Palmpay Introduces *862# USSD Code Payment Service

PalmPay has officially launched its *862# USSD code payment service, expanding its financial offerings beyond its popular app. 

This initiative aims to provide Nigerians with a reliable means of managing their finances without the need for internet connectivity. 

The announcement was made in a press statement that highlights the company’s commitment to enhancing financial inclusion across the country.

Enhancing Financial Accessibility

The introduction of the PalmPay USSD code is particularly noteworthy as it allows users to perform a variety of banking transactions simply by dialing *862# from their mobile phones. 

This service is designed to cater to individuals who may not have access to smartphones or reliable internet service, thereby broadening the reach of PalmPay’s financial services.

With over 500,000 Mobile Money Agents nationwide, PalmPay is poised to facilitate transactions for customers who previously faced barriers due to technology limitations. 

The company aims to address the challenges posed by frequent data network outages in Nigeria, ensuring that users can access essential banking services anytime and anywhere.

Chika Nwosu, Managing Director of PalmPay Nigeria, emphasized the company’s mission during the launch event. 

He stated, “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.” 

This sentiment underscores PalmPay’s dedication to making financial services more accessible to all Nigerians.

Security Features for Peace of Mind

In addition to improving accessibility, the PalmPay USSD code also incorporates robust security features. 

Customers can remotely freeze their accounts if their mobile devices are lost or stolen, providing an extra layer of protection against unauthorized access. 

This feature is crucial in a digital age where security concerns are paramount.

Nwosu noted that these security measures are part of PalmPay’s broader strategy to foster trust among its users. “We understand that safety is a top priority for our customers, and we are committed to providing them with tools that enhance their financial security,” he added.

A Growing User Base

Since its inception in Nigeria in 2019, after obtaining a Mobile Money Operator license from the Central Bank of Nigeria (CBN), PalmPay has rapidly grown its user base. 

The company currently boasts over 30 million registered users on its app and connects approximately 1.1 million businesses through its extensive network of mobile money agents and merchants.

PalmPay has been recognized as one of the World’s Top 250 Fintech Companies in 2024 by CNBC and Statista, reflecting its significant impact on the financial technology sector in Africa. 

The platform has been instrumental in driving financial inclusion, with one-third of its users reporting that they opened their first bank account through PalmPay.

Read Next: Cyber Fraud Rise: PalmPay Upgrades in-app Security Features

Future Expansion Plans

Looking ahead, PalmPay is not resting on its laurels. 

The company has ambitious plans for further expansion across Africa and other emerging markets globally. 

With a focus on economic empowerment and digital accessibility, PalmPay aims to solidify its position as a leading player in the fintech ecosystem.

The launch of the PalmPay USSD code is a strategic move that aligns with these goals, enabling the company to reach underserved populations that may not have been able to benefit from digital banking solutions previously.

In conclusion, PalmPay’s introduction of the *862# USSD code payment service marks a pivotal moment in Nigeria’s financial landscape. 

By enhancing accessibility and security for its users, PalmPay is taking significant strides toward achieving greater financial inclusion and empowering millions of Nigerians with essential banking services. 

As the fintech industry continues to evolve, PalmPay remains committed to bridging digital divides and fostering economic growth across Africa.

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