PalmPay, Nigeria’s leading fintech with over 35 million users, has officially launched its first-ever debit card in partnership with Verve, marking a major step toward its evolution into a full-service digital financial platform. This move aligns with a broader trend of Nigerian fintechs shifting toward local card schemes, as rising costs and declining international spending make global providers like Visa and Mastercard less attractive.
PalmPay’s Shift Toward Domestic Card Solutions
The launch follows PalmPay’s recent partnership with AfriGo, Nigeria’s national domestic card scheme, to distribute five million contactless payment cards across the country. Now, the fintech giant is integrating Verve-powered debit cards directly into its digital wallet and plans to distribute them through its network of over one million agents nationwide.
With its extensive reach, PalmPay expects to onboard millions of new cardholders by the end of 2025, further solidifying its position in Nigeria’s fast-growing fintech space.
PalmPay Debit Card Features & Membership Tiers
PalmPay’s new debit cards come in two tiers:
- Standard Card: Available to all users.
- Premium Card: Linked to an exclusive membership program with added benefits.
To qualify for premium membership, users must:
- Maintain a ₦20,000 monthly balance.
- Conduct at least ₦500,000 in transactions per month.
Premium members will enjoy:
- Up to 36% annual savings interest (compared to 20% for regular users).
- Higher cashback rewards and exclusive merchant discounts.
Why Now? PalmPay’s Strategic Expansion into Card Services
For years, PalmPay has focused on building scale, user trust, and backend infrastructure before expanding into card services. According to Sofia Zab, Chief Marketing Officer, the company deliberately avoided third-party API solutions that allow for quick prepaid card issuance.
“We formed a direct partnership with Verve so we could design a product that truly fits the needs of Nigerian consumers,” Zab explained.
PalmPay’s strategy mirrors the shift among top Nigerian fintechs opting for local card networks. Opay and Moniepoint have issued 17 million Verve cards post-pandemic, ditching Visa and Mastercard due to rising costs. Carbon, a digital bank known for lending, also resumed debit card issuance via Verve after a nine-month pause.
Bank Transfers vs. Debit Cards: Why Cards Still Matter
Nigeria’s fintech space is witnessing a surge in bank transfers, with companies like Paystack (Zap by Paystack) and HabariPay doubling down on instant transfers. However, PalmPay believes debit cards remain crucial for a segment of Nigerian consumers.
“Not every user is a young, digital-first Lagosian,” Zab noted. “Some live in towns with limited phone access or prefer the flexibility of shopping online. To serve every Nigerian, we need to build for every Nigerian.”
By offering multiple access points; apps, agents, USSD, and now cards, PalmPay ensures financial inclusion for all users, regardless of their location or digital access.
PalmPay’s Bigger Vision: Beyond Payments
PalmPay’s ambitions extend far beyond payments. The fintech has been quietly rolling out new banking services, including:
- Savings & investment products with competitive interest rates.
- Credit services (in partnership with licensed financial institutions).
- Insurance offerings via AXA Mansard and Leadway have already been adopted by over one million users.
“We’re much more than a digital wallet or POS company,” Zab emphasised. “We’re building a full financial ecosystem that works for every Nigerian, no matter where they are on their financial journey.”
To support its expansion, PalmPay is also opening more offices and experience centres nationwide, ensuring better customer support and service accessibility.
The Role of Debit Cards in Nigeria’s Fintech Evolution
PalmPay’s foray into debit cards signals a new phase in Nigeria’s fintech evolution, proving that despite the rise of bank transfers and mobile wallets, traditional banking tools still hold significant value.
With its aggressive expansion, deep market penetration, and innovative financial offerings, PalmPay is positioning itself as one of Nigeria’s most influential fintech players, shaping the future of digital banking and financial inclusion in Africa’s largest economy.
