500 -> 3 new users

N1000 -> 4 new users

N2000 -> 5 new users

Please note that you must complete your invitation target within 7 days from starting your Spree to earn your reward.

You can withdraw this cash when you reach the withdrawal threshold (See an example in the screenshot above.)

3. The Lucky Game

This lucky game is more of a lucky draw. You can win discounts and coupons, airtime coupons and different cash prizes. Also, you can win nothing!

The cash prizes you win may vary each time since it’s a game of luck. To frequently get the chance for a lucky draw, you should perform transactions frequently.

4. Playing the PalmPay Grab Game

The PalmPay Grab game works more like a raffle draw. It has a maximum limit for raffle slots and also a closing date and time for each round. You would also see the gift at stake. You can purchase a raffle ticket with ₦50. Well, you really don’t lose because you get a free coupon worth up to ₦100. So even if you end up not winning the ultimate prize, it’s still a win-win.

PalmPlay Grab Game
The PalmPlay Grab game

5. By Joining PalmForce

PalmForce is PalmPay’s special referral program for everyone. In simple words, it is PalmPay’s rewards program for users who regularly invite others to the platform.

To be eligible to join the PalmForce, you must have referred up to 5 people successfully on the PalmPay app.

PalmForce allows you to earn real cash instead of the usual PalmPoints. When you invite people and they create an account, you will get your cash reward directly into your PalmPay account instead of PalmPoints.

Additionally, when any of your invitees make a transaction on PalmPay, you will earn a commission. The commission depends on the amount of money involved in the transaction.

Although it’s not mandatory that you join PalmForce, I believe no one would throw away an opportunity to earn a few more bucks.

Note: You are only eligible to join PalmForce when you have successfully invited up to 5 users.

6. Awoof Moni

Awoof Moni is currently discontinued. 

It is a referral feature on the PalmPay app. However, this feature is slightly different from Cash Spree.

In Awoof Moni, both you and the person you sent an invite to will be rewarded.

For example, you can send an airtime coupon worth ₦100 to a PalmPay user (or a friend that is yet to join PalmPay).

Once the person redeems it by creating a PalmPay account of course, you will get a cashback of ₦100.

This is a good way to get airtime recharge for free on the PalmPay app just by referring friends and sending invite coupons.

Awoof Moni is currently discontinued, but a comeback looks very likely.

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PalmPay fees and service charges

PalmPay’s bank transfer charges are relatively low compared to most Nigerian banks.

The first 3 inter-bank transfers in a day are free of charge. Subsequent inter-bank transactions on the same day will only cost you just ₦10 each per transfer. Your free transfer limit resets at 00:00 A.M the next day. Please note that you cannot roll over your free transfer allowances.

PalmPay app download

For now, you can’t use PalmPay services via their website, you’ll need to download their app.

All new models of Itel, Tecno, and Infinix phones would have had the PalmPay app pre-installed. But if you dont’t use any of these brands, you can download the app from your App Store or Google Play Store.

How to contact PalmPay

Visiting their head office:
PalmPay has offices in Nigeria and Ghana.
Its Nigeria Head Office is located at 20, Opebi Road, Ikeja in Lagos State, Nigeria.
Its Ghana Head Office is located at 54, Senchi Street, Airport Residential Area, Accra, Ghana.

On Facebook:
You can make your voice heard by joining the PalmPay Nigeria Open Facebook Community

On Phone:
You can reach PalmPay via phone on 01 700 5700 (Nigeria)

Via E-mail:
[email protected]

On Social Media:
PalmPay is available on Facebook, Twitter and Instagram as @palmpayapp


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