#Nigeria #Lagos #PalmPay #Verve

PalmPay Launches Innovative Debit Card in Nigeria

On March 29, 2025, PalmPay, a prominent digital banking and fintech platform dedicated to emerging markets, made a significant stride by unveiling the PalmPay Debit Card in Nigeria. This launch is in collaboration with Verve, Africa's largest domestic card scheme, marking a remarkable milestone for PalmPay as it transitions from a mobile wallet that became popular for its fee-free transfers and cashback incentives into a comprehensive digital banking platform.

The introduction of the debit card is set to enhance PalmPay's existing offerings by incorporating an integrated ecosystem that encompasses payments, savings, credit, insurance, and now, card access. The PalmPay Debit Card not only simplifies the payment process but also enables users to enjoy features like savings yields on deposits and merchant rewards tailored for the everyday consumer in Nigeria.

With the goal of converting their massive user base of approximately 35 million into active cardholders, PalmPay offers this card without any maintenance fees and requires a straightforward application process within its mobile app. Additionally, the card will be widely accepted across all merchants in the Verve network, facilitating debit and contactless transactions nationwide.

Sofia Zab, Chief Marketing Officer at PalmPay, stated, "This launch is another step forward in our mission to deliver accessible, reliable, and rewarding financial services." The PalmPay Debit Card allows users to not only make payments but also earn rewards across various spend categories, enhancing their purchasing power. Moreover, the retail landscape in Nigeria stands to benefit from the introduction of this card, as merchants can connect with millions of digital consumers, offering loyalty-fostering experiences that yield higher sales.

In conjunction with the standard debit card, PalmPay is also launching PalmPay Premium, a premium rewards scheme designed for frequent users. This exclusive card provides enhanced benefits including prioritized customer support, advanced financial tools, and exclusive offers from merchants, designed to cater to high-volume spenders.

Currently, PalmPay processes an impressive volume of transactions—up to 15 million daily—underscoring its reliability and scale in the fintech marketplace. With a presence not only in Nigeria but also in Tanzania, Ghana, and Bangladesh, PalmPay is on a journey to construct a next-generation financial ecosystem that empowers both consumers and businesses in emerging markets.

Alongside consumer-focused services, PalmPay extends a range of B2B solutions to local Micro, Small, and Medium Enterprises (MSMEs) and global merchants. These offerings include Smart POS terminals and a business app, payment orchestration solutions, bulk payment options through a user-friendly merchant portal, and APIs that enable the embedding of PalmPay's services into third-party applications.

Jiapei Yan, Chief Commercial Officer at PalmPay, emphasized the importance of collaboration, stating, "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." This launch solidifies PalmPay's commitment to delivering inclusive financial services and highlights how the synergy between advanced technology and strategic collaborations will empower businesses focused on Africa's digital economy to expand rapidly, reaching broader customer bases and discovering new revenue streams.

The Managing Director of Verve International, Vincent Ogbunude, expressed pride in their partnership with PalmPay, honoring their mutual goal of accelerating financial inclusion through innovative payment solutions tailored for the continent's consumers.

PalmPay is redefining the landscape of digital banking in emerging markets by offering a personalized, comprehensive suite of services that are accessible to everyone—from zero-fee transfers and high-yield savings to instant credit and insurance options. For international enterprises aiming for a foothold in Africa's vibrant digital economy, PalmPay stands as a trusted platform equipped with the necessary infrastructure and expansive user base to facilitate growth.

For more information about PalmPay and their services, visit www.palmpay.com.