In a move to extend its payment services beyond its app, leading financial technology platform, PalmPay, has today announced the launch of its USSD code. This was disclosed in a press statement seen by Technext.
According to the company, this service offers Nigerians an additional way to manage their finances without internet connectivity. With the USSD code, customers can now perform a wide range of banking transactions by dialling *861# from their mobile phones.
The company believes this service will give customers without access to smartphones the ability to make transactions through its network of over 500,000 Mobile Money Agents across the country. It also noted that 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.
Speaking on this development, PalmPay Nigeria Managing Director, Chika Nwosu, said the introduction emphasizes 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.
The Managing Director also noted that the USSD platform comes with a security feature which allows the platform’s customers to remotely freeze their accounts in case their phone is lost or stolen. This, he says, will provide an extra layer of protection to safeguard their finances.
Palmpay is looking beyond its 30 million users
PalmPay prides itself as a leading emerging markets-focused fintech platform committed to driving economic empowerment in Africa. With its global headquarters in China and London, the financial technology company is present in several markets across Africa which includes Nigeria, Ghana and Tanzania.
It also plans to expand further in the continent and other emerging markets around the world.
PalmPay has been operating in Nigeria since 2019 after obtaining a Mobile Money Operator license issued by the Central Bank of Nigeria (CBN). The fintech says it pioneered a model that provides financial services such as money transfers, bill payments, credit services and savings via a one-stop-shop financial ‘super app’.
The company boasts over 30 million registered users on its app while connecting 1.1 million businesses through its network of mobile money agents and merchants. With these, the company said it has been a key driver of financial inclusion in Nigeria, with a third of its users reporting that they opened their first-ever bank/financial account through the platform.
The company was recently recognized as one of the World’s Top 250 Fintech Companies in 2024 by CNBC and Statista. It also boasts a user-friendly interface, reliable transactions, and a focus on driving market share through fee-free transfers and promotions,
With the introduction of USSD services, the company is extending its business even further to reach users who would otherwise not be served on the app. With this, the company believes it is further solidifying its position as a major player in Nigeria’s fintech ecosystem.
See also: Analysis: OPay, Moniepoint, PalmPay onboard new customers as CBN lifts ban on customer registration
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