PalmPay Expands Financial Services with Verve-Powered Debit Card Launch
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PalmPay, one of Nigeria’s fastest-growing fintechs, has introduced its first-ever debit card in collaboration with Verve, further strengthening its position in the digital payments space. With over 35 million users, the company is taking a significant step beyond mobile wallets, embracing a broader financial services model.
A Shift Toward Local Card Solutions
PalmPay’s latest move aligns with a growing trend among Nigerian fintechs to prioritize local payment networks over international providers like Visa and Mastercard. Rising transaction fees and reduced international spending have made domestic card schemes, such as Verve and AfriGo, more appealing.
Just weeks ago, PalmPay announced a partnership with AfriGo to distribute five million contactless cards nationwide. Now, with the Verve-powered debit card, it is integrating card services directly into its platform while leveraging its extensive network of over one million agents to distribute them.
Features and Benefits of the New Debit Card
PalmPay is offering two types of debit cards to cater to different user segments:
- Standard Card – Available to all users, providing essential transaction capabilities.
- Premium Card – Designed for high-value customers, offering enhanced benefits such as:
- Up to 36% annual savings interest (compared to 20% for regular users).
- Exclusive merchant discounts.
- Higher cashback rewards.
To qualify for premium status, users must maintain a minimum balance of ₦20,000 and transact at least ₦500,000 monthly.
Why PalmPay Is Entering the Card Market Now
Despite the increasing dominance of bank transfers in Nigeria’s fintech space, PalmPay sees continued demand for physical and digital card options. According to Sofia Zab, PalmPay’s Chief Marketing Officer, the company deliberately delayed launching a debit card until it could fully integrate card functionality into its digital wallet.
“Rather than relying on quick, third-party solutions, we built a direct partnership with Verve to create a product tailored for Nigerian consumers,” Zab explained.
PalmPay joins other Nigerian fintechs, such as Opay and Moniepoint, that have shifted to Verve after issuing millions of domestic cards. Carbon, a leading digital bank, also recently resumed card issuance through Verve after a temporary halt.
Balancing Digital and Traditional Payment Needs
While many fintechs, including Paystack and HabariPay, are doubling down on bank transfers, PalmPay remains committed to offering multiple payment options.
“Not every Nigerian consumer relies solely on digital banking,” Zab noted. “Many live in areas with limited phone access or prefer the flexibility of using a physical card for payments.”
By combining mobile wallets, agent banking, USSD transactions, and now debit cards, PalmPay aims to create a more inclusive financial ecosystem that serves both tech-savvy users and those in underserved regions.
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