In Nigeria, many banks have an abbreviation letters or code used to identify them among the customers. For instance, Guaranty Trust Bank is popularly known as GTB and United Bank for Africa is known as UBA. The same thing is applied with First Bank of Nigeria known as FBN and First City Monument Bank (FCMB).
These abbreviation letters are common for banks or financial institutions in Nigeria - customer often used them for quick identification in transactions, documents, or communication.
So, the phrase "3 Letters of PalmPay Bank Name" is likely refers to the three-letter abbreviation or code that can be used to identify PalmPay as a financial institution among its customers. Although PalmPay hasn't publicly announced any short-code name for it financial institution, but in this context, you can typically use "PMY" as the three Letters for PalmPay Bank Name in Nigeria.
With that being said, as a deposit money bank (DMB) insured by the Nigerian Deposition Insurance Corporation (NDIC) and regulated by the CBN and Nigeria Inter-Bank Settlement System (NIBSS), PalmPay uses a unique sort code, 100033, for processing transactions, integrating with the NIBSS to ensure efficient and accurate financial operations.
This code is also known as PalmPay Sort Code. However, it's important to note that the code is called NIBSS code - people are just mistaking it as a sort code. Only traditional banks and international money transfer agents use a sort code to receive money from abroad.
In a nutshell, the "3 Letters of PalmPay Bank Name" is based on a misunderstanding, as PalmPay is not a bank but a Mobile Money Operator (MMO) focused on mobile payments and transfers. Unlike banks, which often have three-letter abbreviations or codes (e.g., UBA for United Bank for Africa), PalmPay does not have an official three-letter abbreviation. While someone might informally shorten its name as "PMY", there is no official designation like this for PalmPay, and its full name in Nigeria is PalmPay Limited.
