PalmPay, a digital bank and fintech platform focused on emerging markets, has launched a new debit card in Nigeria. This development is in partnership with Verve, Africa’s largest domestic card scheme.
The PalmPay Debit Card is part of the company’s broader move from a mobile wallet offering fee-free transfers and cashback rewards, to a full digital banking service. It now includes payments, savings, credit, insurance, and card access.
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Expanding access to card services
PalmPay’s new debit card is designed to be widely accessible. Users can apply directly from the app, and receive the card through a nationwide delivery network. The card is accepted at all Verve-supported merchants and can be used for both traditional and contactless transactions.
The product has no maintenance fees. It is aimed at converting a large portion of the platform’s existing customer base — over 35 million users — into active cardholders.
PalmPay’s Chief Marketing Officer, Sofia Zab, said the launch is a key step in expanding the company’s reach:
“This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services. With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales.”
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New offer for high-volume users
In addition to the standard debit card, PalmPay has also introduced PalmPay Premium. This card is targeted at high-volume users and provides added features. These include access to advanced financial tools, priority support, and special merchant benefits.
Building a broader financial ecosystem
PalmPay operates in Nigeria, Tanzania, Ghana, and Bangladesh. The platform handles up to 15 million transactions each day and has a network of 1.1 million agents and merchants in Nigeria alone.
The company’s strategy involves creating a financial ecosystem that supports both consumers and businesses. For small and medium-sized businesses (MSMEs) and global partners, PalmPay offers several solutions:
- Smart POS terminals and a dedicated business application
- Payment orchestration and checkout systems
- Bulk payment options via a self-service merchant portal
- APIs for embedding and reselling services
- Direct service integration with PalmPay’s apps for both consumers and businesses
Jiapei Yan, Chief Commercial Officer of PalmPay, spoke on the importance of collaboration in building the company’s ecosystem:
“At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships. The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams.”
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Verve backs the launch
Verve, the card partner for this launch, is one of the most widely used domestic card schemes in Africa. The Managing Director of Verve International, Vincent Ogbunude, said the partnership aligns with the company’s mission:
“We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”
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Platform for international growth
PalmPay is positioning itself as a platform for international businesses aiming to reach Africa’s growing digital economy. With a wide user base, consistent transaction volumes, and a strong partner network, the company believes it can help partners expand across the continent.
The launch of the debit card adds another layer to PalmPay’s digital offering, which already includes zero-fee transfers, high-yield savings, credit, and insurance. The company’s goal remains to make financial services more accessible and functional for users in emerging markets.
