PalmPay is a FinTech and digital banking platform that allows you to transfer and receive money from the comfort of your home. Like most FinTech platforms, you do not need to visit a physical office to open an account or resolve issues. Here, you’d get to see the best PalmPay alternatives to use. I mean, you may try other apps like PalmPay.
FinTech platforms like PalmPay run all operations entirely online, but they sure do have branch offices in a few locations. This may help solve problems that require physical attention. You may not feel protected when saving your money in those online banks, but rest assured that they’re all verified and licensed by CBN, just like your regular banks.
This article on Naijaknowhow focuses on the best alternatives to PalmPay for Android and iOS. Yes, other digital banking platforms offer similar (if not better) features and services, like PalmPay. These FinTech apps let you send and receive money with ease, take loans when you need quick cash, and also give you the ability to make bill payments fast and easily.
PalmPay Alternative Apps:
If you’re an avid user of the PalmPay app and are not satisfied with its services, you should try other FinTech platforms that are similar to or better than it. Below are our best picks of apps like PalmPay you may use.
1. Opay
Opay is currently one of the oldest and most credible fintech platforms in Nigeria. This app focuses mainly on saving, investment, and loans. Yes, it allows you to send and receive money with ease using a custom account number. The Opay app has a nice user interface where all important services are placed directly at the top for you to access.
Once you sign up with your details on this app, you’ll be able to make limited transactions. If you wish for your transaction limits to be upgraded, then you must verify your identity using a national ID card, utility bills, a national passport, or a driver’s license. The OPay app is regarded as one of the best alternatives to use for basic online banking services.
If you want to become an OPay merchant, you should read our article on how you can apply for an OPay POS machine in Nigeria. Also, we’ve previously covered an article on the best OPay alternatives, so don’t hesitate to check that out.
Pros:
- Been around a while, known for reliability.
- Simple features for growing your money.
- Get cash loans when you need them.
- Send & receive money with ease.
- Simple design, easy to find what you need.
- Great choice for basic online banking.
Cons:
- Free accounts have limited transaction amounts.
- Requires verification for higher transaction limits
- Customer service is terribly slow and unreliable.
- Charges fees for loan repayments and transactions.
Download OPay:
2. Kuda
I’d say that the Kuda Bank app is currently the best fintech and digital banking platform. Talking about its design and interface, it is one of the best so far. Navigating through the app and accessing its features feels like a breeze. Kuda Bank lets you take overdraft loans when you need quick cash to solve your needs.
The Kuda Bank app offers its customers free transactions between other Kuda accounts. But there’s a small percentage charge if you’re transacting with accounts affiliated with different banks. KudaBank requires complete identity verification should you be looking to upgrade your transaction limits. This process is not tedious. They only require face verification and your national ID card (NIN).
Pros:
- App is smooth and easy to navigate.
- Free transactions between Kuda accounts
- Quick overdraft loans for urgent needs
- Simple identity verification for limit upgrades
Cons:
- Can’t exchange other currencies like USD or EUR.
- Charges fees for transfers to other banks.
- Overdraft loans not enough for larger financial needs.
- Slow response from Kuda customer support.
- App lacks investment options or insurance.
Download Kuda:
3. Chipper Cash
Chipper Cash is another digital banking platform worth trying out. Although this app offers a small transaction limit compared to others, even after complete identity verification and upgrade, it remains one of the best alternatives. The Chipper Cash app provides excellent services for sending and receiving money, making bill payments, and buying airtime.
If you fancy the idea of investing and you’re good at the stock market and crypto trading, then you should look into this platform. The Chipper Cash app lets you create two virtual debit cards of both NGN and USD currencies. You will be able to fund and use these debit cards to make certain payments, though they are primarily used for subscribing to services like Netflix, Spotify, and Apple Music.
Pros:
- Send and receive money effortlessly.
- Pay bills and send money, all within the app.
- Offers seamless and instant transactions
- Enjoy transparent fees on every transaction.
- Prioritises your safety with bank-level encryption
Cons:
- Reaching customer service can be challenging.
- Chipper Cash charges fees for international transactions.
- As with any online platform, fraud risks exist.
Download Chipper Cash:
4. PiggyVest
PiggyVest, a name synonymous with financial security for many Nigerians, is more than just an app; it’s a gateway to achieving your financial goals. Launched in 2016, it has evolved from a simple savings platform to a comprehensive savings and investment app, trusted by over 4 million users.
PiggyVest is committed to securing your financial information. They utilise bank-level security measures like data encryption and two-factor authentication to protect your funds. They are also licensed by the Securities and Exchange Commission (SEC) of Nigeria, adding a layer of trust and regulatory oversight. Overall, PiggyVest is a versatile app that caters to different financial needs and goals.
Pros:
- Helps you save for anything with flexible options.
- Offers competitive interest rates on your money.
- Top-notch security keeps your money safe.
- Has automated savings plans for users.
Cons:
- Withdrawing early can cost you 2.5% in fees.
- Switching savings plans can be a bit of a hassle.
- Dollar accounts can only convert currency.
Download PiggyVest:
5. Moniepoint
Moniepoint is a Nigerian fintech company founded in 2015 with a mission to simplify and empower financial access for businesses in emerging markets. They go beyond just a single app, offering a suite of payments, banking, and operations solutions all within one platform.
With its focus on innovation and expansion, Moniepoint is poised to play an even bigger role in shaping the future of finance in Nigeria and beyond. They are constantly developing new products and services to cater to the evolving needs of businesses, and their commitment to financial inclusion continues to empower people and drive economic progress.
Pros:
- Payments, banking, and operations all in one app.
- Tailored solutions for emerging market needs.
- Constantly developing new features and services.
- Committed to financial inclusion and economic progress.
Cons:
- Branch and ATM access might be inconvenient.
- Some users report slow response times.
- Lack features compared to other similar apps.
- Nominal fee per transfer on the app.
Download Moniepoint:
6. FairMoney
FairMoney isn’t just an app; it’s a digital bank and instant loan platform rolled into one, designed to empower Nigerians with convenient and accessible financial solutions. Whether you need a quick loan for an unexpected expense, a reliable bank account for everyday needs, or tools to boost your financial health, FairMoney has you covered.
Its focus on transparency, mobile-first approach, and value-added features make it a competitive player in the financial technology landscape. However, users must be mindful of potential drawbacks like interest rates and responsible borrowing practices to maximise the benefits of this platform.
Pros:
- Cash in minutes for emergencies or small needs.
- Offers banking and instant loans in one app.
- Manage finances on the go, no branch visits.
- Clear fees and terms, no hidden nasties.
- Has features to budget, save, and build credit.
Cons:
- Interest rates are high for longer loans.
- Easy access can tempt overborrowing.
- Has limited features compared to PalmPay.
Download FairMoney:
Conclusion
These are the best PalmPay alternatives you can use in Nigeria for sending money, paying bills, and getting quick loans, all accessible on both Android and iOS devices. These FinTech and digital banking apps offer something unique, whether it’s better loan options, lower fees, or a smoother user experience.
If you’re looking to switch from PalmPay or try other reliable FinTech apps, any of the platforms listed above will serve you well. You can also check out our guide on how to make money with PalmPay and how to open a PalmPay account on your smartphone.
