PalmPay, a leading emerging
markets-focused fintech, marked the 5th anniversary of its operations in
Nigeria at a celebratory event held in Lagos. 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.
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