Digital wallet service PalmPay introduces its first debit card in collaboration with Verve, signifying a move towards domestic card networks.

PalmPay Debuts Digital Financial Platform with Debit Card Launch

PalmPay, a leading Nigerian fintech, has made a significant stride in the digital finance industry by launching its debit card in collaboration with Verve. This move marks a transformative expansion for PalmPay, transitioning from a mobile wallet into a comprehensive digital financial platform.

The launch took place at TechUnite Africa 2025, providing a high-profile platform to introduce the debit card and connect it to PalmPay's existing ecosystem. The timing of the launch leverages PalmPay's rapid growth and its ambition to become Africa’s foremost neobank, serving over 35 million users and offering a broad spectrum of financial services beyond mobile wallets.

The strategic decision to launch the debit card is driven by several factors. Firstly, the maturity of the market and the company's substantial user base position PalmPay to broaden its product offerings meaningfully. By 2025, PalmPay had amassed a large, active user base and processed millions of daily transactions.

Secondly, the move aims to expand financial inclusion, onboarding underserved populations into the digital economy across multiple African countries and beyond. A physical or virtual debit card extends payment capabilities to merchants and services where mobile wallets alone may not suffice.

Thirdly, the strategic partnership with Verve, a major payment card scheme in Africa, enables PalmPay to leverage a widely accepted payment infrastructure, facilitating seamless offline and online transactions and enhancing convenience for users.

Lastly, as a fast-growing fintech, ranked number 1 in financial services in Africa, launching a debit card allows PalmPay to compete more directly with traditional banks and fintech super-apps by providing a holistic financial ecosystem rather than just payment transactions.

In addition to the debit card launch, PalmPay has partnered with the national domestic card scheme, AfriGo, three weeks prior to the event. The company plans to distribute five million contactless payment cards across Nigeria, with the cards being offered in two versions: a standard option and a premium version tied to a new membership program.

The debit card strategy is rooted in the understanding that digital-first solutions do not cater to all Nigerian consumers. To meet the needs of a diverse consumer base, PalmPay emphasizes the importance of versatility in financial services and a multi-access approach, including app, agents, USSD, and debit cards.

Zab, from PalmPay, stated that not every Nigerian user is digitally-savvy or has consistent phone access, emphasizing the need for various access methods. The company believes that debit cards continue to cater to a critical segment of Nigerian consumers who prefer shopping online or have limited phone access.

The debit card launch is part of a broader trend among Nigerian fintechs shifting towards local card schemes. Companies like Opay and Moniepoint have issued about 17 million Verve cards since the pandemic, moving away from global partners like Visa and Mastercard. Carbon, another Nigerian fintech, has also teamed up with Verve to restart debit card issuance.

The Palmpay debit cards will be distributed through its network of over one million agents across the country. To qualify for premium status, users must maintain a monthly balance of at least ₦20,000 and make transactions totaling at least ₦500,000 each month. Premium members will earn up to 36% annual savings interest, compared to 20% for standard users.

Meanwhile, Paystack has launched Zap by Paystack, a consumer app aimed at boosting transfer volumes. As the digital finance landscape continues to evolve, these developments highlight the commitment of Nigerian fintechs to catering to a diverse range of consumers and promoting financial inclusion.

Digital wallet service PalmPay introduces its first debit card in collaboration with Verve, signifying a move towards domestic card networks.