PalmPay, a digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, an African domestic card scheme.
The PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria. With zero maintenance fees, an in-app application process, and nationwide delivery, the company aims to convert millions of its 35 million users to become cardholders this year. The card is accepted at all merchants in the Verve network and supports both debit and contactless transactions.
“This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services,” said CMO Sofia Zab. “With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touchpoints, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales.”
The company is also rolling out PalmPay Premium, a reward scheme and card designed for high-volume users. It offers enhanced perks such as priority support, advanced financial tools, and exclusive merchant benefits.
With more than 35 million users and a network of 1.1 million agents and merchants in Nigeria, and operations in Tanzania, Ghana, and Bangladesh, the company is building a financial ecosystem designed to empower consumers and businesses in emerging markets. The company processes up to 15 million transactions daily.
In addition to its digital banking services, PalmPay provides a suite of B2B offerings for local MSMEs and international merchants, including:
- Smart POS terminals and a business app;
- Payment orchestration and checkout solutions;
- Bulk payment tools via a self-service merchant portal;
- APIs for embedding and reselling PalmPay’s services; and
- Direct integration of services into the PalmPay consumer and business apps
“At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships.”, said chief commercial officer Jiapei Yan. “The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so, we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams.”