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PalmPay, a leading fintech company in Nigeria, has announced the launch of a new USSD code, aimed at expanding access to financial services for users without internet connectivity. This initiative is designed to empower millions of Nigerians, particularly those in rural areas, by providing them with a seamless and secure way to perform transactions offline.
The introduction of the USSD code is a significant step in bridging the financial inclusion gap in Nigeria. Users can now access PalmPay services by dialing the dedicated code, enabling them to carry out essential banking activities such as money transfers, bill payments, and airtime purchases without needing a smartphone or data connection.
This offline solution comes at a crucial time as Nigeria continues to experience economic challenges. The country’s annual inflation rate fell to a six-month low of 32.2% in August, down from 33.4% in July, according to the National Bureau of Statistics. The easing inflation, driven by reforms such as currency devaluation and the removal of fuel subsidies introduced by President Bola Tinubu, has provided some relief to consumers. However, the full impact of recent gasoline price hikes and ongoing currency volatility remains to be seen.
By offering an offline transaction option through USSD, PalmPay seeks to address both the immediate and long-term needs of the unbanked and underbanked populations. As inflation pressures ease, innovations like this USSD service ensure that more Nigerians can access financial tools, driving economic resilience and improving financial inclusion.
PalmPay’s new service reflects the fintech’s commitment to leveraging technology to make financial services accessible to everyone, regardless of location or internet access.
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