The users’ funds are as well covered by Nigeria Deposit Insurance Corporation, NDIC. So your funds are safe.
Its operations are also governed by Fintech Regulatory Laws in Nigeria
PalmPay Services
As a mobile money operator, you can use PalmPay wallet to send and receive money, pay bills such as TV subscription, PHCN; buy internet data, mobile phone airtime etc, in naira within Nigeria.
PalmPay offers Point of Sales, POS services. It has many mobile money agents in different locations in Nigeria especially areas not covered by the conventional banks. This helps to drive financial inclusion of the unbanked Nigerians. Businesses and merchants also use PalmPay POS for in-store purchase payments.
Can PalmPay eWallet be Used to Receive Dollar?
PalmPay currently is not operating in another country, outside Nigeria, and there is no information on their website, App indicating that one can use the app or wallet to receive, make dollar payments.
PalmPay has only been licensed by CBN to operate in Nigeria as Mobile Money Operator. It is yet to be licensed to carry out International Money Transfer services. The CBN Guidelines on International Money Transfer Services states that: “No person or institution shall provide international money transfer services unless such person/institution has been duly licensed by the CBN.”
Since PalmPay is not operating in another country other than Nigeria and does not offer cross-border payments services, it can therefore be said that PalmPay wallet can’t be used to receive dollar, or any other foreign currencies, and can’t also be used to make cross-border payments, except to a Nigerian who is in abroad, and such payment must be made in Naira.
Read also: Chipper Cash Approved by CBN (Our Review)
How can I Receive Dollar Payments in Nigeria?
There are three ways you can receive dollar in Nigeria
1. International Money Transfer Operators
2. Bank Transfer
3. eWallet
International Money Transfer Operators
You can receive dollar through international money transfer operators. You don’t need bank account or digital wallet to receive dollar payments through international money transfer operators. International money transfer operators such as Western Union, MoniGram, etc partner with conventional deposit money banks (commercial banks) to carry out their services. When one sends you money through any of these international money transfer operators, all you need to do is to walk into any commercial bank in Nigeria with the information the sender provided to you and cash your money.
Bank Transfer
Bank transfer is another method of receiving dollar in Nigeria. Such transfer will be made to your local bank account or dollar denominated domiciliary account. Read how to receive dollar into your local naira account.
eWallet
An eWallet or digital wallet is a software-based electronic Alternative Payment Method, APM which allows individuals, businesses to receive payment, send money, pay for online transactions. eWallet is commonly available through mobile apps. To use eWallet to send and receive dollar, or make payments in dollar, such eWallet must be one that offers cross-border payments services. Some of such eWallets available in Nigeria are ALAT by Wema, FlutterWave, Payoneer, Google Pay, Chipper Cash etc
Read also: Nigerian Banks You can Open Free Domiciliary Account – No Referees, Zero Balance