During the event, Palmpay highlighted key milestones in its journey and updates on its growth and impact in the country.  As part of the celebrations, the company officially launched its highly anticipated USSD code, *861#.

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% 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.

“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”, said Chika Nwosu, managing director of PalmPay, Nigeria. “Looking ahead, our strategy is clear—continue to lead with secure, reliable solutions while fostering partnerships that empower more people and businesses to reach their financial goals.”

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 emphasized its commitment to security at a time when financial fraud is increasing globally.

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 5 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.

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.

PalmPay has been operating in Nigeria since 2019 under a Mobile Money Operator license issued by the CBN. The 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. The addition of a USSD access point is designed to further enhance the accessibility and convenience of its platform for consumers in a market where data network outages are common.

Chika Nwosu, Nigeria Managing Director, emphasized the company’s commitment to financial inclusion”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.” 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.