Following substantial growth in Nigeria, its home market, PalmPay decided to further expand its footprint in Africa by entering new regions. According to its data, in the first quarter of 2025, the company processed over 15 million daily transactions in Nigeria. Additionally, with this move, PalmPay’s services are set to be available in a total of six African countries, including the launches in Ghana and Kenya.
Moreover, if the company continues on this expansion path, its broader footprint could support its position for a future public offering, according to TechCabal. When it comes to Tanzania, PalmPay is set to provide business-to-business services, however, it did not exactly specify its product offerings for other new regions.
PalmPay also plans to scale its reach in Nigeria’s unbanked sectors, even if it has a presence in all of the country’s 774 local governments, aiming to open offices in each geopolitical zones. The company underlined its commitment to offering secure, accessible, and advanced digital payment services while also supporting financial inclusion across the continent.
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In addition to scaling its reach across Africa, PalmPay rolled out USSD, a code designed for its users in Nigeria, in September 2024. The platform was set to offer a security feature allowing customers to terminate their accounts if their phone was lost or stolen. At the same time, users without mobile phones could access the USSD code *861# to conduct transactions through a nationwide network of over 500,000 Mobile Money Agents.
The financial platform also held an operator licence from the Central Bank of Nigeria and connected 1.1 million businesses via a network of mobile agents and merchants. By launching the USSD code, PalmPay sought to upgrade accessibility and convenience for consumers in a market where data network interruptions were a common occurrence.
