News Highlights
- PalmPay reaches over 30 million registered users and connects 1.1 million businesses.
- Launch of USSD code enables offline transactions for users without smartphones.
- USSD service allows customers to remotely freeze their accounts for enhanced security.
- PalmPay extends its reach, solidifying its role in Nigeria’s fintech ecosystem.
- Recognized as one of the World’s Top 250 Fintech Companies in 2024 by CNBC and Statista.
PalmPay, a leading financial technology platform with over 30 million registered users, has launched its USSD code service to enhance financial access across Nigeria. The USSD feature allows users without smartphones or internet connectivity to perform banking transactions by simply dialing 861 from their mobile phones.
This move is aimed at further expanding financial services to customers in regions with poor internet connectivity, providing them with a convenient and reliable means to manage their finances.
According to PalmPay’s Nigeria Managing Director, Chika Nwosu, the introduction of this service is part of the company’s mission to bridge the gap in digital access:
“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,” he said.
Security and Convenience with USSD
One of the standout features of PalmPay’s USSD service is its security function, which allows users to remotely freeze their accounts if their phones are lost or stolen. This feature provides an extra layer of protection, safeguarding customers’ finances in critical situations.
In addition to serving users who do not have smartphones, PalmPay’s network of over 500,000 Mobile Money Agents will be instrumental in supporting the rollout of the USSD service, ensuring widespread access across the country.
PalmPay’s Growing Influence in Nigeria’s Fintech Space
Operating in Nigeria since 2019, PalmPay has grown to become a major player in the fintech space, offering a comprehensive range of financial services such as money transfers, bill payments, savings, and credit services. Through its ‘super app’ model, PalmPay has connected over 1.1 million businesses and continues to drive financial inclusion across the country.
With a third of its users opening their first-ever financial accounts through the platform, PalmPay has made significant strides in fostering economic empowerment. The company is also looking beyond Nigeria, with plans to expand further into other African and emerging markets.
PalmPay’s efforts were recently recognized when it was named one of the World’s Top 250 Fintech Companies in 2024 by CNBC and Statista, a testament to its growing influence.
The introduction of the USSD service highlights PalmPay’s ongoing commitment to enhancing financial inclusion, especially for users who face challenges with digital access. By offering a simple, offline solution, PalmPay is making it easier for more Nigerians to manage their finances securely and conveniently.
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