By Dipo Olowookere
The need to give Nigerians an additional way to manage their finances without the need for internet connectivity has necessitated the introduction of a USSD service by PalmPay.
The financial platform, in a statement made available to Business Post, disclosed that its new USSD code, *861#, will also provide security to users’ accounts.
It was stated that with the PalmPay USSD code, customers can now perform a wide range of banking transactions from their mobile phones.
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.
“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,” the Managing Director for PalmPay, Mr Chika Nwosu, said.
PalmPay has been operating in Nigeria since 2019 under a Mobile Money Operator license issued by the Central Bank of Nigeria (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.
The fintech boasts over 30 million users on its smartphone app in Nigeria, while customers without access to smartphones are able to make transactions via a nationwide network of over 500,000 Mobile Money Agents.
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.