PalmPay is one of Nigeria's fastest-growing digital banks, popular for free transfers, generous savings rates and cashback rewards. This 2026 guide explains what PalmPay is and whether it's safe, how to open an account, the *861# USSD code, transfer and POS charges, the high-interest CashBox and SmartEarn savings, the loans on offer, and the official customer care number.
What is PalmPay and is it safe?
PalmPay is a digital bank and licensed Mobile Money Operator (MMO). It is licensed by the Central Bank of Nigeria and was upgraded to a full national MMO licence in January 2026. Crucially, deposits are NDIC-insured up to ₦5 million per subscriber — a clearly stated cover that makes PalmPay one of the better-protected wallets for everyday balances. Being CBN-licensed and NDIC-insured means PalmPay is a regulated institution, not an informal app, which matters when you hold money or savings on the platform.
How to open a PalmPay account
You can register in minutes:
- Via the app: download PalmPay, register with a Nigerian phone number, enter the 6-digit OTP, create a 6-digit PIN and complete your profile;
- Via USSD: dial *99*505# and select "Create Account".
To unlock higher transaction tiers, complete KYC by linking your BVN and NIN and uploading a photo ID. Verified accounts get higher limits and full access to savings and loans.
PalmPay USSD code: *861#
The official 2026 PalmPay USSD code is *861#, and it works without internet. The key shortcuts are:
| Action | USSD code |
|---|---|
| Check balance | *861*5# |
| Transfer money | *861*1# |
| Buy airtime | *861*2# |
| Buy data | *861*3# |
| Pay bills | *861*6# |
| Card services | *861*7# |
| Block your account | *861*911# |
The block-account shortcut (*861*911#) is worth remembering — if your phone is lost or stolen, you can freeze the account offline from any line.
PalmPay transfer and withdrawal charges
PalmPay's main draw is cost: domestic money transfers are completely free. For POS cash withdrawals through an agent, the charge is:
- 0.5% for amounts between ₦1 and ₦19,999.99;
- a flat ₦100 for amounts of ₦20,000 and above.
On top of this, the government applies a ₦50 stamp duty (EMTL) to the sender on all electronic transfers of ₦10,000 or more — a statutory levy that applies across every bank and wallet in Nigeria, not just PalmPay. Transfers under ₦10,000 avoid it.
PalmPay savings: CashBox and SmartEarn
This is where PalmPay stands out. Its savings products pay among the highest rates available in a mainstream Nigerian wallet:
- CashBox: a flexible savings product paying 16% per annum with daily payouts, and rates that can reach up to 20% p.a. on certain plans;
- SmartEarn: a fixed/locked savings product offering up to 22% annualised interest.
Daily interest payouts on CashBox mean you see returns accumulate every day rather than waiting until maturity. These rates compare favourably with bank savings accounts, but always check the current rate and any lock-in period in the app before committing funds, since promotional rates can change.
PalmPay loans
PalmPay also offers short-term loans to eligible users, with interest of up to 36% APR on short-term borrowing. Loan limits depend on your usage and credit profile on the platform, and access generally improves the more you transact and repay on time. As with any short-term credit, borrow only what you can repay on schedule — the convenience is real, but the APR is high relative to longer-term bank loans, so it suits small, short bridges rather than large or long borrowing.
PalmPay customer care
The official PalmPay customer care number is +234 2018886888. Use it for failed transfers, disputed debits, account access or loan issues. Never share your PIN, OTP or password with anyone claiming to be support — PalmPay will never ask for them. For a failed transfer where you were debited, raise a complaint on the specific transaction in the app as well as calling support; most reversals process automatically within 24 hours.
Common PalmPay problems and fixes
A few issues come up regularly. If you forget your PIN, reset it from the app login screen using your registered phone number and OTP. If a transfer fails but you were debited, keep the transaction reference; the amount is usually reversed automatically within 24 hours, and you can raise a complaint on that specific transaction if it isn't. If your account is restricted or limits are low, complete full KYC by linking your BVN and NIN and uploading a valid ID. If you suspect unauthorised access, dial *861*911# immediately to block the account, then contact customer care. And always confirm you're using the genuine PalmPay app and official USSD code — fraudsters frequently impersonate wallets through fake links, calls and "agents" asking for your OTP.
How PalmPay compares to OPay and Moniepoint
All three are CBN-licensed wallets with similar POS withdrawal charges (0.5% under ₦20,000, ₦100 above) and the same ₦50 government stamp duty. Where PalmPay stands out is savings: its CashBox and SmartEarn rates (16–22%) are among the highest, and domestic transfers are free. OPay is strongest as an all-round everyday wallet with a vast POS network, while Moniepoint leads for agents and business banking. Many Nigerians keep more than one — PalmPay for high-yield savings and free transfers, another for specific needs. Choose based on whether you prioritise savings returns, agent/business tools, or sheer ubiquity.
Is PalmPay worth using in 2026?
PalmPay is one of the strongest all-round wallets in Nigeria this year: free transfers, NDIC cover up to ₦5 million, a reliable *861# USSD fallback, and savings rates (16–22%) that beat most banks. The trade-offs are the standard ₦50 stamp duty on transfers of ₦10,000+ (a government charge, not PalmPay's) and high loan APRs. For everyday payments plus a high-yield place to park short-term savings, PalmPay is hard to beat — just keep your PIN private, verify your KYC for full limits, and use the official customer-care number above.