PalmPay, one of Africa’s fastest-growing fintech platforms, has partnered with Verve, Africa’s largest domestic card scheme to launch its new PalmPay Debit Card in a bid to expand financial inclusion across Nigeria.
The development came less than four weeks after it announced a strategic partnership with AfriGO, a subsidiary of Nigeria Inter-Bank Settlement System, to issue over 5million AfriGO payment cards to the unbanked.
The fintech firm, with over 35 million users and a vast network of 1.1 million agents and merchants, said the card would seamlessly integrate with its wallet, offering users zero maintenance fees, cashback rewards, and high-yield savings of up to 16% APR, enhancing their digital payment experience among other benefits.
The card,will be accepted at all major payment terminals within Nigeriaand will enable both debit and contactless transactions, providing a bridge between traditional banking and digital finance.
However, the launch aligns with PalmPay’s broader strategy to transition from a mobile wallet and agent network into a full-scale digital financial services provider, offering integrated solutions across payments, savings, credit, insurance, and card access.
According to Chika Nwosu, Managing Director, PalmPay, the company is leveraging technology to improve financial accessibility. “This collaboration enables us to offer secure, widely accepted payment cards integrated with the full power of PalmPay’s ecosystem. Together, we’re reshaping how Nigerians experience digital finance,” Nwosu said.
Apart from the standard debit card, PalmPay is also introducing PalmPay Premium – a tailored offering for high-volume users. The premium service provides a dedicated premium card, priority customer support, higher cashback rewards, and enhanced savings interest rates.
PalmPay said the introduction of both the standard and premium debit cards aligns with its commitment to financial inclusion, ensuring that both first-time account holders and high-earning professionals can access relevant financial tools.
Verve International’s Managing Director, Vincent Ogbunude, highlighted the significance of the partnership in broadening financial access. He said, “We are proud to partner with PalmPay on this milestone. Our alliance reflects a shared commitment to accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”
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