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PalmPay Launches New Debit Card in Nigeria

On March 29, 2025, PalmPay, a prominent digital banking and fintech platform with a focus on emerging markets, made a significant advancement by launching the PalmPay Debit Card in Nigeria. Collaborating with Verve, Africa's leading domestic card scheme, this initiative represents a vital milestone in PalmPay’s growth from a simple mobile wallet to a comprehensive digital banking solution.

Features of PalmPay Debit Card

The newly introduced debit card brings a variety of modern features, including savings yields on deposits and benefits for merchants. With no maintenance fees, a straightforward in-app application process, and delivery available across Nigeria, PalmPay aims to convert a considerable portion of its 35 million users into cardholders within the year. This debit card will be accepted at all merchants participating in the Verve network and facilitates both traditional debit and contactless transactions.

Chief Marketing Officer, Sofia Zab, emphasized the significance of this launch, stating, "This launch is another step forward in our mission to deliver accessible, reliable, and rewarding financial services. With the PalmPay Debit Card, we - expand our ecosystem and allow our users to pay and earn rewards across various platforms including both offline and online commerce."

Aimed at Various Users

In addition to the standard debit card, PalmPay is introducing PalmPay Premium, a new rewards program designed specifically for high-volume users. This premium offering will include enhanced perks such as priority customer support, advanced financial tools, and exclusive benefits at partner merchants.

With over 35 million users and an extensive network of 1.1 million agents and merchants in Nigeria, as well as operations in Tanzania, Ghana, and Bangladesh, PalmPay is striving to establish a next-generation financial ecosystem that empowers both consumers and businesses in emerging markets. Currently, the platform handles about 15 million transactions daily, highlighting its scale and reliability.

Expanding Financial Services

Beyond just digital banking, PalmPay also offers a suite of B2B services tailored for local micro, small, and medium enterprises (MSMEs) and international merchants. These services include:

• - Smart POS terminals and a specific business app.
• - Payment orchestration and seamless checkout solutions.
• - Bulk payment tools accessible via a self-service merchant portal.
• - APIs designed for integrating and reselling PalmPay’s offerings.
• - Direct integration of various services into the PalmPay consumer and business applications.

Jiapei Yan, Chief Commercial Officer of PalmPay, noted, "At PalmPay, we believe that building a thriving digital economy requires collaboration. By bringing together lending, insurance providers, and card schemes like Verve, our ecosystem is flourish through strategic partnerships.”

Commitment to Financial Inclusion

Vincent Ogbunude, Managing Director of Verve International, added the importance of their partnership, stating, "We are proud to partner with PalmPay on this milestone. Our collaboration represents our shared mission to accelerate financial inclusion while providing innovative payment solutions tailored to the needs of African consumers."

From its zero-fee transfers, high-yield savings, to instant credit and insurance services, PalmPay is redefining the landscape of digital banking in emerging markets, making it personalized, all-encompassing, and accessible to a wider audience. With the ongoing interest from international businesses looking to tap into Africa’s rapidly evolving digital economy, PalmPay presents a trusted platform equipped with the necessary infrastructure and an expansive user base to foster growth.

Conclusion

PalmPay is not just introducing a debit card; it is revolutionizing access to financial services in Nigeria and beyond. This step signifies its commitment to not only better serve its existing users but also to embrace new customers into the world of digital finance, ultimately enhancing financial inclusion and economic growth across the region.

For more details, visit PalmPay's website.