PalmPay, a leading financial platform in Nigeria with over 30 million users, has announced the launch of its USSD code service. This innovative feature enables customers to manage their finances without needing internet connectivity, expanding financial access in a country where network issues and smartphone limitations can create barriers to digital banking. With the new service, users can dial *861# to perform a wide range of banking transactions directly from their mobile phones.
Since launching in Nigeria in 2019, PalmPay has been operating under a Mobile Money Operator license issued by the Central Bank of Nigeria (CBN). The company has positioned itself as a pioneer in the fintech space by offering a comprehensive ‘super app’ for financial services. Customers can make money transfers, pay bills, access credit services, and save—all within a single platform.
PalmPay’s extensive network of over 500,000 mobile money agents has allowed even those without smartphones to conduct financial transactions nationwide. Now, the introduction of the USSD code further enhances accessibility, providing a reliable alternative for users when internet connectivity is unavailable. This aligns with PalmPay’s mission to bridge the digital divide and promote financial inclusion across Nigeria.
Chika Nwosu, Managing Director of PalmPay Nigeria, emphasized the importance of this new service, stating, “At PalmPay, we aim to bridge the gap in digital access, and the introduction of our USSD service aligns with that mission. Our platform ensures seamless connectivity for our users.”
One of the standout features of PalmPay’s USSD service is its robust security. Users who lose their phones or have them stolen can remotely freeze their accounts using the USSD code, providing an extra layer of financial protection. This feature addresses a significant concern among users and adds another level of trust to the platform.
PalmPay’s growth in Nigeria has been remarkable, with over 30 million registered app users and a network connecting 1.1 million businesses through its agents and merchants. Its focus on promoting financial inclusion has made it a critical player in Nigeria’s digital economy. Notably, one-third of PalmPay users reported opening their first-ever financial account through the platform, showcasing its role in empowering unbanked and underbanked populations.
Related: PalmPay Launches Unlimited Free Transfer and Target Savings Services in Nigeria
In recognition of its impact, PalmPay was recently named one of the World’s Top 250 Fintech Companies for 2024 by CNBC and Statista, solidifying its reputation as a key player in the global fintech landscape.
With the launch of the USSD code, PalmPay continues to solidify its position as a leader in Nigeria’s fintech ecosystem. The platform’s user-friendly interface, fee-free transfers, and innovative services make it a preferred choice for millions of Nigerians. As it addresses the challenges of data network outages and digital access limitations, PalmPay is taking significant strides toward making financial services more inclusive and accessible for everyone.
By offering internet-free transactions, enhanced security features, and expanding financial access through USSD, PalmPay is redefining digital banking in Nigeria.
