PalmPay expands financial inclusion with new USSD service for users

 Business a.m.

PalmPay, a leading financial platform with over 30 million users on its smartphone app in Nigeria, has launched its USSD code, marking another milestone for the financial platform, as it seeks to expand its reach and provide convenient access to its mobile banking services to even more Nigerians.

The innovative service offers Nigerians an additional way to manage their finances without the need for internet connectivity. With the PalmPay USSD code, customers can now perform a wide range of banking transactions by dialing *861# from their mobile phones.

For customers without access to smartphones, PalmPay had already established a nationwide network of more than 500,000 Mobile Money Agents, allowing them to make transactions.

The introduction of the USSD access point represents an ambitious move by PalmPay to enhance the accessibility and convenience of its platform, a crucial aspect of its service offerings, especially in a market known for frequent data network disruptions that can hinder online transactions.

Chika Nwosu, Nigeria managing director, emphasised the company’s commitment to financial inclusion, stating that the leading emerging markets-focused fintech platform committed to driving economic empowerment in Africa, aims to bridge the gap in digital access.

According to Nwosu, the introduction of the USSD service aligns with the financial inclusion mission. 

“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,” he added.

Stepping onto the Nigerian fintech scene in 2019, PalmPay quickly distinguished itself with its pioneering superapp. Operating under a Mobile Money Operator license from the Central Bank of Nigeria (CBN), PalmPay provides a comprehensive suite of financial services, from money transfers and bill payments to credit services and savings, all conveniently bundled in a single, user-friendly mobile application, designed to be a one-stop-shop for customers’ financial needs.

Establishing a firm foothold in Nigeria since its launch,PalmPay has reached over 30 million registered users on its app, 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.

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

With a strategic presence across Nigeria, Ghana, and Tanzania, PalmPay’s footprint in Africa is steadily expanding, as the innovative fintech company sets its sights on additional markets in the continent and beyond.

To facilitate its far-reaching expansion plans, the company boasts two global headquarters, located in China and London, enabling seamless coordination and strategic alignment across diverse markets and stakeholders.