PalmPay launches USSD service

PalmPay, a prominent financial platform with over 30 million users on its mobile app in Nigeria, has introduced a USSD code service

This new feature provides Nigerians with an alternative way to manage their finances without relying on internet access. By dialing *861# on their mobile phones, PalmPay customers can now perform various banking transactions.

Expanding cashless transactions 

Since launching in 2019 under a Mobile Money Operator license granted by the CBN, PalmPay has offered a range of financial services, including money transfers, bill payments, credit, and savings, all within its comprehensive financial "superapp."

For those without smartphones, PalmPay’s vast network of over 500,000 Mobile Money Agents enables transactions nationwide. The addition of the USSD feature is designed to increase accessibility and convenience for users, especially in a market where internet outages are common.

Chika Nwosu, managing director for Nigeria, reaffirmed the company’s focus on financial inclusion: "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 stated. He also highlighted the security aspect of the new service, noting that users can freeze their accounts remotely if their phone is lost or stolen, providing enhanced protection for their finances.

PalmPay has made notable strides in Nigeria, amassing over 30 million registered users and connecting 1.1 million businesses through its network of mobile money agents and merchants. The platform has played a pivotal role in driving financial inclusion, with one-third of its users having opened their first-ever financial account through PalmPay.

Recently, PalmPay was named one of the World’s Top 250 Fintech Companies in 2024 by CNBC and Statista.

With a focus on user-friendly interfaces, reliable transactions, and growth through fee-free transfers and promotions, PalmPay continues to strengthen its position as a key player in Nigeria’s fintech landscape.