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PalmPay, one of Nigeria’s leading fintech platforms with over 35 million users, has launched its first debit card in partnership with Verve. This move signifies PalmPay’s expansion from a mobile wallet provider to a full-service digital financial platform, aligning with a broader industry trend where Nigerian fintechs are increasingly adopting local card schemes due to rising costs and reduced international spending.
The launch follows PalmPay’s recent collaboration with AfriGo, Nigeria’s national domestic card scheme, to distribute five million contactless payment cards. Now, the fintech is further integrating Verve-powered debit cards directly into its digital wallet, ensuring widespread accessibility through its network of over one million agents nationwide. PalmPay anticipates onboarding millions of cardholders by year-end.
A Two-Tier Debit Card Offering
PalmPay’s new debit cards are available in two categories:
- Standard Debit Card: Available to all PalmPay users.
- Premium Debit Card: Linked to a membership program requiring users to maintain a minimum monthly balance of ₦20,000 and transact at least ₦500,000 per month. Premium members benefit from up to 36% annual savings interest, compared to 20% for standard users—along with higher cashback rewards and exclusive merchant discounts.
Why Now?
PalmPay has spent years building scale, infrastructure, and consumer trust before launching its card services. According to Sofia Zab, Chief Marketing Officer at PalmPay, the company took a strategic approach to its debit card rollout.
“There are third-party APIs that let you spin up prepaid cards quickly, but we took a more deliberate route,” Zab said. “We formed a direct partnership with Verve to design a product that truly fits the needs of Nigerian consumers.”
PalmPay’s move follows a growing trend where Nigerian fintechs are shifting away from international card providers like Visa and Mastercard due to increasing costs. Competitors such as Opay and Moniepoint have issued about 17 million Verve cards post-pandemic, while Carbon, a digital bank known for its lending services, recently partnered with Verve to resume card issuance after a nine-month pause.
Balancing Cards and Bank Transfers
The launch comes at a time when many Nigerian fintechs are doubling down on bank transfers. Companies like HabariPay, the fintech subsidiary of a major Nigerian bank, are betting on increased transfer volumes, while Paystack recently introduced its consumer app, Zap, to optimize bank transfers.
Despite this trend, PalmPay sees a continued role for debit cards in Nigeria’s financial ecosystem.
“Not every user is a young, digital-first Lagosian. Some live in towns with limited phone access or prefer the flexibility of shopping online,” Zab noted. “If we want to serve every Nigerian, we need to build for every Nigerian, and that includes access points such as our app, agents, USSD, and now, debit cards.”
Beyond Payments: PalmPay’s Broader Financial Vision
PalmPay’s ambitions extend beyond payments, as the company continues to expand its suite of financial services. It has introduced savings products, credit offerings (through a licensed partner), and an insurance service in collaboration with AXA Mansard and Leadway, with over one million users already onboarded.
“We are much more than a digital wallet or POS company,” Zab stated. “We’re building a full financial ecosystem—one that works for every Nigerian, no matter where they are on their financial journey.”
To further solidify its presence, PalmPay plans to expand its network of offices and experience centers, reinforcing its commitment to serving Nigeria’s diverse financial landscape.
As Nigerian fintechs continue to redefine banking, PalmPay’s investment in debit cards underscores the enduring relevance of traditional banking tools in Africa’s evolving digital finance sector.
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