PalmPay marks 5 years in Nigeria with landmark accomplishments, USSD service rollout

Business a.m.

PalmPay, a leading fintech company focused on emerging markets, has officially launched its highly anticipated USSD code, *861#, as part of the festivities to commemorate its five-year anniversary of operating in Nigeria, 

The event also marked the opportunity for PalmPay to reflect on its journey in Nigeria, update its progress and impact, and share the latest developments with its partners, customers, and stakeholders.

Established in 2019, PalmPay has been instrumental in transforming how Nigerians make payments, supporting the country’s transition towards a cashless economy. 

Over the last five years, PalmPay has addressed Nigeria’s unique financial needs with a broad range of products, including money transfers, bill payments, credit, savings and insurance, accessible through its mobile app and an extensive network of mobile money agents. The company also supports businesses with services such as the PalmPay Business app, POS devices, APIs and merchant portal. 

These efforts have contributed to Nigeria’s push towards greater financial inclusion, which has reached a rate of 74 percent as of this year. With over 35 million users and a network of 1.2 million agents and merchants that extends across Nigeria, PalmPay has established itself as a major player in the nation’s financial services sector.

At the core of PalmPay’s approach is making financial services more accessible in a market where traditional banking options have left many underserved. 

The new *861# USSD code allows customers to access PalmPay services without the internet, offering greater accessibility for users who run out of data or are in areas with low network coverage. 

The company also emphasised its commitment to security at a time when financial fraud is increasing globally. Thus, PalmPay has implemented security measures such as facial recognition, biometric login, and AI-driven transaction monitoring to ensure secure payments. Every account is verified through NIN or BVN, and customers who lose their phones can now freeze their accounts via the newly launched USSD service.

Over the past five  years, PalmPay’s payment platform has been recognised for its speed and reliability, allowing the company to capture market share as demand for digital payments surged during the Covid-19 pandemic and the 2023 cash shortages. 

Today, the company processes up to 15 million transactions daily.  Another key growth driver has been its commitment to adding value to its customers’ payment experiences with unlimited free bank transfers, as well as exclusive discounts and cashback on everyday payments.

Commenting on the company’ latest milestone, Chika Nwosu, managing director of PalmPay, Nigeria, stated:  “We’ve built a platform that 35 million users trust, and with our growing network of agents and merchants, PalmPay is playing a key role in digitising Nigeria’s economy.”

Looking ahead, Palmpay’s managing director emphasised that the company is drivent towards sustained leadership in the fintech space, offering secure, reliable solutions while fostering partnerships that empower more people and businesses to reach their financial goals.