PalmPay, a leading fintech platform with over 30 million users in Nigeria, has launched a new USSD service to provide an alternative way for customers to manage their finances without internet access.
By dialing *861#, users can perform a wide range of transactions, including money transfers and bill payments, directly from their mobile phones.
Operating in Nigeria since 2019 under a Mobile Money Operator license from the Central Bank of Nigeria (CBN), PalmPay has built a robust platform offering services such as credit, savings, and money transfers through its financial "super-app."
For customers without smartphones, the introduction of the USSD service adds a convenient option to the existing network of over 500,000 Mobile Money Agents, making financial services more accessible in areas affected by data outages.
“Our goal is to bridge the digital divide," said Chika Nwosu, PalmPay's Managing Director for Nigeria. "The USSD service is a crucial step in ensuring that all Nigerians can access essential financial services, regardless of internet availability.
“Our platform ensures seamless connectivity for our users,” he said. “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.
Recently, PalmPay was recognized as one of the World’s Top 250 Fintech Companies in 2024 by CNBC and Statista. With its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions, PalmPay continues to solidify its position as a major player in Nigeria’s fintech ecosystem.
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