PalmPay, a Nigerian fintech with over 35 million users, has introduced its first debit card in partnership with Verve. This marks a major step in PalmPay’s evolution from a mobile wallet to a full-service digital financial platform.
A Shift Toward Local Card Schemes
The launch follows PalmPay’s recent collaboration with AfriGo, Nigeria’s national domestic card scheme, to distribute five million contactless payment cards. Now, the company is integrating Verve-powered debit cards directly into its digital wallet, aiming to distribute them through its one million+ agent network nationwide.
With its expansive reach, PalmPay expects to onboard millions of new cardholders by the end of the year.
PalmPay Debit Card Tiers & Benefits
PalmPay’s debit cards come in two tiers:
- Standard Debit Card – Available to all users.
- Premium Debit Card – Exclusive to users who:
- Maintain a ₦20,000 monthly balance
- Transact a minimum of ₦500,000 per month
- Enjoy higher cashback rewards, merchant discounts, and 36% annual savings interest (compared to 20% for regular users).
Why Now?
PalmPay has spent years focusing on scale, trust, and infrastructure, says Sofia Zab, PalmPay’s Chief Marketing Officer.
“There are third-party APIs that let you spin up prepaid cards quickly, but we took a more deliberate route,” Zab said. “We partnered directly with Verve to design a product that truly fits Nigerian consumers’ needs.”
A Growing Trend Among Nigerian Fintechs
PalmPay joins a wave of Nigerian fintechs switching to local card providers amid rising costs and reduced spending with international schemes like Visa and Mastercard.
- Opay & Moniepoint have issued 17 million+ Verve cards, moving away from global partners.
- Carbon resumed issuing debit cards after pausing operations for nine months, partnering with Verve instead.
Bank Transfers vs. Debit Cards: A Balanced Approach
While many Nigerian fintechs focus on bank transfers, PalmPay believes debit cards still serve an important segment of consumers.
“Not every user is a young, digital-first Lagosian,” Zab explained. “Some live in areas with limited phone access or prefer the flexibility of shopping online. If we want to serve every Nigerian, we need multiple access points—including our app, agents, USSD, and now, debit cards.”
PalmPay is expanding beyond payments into savings, credit, and insurance. The company has already partnered with AXA Mansard and Leadway for insurance services, with one million+ users already onboard.
It also plans to open more offices and experience centers across Nigeria to support its growing customer base.
