PalmPay, a prominent digital bank and fintech platform serving emerging markets, has officially launched its debit card in Nigeria on March 29, 2025. This initiative is in collaboration with Verve, the largest domestic card scheme in Africa. The introduction of the PalmPay Debit Card marks a significant advancement in PalmPay's evolution from a mobile wallet, recognized for its no-fee transfers and cashback incentives, to a comprehensive digital banking platform. This platform now integrates payments, savings, credit, insurance, and card access into a unified ecosystem.

The new PalmPay Debit Card is designed to provide Nigerian users with access to advanced features such as savings yields on deposits and merchant rewards. Aiming to convert millions of its 35 million users into cardholders within the year, PalmPay offers zero maintenance fees, a streamlined in-app application process, and nationwide delivery. The card is compatible with all merchants within the Verve network and supports both debit and contactless payment methods.

Sofia Zab, Chief Marketing Officer at PalmPay, stated, "This launch is a significant step in our ongoing mission to provide accessible, reliable, and rewarding financial services. The PalmPay Debit Card expands our ecosystem, allowing our users to make payments and earn rewards across a broader range of online and offline commerce points. Additionally, it offers merchants new opportunities to connect with millions of Nigerian digital consumers and create reward-based experiences that enhance loyalty and drive sales."

In addition to the standard debit card, PalmPay is introducing PalmPay Premium, a new rewards program and card tailored for high-volume users. PalmPay Premium includes enhanced benefits such as priority support, sophisticated financial tools, and exclusive merchant advantages.

With a substantial user base of over 35 million and an expanding network of 1.1 million agents and merchants in Nigeria, along with operations in Tanzania, Ghana, and Bangladesh, PalmPay is developing a next-generation financial ecosystem. This ecosystem is specifically designed to empower both consumers and businesses in emerging markets.

PalmPay processes up to 15 million transactions daily, demonstrating the platform's robust scale and reliability. Beyond its digital banking services, PalmPay offers a range of B2B solutions for local MSMEs and international merchants, including:

Jiapei Yan, Chief Commercial Officer of PalmPay, commented, "At PalmPay, we are committed to building a thriving digital economy through collaboration. Our ecosystem is strengthened by strategic partnerships with lending and insurance providers, as well as card schemes like Verve. The launch of our debit card exemplifies how we leverage cutting-edge technology and partner strengths to deliver inclusive financial services at scale, thereby enabling businesses targeting Africa to accelerate growth, reach more customers, and unlock additional revenue streams."

Vincent Ogbunude, Managing Director of Verve International, added, "We are excited to partner with PalmPay on this significant achievement. This collaboration reflects our mutual goal of promoting financial inclusion and providing payment innovations that meet the evolving needs of African consumers."

PalmPay is transforming the digital banking landscape in emerging markets by offering personalized, comprehensive, and accessible services, including zero-fee transfers, high-yield savings, instant credit, insurance, and now, debit cards. As international businesses increasingly seek to enter Africa’s dynamic digital economy, PalmPay provides a dependable platform with the necessary infrastructure, user base, and reach to facilitate their expansion.

About PalmPay

PalmPay is a leading digital bank and fintech platform that boasts over 35 million users and 1.1 million agents. It operates in Nigeria, Ghana, Tanzania, and Bangladesh, providing zero-fee transfers, payments, savings, credit, and business tools. Its mission is to empower individuals and enterprises, drive financial inclusion, and construct future-ready digital finance infrastructure in emerging markets. For additional information, please visit www.palmpay.com.