MARGRET ASUQUO
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, the company highlighted key milestones in the 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#.
According to Chika Nwosu, Managing Director of PalmPay, “As we celebrate tonight, let’s not just look back at our achievements, but also forward to what lies ahead. The next five years for PalmPay are about scale, innovation, and deepening our impact. We’re not just looking to add zeros to our user base (though, let me tell you, I do love those zeros!). We want to drive financial empowerment in every corner of Nigeria, and soon, beyond.
“We’ll continue to prioritize security, innovation, and user experience. Whether enhancing our AI-driven anti-fraud features, collaborating closely with regulators, or making sure that sending money through PalmPay feels like a breeze, we’re committed to making the future brighter for all our users.
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 stated.
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.
Nwosu appreciated the company’s customers for standing with it for at all times.
In his words, “I want to say a heartfelt thank you from the bottom of my heart, thank you to every single person who has been part of this incredible journey. You believed in us, sometimes more than we believed in ourselves, and that’s why we’re standing here today, celebrating this milestone together.”
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.
