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The short answer
TechCabal reported in 2025 that PalmPay Flexi Cash charges daily interest of 0.6% to 1.5% depending on the loan amount, with tenors from 7 days to 4 months. One reported ₦16,000 loan for 21 days cost ₦2,352 in interest plus a ₦1,280 service fee, so check both the interest and the fee lines in your offer.
PalmPay is a wallet and payments app, and Flexi Cash is the cash credit some users are offered inside it. Daily interest looks small on the screen, which is exactly why it is worth slowing down to convert it into naira. This guide sets out what has been reported about Flexi Cash pricing, works through the examples, and explains how limits and repayment work.
What has been reported about Flexi Cash pricing
- Interest
- 0.6% to 1.5% a day, depending on the loan amount
- Tenor
- 7 days to 4 months
- Other charges
- A service fee appeared in one reported example
- Flexi BNPL
- Buy-now-pay-later purchases inside the app at 0% interest
TechCabal did not report a published loan ceiling. The lender for Flexi Cash is named in the loan agreement; our guide PalmPay Flexi Cash and Flexi Wallet explained covers who lends and how the product is set up.
What a daily rate means over a month and a year
A daily rate multiplies quickly. Charged simply on the amount borrowed:
| Daily rate | Over 30 days | Over a year (365 days) |
|---|---|---|
| 0.6% | 18% | 219% |
| 1.0% | 30% | 365% |
| 1.5% | 45% | 547.5% |
Flexi Cash loans are short, so you will not pay a full year of interest, but the table shows why a daily rate should not be compared with a bank's annual rate without converting it first. See APR vs flat fee for more on comparing.
Worked examples from the reported cases
Example 1: ₦16,000 for 21 days
- Interest at 0.7% a day: ₦16,000 × 0.7% × 21 = ₦2,352 (14.7% of the loan).
- Service fee: ₦1,280.
- Total cost: ₦3,632, which is about 22.7% of the loan for three weeks.
- Total repayable, if the fee is added to the balance: ₦19,632.
The fee adds eight percentage points to the cost of this loan. If a fee is taken from the payout instead, you receive less than ₦16,000 and the true cost is higher still.
Example 2: ₦20,000 for 28 days
Reported interest was ₦5,520 and the total ₦25,520, given as 0.98% a day and 27.6% overall. A check: ₦20,000 × 0.98% × 28 = ₦5,488, so the reported daily figure appears to be rounded; ₦5,520 corresponds to about 0.986% a day. The 27.6% total is correct (₦5,520 ÷ ₦20,000).
Why the loan amount changes the rate
TechCabal reported that the daily rate depends on the loan amount. That means two loans from the same account can carry different prices, and asking for a larger or smaller sum is not only a question of how much you repay, but of the rate applied. When you see an offer, try adjusting the amount in the app, if it lets you, and watch whether the daily rate or the fee changes. Choose the combination with the lowest total cost for the money you actually need, not the largest amount on offer.
Repaying early
Because interest is reported as daily, repaying before the due date may reduce what you owe, if the agreement calculates interest only for the days the money was out. On Example 1, every day saved at 0.7% on ₦16,000 is ₦112. Check whether early repayment actually reduces the interest and whether the service fee is refunded in part or not at all.
How limits are set and grow
Wallet credit is usually offered on the basis of how you use the wallet: regular money coming in, steady activity, completed identity checks and your record on earlier Flexi loans. The reported link between rate and loan amount means a different amount can carry a different daily rate, so check the rate each time. Repaying on time is the clearest way to be offered more; read how credit limits grow.
If Flexi Cash is offered to you, you are not obliged to take it. An offer is an invitation, and declining it has no effect on the rest of your PalmPay account.
Repayment: what to check first
- The due date and total for each loan, including the service fee.
- Whether PalmPay takes repayment from your wallet balance on the due date, and what happens if the balance is short.
- Late charges and extra daily interest on overdue amounts.
- Whether repaying early cuts the interest, which matters with a daily rate.
- The lender's FCCPC register entry, which we did not check for this article; see how to check.
Where Pryme fits
For spending with merchants such as supermarkets, eateries or pharmacies, Loans on Spaces from Solid Allianze MFB is an alternative: you see the cost and date in full and accept before anything is drawn.
Questions people ask
What is PalmPay Flexi Cash interest rate?
TechCabal reported 0.6% to 1.5% a day in 2025, depending on the loan amount. Your offer shows the rate that applies to you.
How many days does PalmPay give for loan repayment?
Reported tenors run from 7 days to 4 months.
Does PalmPay Flexi Cash have a service fee?
A ₦1,280 service fee appeared in one reported example. Check the fee line in your own offer.
Is PalmPay Flexi BNPL interest-free?
TechCabal reported that Flexi BNPL purchases in the app carry 0% interest. Check the terms for late charges.
Sources
- TechCabal: Loan apps with the best interest rates for Nigerians in 2025 (20 Nov 2025) · accessed Oct 2026
- FCCPC: Registration of digital money lenders under the digital lending framework · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.