PalmPay launches debit card to expand banking

PalmPay, a top digital bank and fintech platform focused on emerging markets, has introduced the PalmPay Debit Card in Nigeria through a collaboration with Verve, Africa’s largest domestic card network

This launch marks a significant step in PalmPay’s journey from being a mobile wallet known for fee-free transfers and cashback rewards to evolving into a full-service digital banking platform. Now offering a comprehensive financial ecosystem that includes payments, savings, credit, insurance, and card services, PalmPay continues to expand its reach.

Designed for Nigeria’s mass market, the PalmPay debit card offers innovative features such as savings interest on deposits and merchant rewards. With no maintenance fees, an easy in-app application process, and nationwide delivery, PalmPay aims to convert millions of its 35 million users into cardholders this year. The card, which supports both debit and contactless payments, is accepted at all Verve network merchants.

“This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services,” said Sofia Zab, chief marketing officer at PalmPay. “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.”

In addition to the standard debit card, PalmPay is introducing PalmPay Premium, a new rewards program and card designed for high-volume users. It provides exclusive benefits such as priority customer support, advanced financial tools, and special merchant perks.

PalmPay has over 35 million users, a growing network of 1.1 million agents and merchants in Nigeria, and operations in Tanzania, Ghana, and Bangladesh. Processing up to 15 million transactions daily, PalmPay is developing a next-generation financial ecosystem aimed at empowering businesses and consumers in emerging markets.

“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,” said Jiapei Yan, chief commercial officer of PalmPay. “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.”

Vincent Ogbunude, managing director of Verve International, added, “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.”

From zero-fee transfers and high-yield savings to instant credit, insurance, and now debit cards, PalmPay is redefining digital banking in emerging markets—offering a personalized, comprehensive, and inclusive financial experience. With its infrastructure, broad user base, and extensive reach, PalmPay provides international businesses with a trusted platform to scale in Africa’s fast-growing digital economy.