Palmpay unveils USSD code for enhanced financial access

PalmPay, a financial platform in Nigeria, says it has launched a USSD code to empower its users with financial access.

Mr Chika Nwosu, the Managing Director of PalmPay Nigeria, made this known in a statement in Lagos on Monday.

He said the service offered Nigerians an additional mileage to manage their finances without internet connectivity.

According to Nwosu, with the PalmPay USSD code, customers can now perform a wide range of banking transactions by dialing *861# from their mobile phones.

“The USSD access point is designed to further enhance the accessibility and convenience of the platform for consumers in a market where data network outages are common.

“At PalmPay, we aim to bridge the gap in digital access, and the introduction of our USSD service aligns with that mission.

“The USSD platform comes with a security feature which allows customers to remotely freeze their accounts in case their phone is lost or stolen, providing an extra layer of protection to their finances,” he said.

Nwosu noted that PalmPay had 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.

“With its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions, PalmPay has continued to solidify its position as a major player in Nigeria’s fintech ecosystem,” Nwosu said.

It was reported that PalmPay has been operating in Nigeria since 2019 under a Mobile Money Operator license issued by the Central Bank Nigeria (CBN).

The company has its global Headquarters in China and London.