PalmPay, a prominent fintech company in Nigeria, recently celebrated significant milestones in its growth while unveiling key updates to bolster its impact on the nation’s financial landscape. During the event, the company officially launched its much-anticipated USSD code, *861#, aimed at increasing access to its services for users without internet connectivity.
Since its inception in 2019, PalmPay has played a pivotal role in transforming how Nigerians handle financial transactions, supporting the country’s drive towards a cashless economy. The platform offers a wide range of services including money transfers, bill payments, credit, savings, and insurance, all available through its mobile app and an extensive network of mobile money agents.
PalmPay also supports businesses with a variety of solutions such as the PalmPay Business app, POS devices, APIs, and a merchant portal. These efforts contribute to Nigeria’s financial inclusion rate, which has reached 74% in 2023.
With over 35 million users and a network of 1.2 million agents and merchants nationwide, PalmPay has firmly established itself as a key player in the financial services industry. “We’ve built a platform that 35 million users trust, and our expanding network of agents and merchants is helping to digitize Nigeria’s economy,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “Our goal is to continue leading with secure, reliable solutions that empower more people and businesses to achieve their financial aspirations.”
One of the highlights of the event was the introduction of PalmPay’s new USSD code, *861#, which enables users to access its services without an internet connection. This is expected to increase financial accessibility for those in remote areas or those without data, furthering PalmPay’s mission to reach underserved populations.
PalmPay also underscored its commitment to security amid rising financial fraud. The company has implemented several advanced security measures including facial recognition, biometric login, and AI-driven transaction monitoring. Additionally, all accounts are verified through the NIN or BVN system, and customers can now freeze their accounts using the new USSD code in case their phones are lost or stolen.
Over the past five years, PalmPay has gained recognition for the speed and reliability of its platform. This became particularly evident during the COVID-19 pandemic and the 2023 cash shortages, which saw a surge in demand for digital payments. Currently, the company processes up to 15 million transactions daily.
A key driver of PalmPay’s success has been its dedication to adding value to customer experiences. The platform offers unlimited free bank transfers, along with exclusive discounts and cashback on everyday payments, positioning itself as a preferred choice for millions of Nigerians.
As PalmPay continues to innovate and grow, it remains a crucial player in Nigeria’s ongoing transition to a cashless, digital economy.
