PalmPay Users Get Access To Banking Transactions With USSD Code

PalmPay has launched its USSD code to give customers access to banking services, without necessarily connecting to the internet to do so.

In a move to empower users with Enhanced Financial Access and Account Security, this 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.

The addition of a USSD access point, according to the fintech firm, is designed to further enhance the accessibility and convenience of its platform for consumers in a market where data network outages are common.

The managing director, PalmPay Nigeria, Chika Nwosu, emphasised the company’s commitment to financial inclusion, saying, “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.

“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.

PalmPay has been operating in Nigeria since 2019 under a Mobile Money Operator licence issued by the Central Bank of Nigeria(CBN).

Fintech pioneered a model that provides financial services such as money transfers, bill payments, credit services and savings via a one-stop-shop financial ‘superapp’. Customers without access to smartphones are able to make transactions via a nationwide network of over 500,000 Mobile Money Agents.

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.