PalmPay Expands Digital Banking with New Debit Card in Nigeria.

Thursday 3rd April 2025

By inAfrika Reporter

LAGOS, Nigeria – PalmPay, a leading digital bank and fintech platform focused on emerging markets, has introduced the PalmPay Debit Card in Nigeria through a partnership with Verve, Africa’s largest domestic card scheme.

This launch marks a significant step in PalmPay’s transformation from a mobile wallet known for fee-free transfers and cashback rewards into a full-service digital banking platform. The PalmPay ecosystem now includes payments, savings, credit, insurance, and card access.

The PalmPay Debit Card offers features such as savings yield on deposits and merchant rewards, making advanced financial services more accessible to mass-market users in Nigeria. With zero maintenance fees, a simple in-app application process, and nationwide delivery, PalmPay aims to onboard millions of its 35 million users as cardholders. The card is accepted at all Verve network merchants and supports both debit and contactless transactions.

Sofia Zab, Chief Marketing Officer at PalmPay, highlighted the importance of this launch, stating: “With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at more touchpoints, both online and offline. For merchants, this presents an opportunity to engage with millions of Nigerian digital consumers and drive customer loyalty through reward-driven experiences.”

PalmPay is also introducing PalmPay Premium, a new reward scheme and card tailored for high-volume users. This program provides additional benefits, including priority support, advanced financial tools, and exclusive merchant perks.

With over 35 million users and a network of 1.1 million agents and merchants in Nigeria, as well as operations in Tanzania, Ghana, and Bangladesh, PalmPay is building a next-generation financial ecosystem to empower consumers and businesses in emerging markets. Processing up to 15 million transactions daily, the platform demonstrates its reliability and scalability.

In addition to digital banking services, PalmPay offers a range of B2B solutions for local MSMEs and international merchants. These include smart POS terminals and a business app for seamless transactions, payment orchestration and checkout solutions for enhanced efficiency, bulk payment tools accessible via a self-service merchant portal, APIs that allow businesses to embed and resell PalmPay’s services, and direct integration of financial solutions into PalmPay’s consumer and business applications. These features enable businesses to scale and provide a smooth financial experience for their customers.

Jiapei Yan, Chief Commercial Officer of PalmPay, emphasized the role of partnerships in building Africa’s digital economy: “The launch of our debit card demonstrates how we combine cutting-edge technology with strategic alliances to deliver inclusive financial services at scale. This enables businesses targeting Africa to grow, reach more customers, and unlock new revenue streams.”

Vincent Ogbunude, Managing Director of Verve International, expressed his support: “We are proud to collaborate with PalmPay on this initiative. Our partnership aligns with our shared goal of accelerating financial inclusion and delivering innovative payment solutions for African consumers.”

From zero-fee transfers and high-yield savings to instant credit, insurance, and now debit cards, PalmPay continues to redefine digital banking in emerging markets. Its comprehensive financial services model is designed to be accessible, inclusive, and tailored to the needs of its growing user base.