PalmPay deepens financial inclusion with 35m users

Emerging markets-focused fintech, PalmPay, yesterday said it has contributed to deepening Nigeria’s financial inclusion policy of the Central Bank of Nigeria (CBN) with a total of 35 million users over the last five years.

Managing Director at PalmPay Nigeria, Chika Nwosu, who spoke in Lagos during a brief ceremony to commemorate the fifth anniversary of the fintech company, said commencing operation in 2019, the company has been instrumental in transforming how Nigerians make payments, supporting the country’s transition towards a cashless economy.

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 new Unstructured Supplementary Service Data (USSD) code, *861#.

He said 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, point of sales (PoS) devices, APIs and merchant portal.

These efforts, he said, have contributed to Nigeria’s push towards greater financial inclusion, which has reached a rate of 74 per cent 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. 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,” Nwosu said.

At the core of PalmPay’s approach is making financial services more accessible in a market where traditional banking options have left many underserved.

He said the *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.

Nwosu 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 National Identity Number (NIN) or Bank Verification Number (BVN), and customers who lose their phones can now freeze their accounts via the newly launched USSD service.

“Over the past five 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,” Nwosu added.