PalmPay, a financial platform boasting over 30 million users in Nigeria, has launched a USSD code, offering locals a new way to manage their finances without internet connectivity.
As part of an effort to improve the accessibility of PalmPay, customers can now perform a number of banking transactions by dialling ‘*861#’ on their mobile phones.
This move enables customers without smartphone access to make transactions via a nationwide network of over 500,000 mobile money agents. The addition of a USSD access point will aim to improve financial inclusion in a market where data network outages are common.
Having operated in Nigeria since 2019, PalmPay has provided financial services such as money transfers, bill payments, credit services and savings via a one-stop-shop financial mobile app.
“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,” explained Chika Nwosu, Nigeria managing director at PalmPay. “In addition, our USSD platform comes with a security feature which allows our customers to remotely freeze their accounts in case their phone is lost or stolen, providing an extra layer of protection to safeguard their finances.”
PalmPay has achieved significant milestones in Nigeria, reaching over 30 million registered users on its app and connecting 1.1 million businesses through its network of mobile money agents and merchants. The company has been a key driver of financial inclusion in Nigeria, with a third of PalmPay users reporting that they opened their first-ever financial account through the platform.
With a user-friendly interface, reliable transactions, and a focus on driving market share through fee-free transfers and promotions, PalmPay is also continuing to solidify its position as a major player in Nigeria’s fintech ecosystem. CNBC and Statista also recently recognised the fintech as one of the World’s Top 250 Fintech Companies for 2024.
