Emerging Markets-Focused Fintech Platform PalmPay Unveils New Debit Card in Nigeria with Verve

LAGOS, Nigeria, April 16, 2025 /PRNewswire/ -- On March 29, 2025, PalmPay, a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa's largest domestic card scheme.

The launch of its debit card represents a key milestone in PalmPay's evolution - from a mobile wallet known for its fee-free transfers and cashback rewards into a full-service digital banking platform offering an integrated ecosystem for payments, savings, credit, insurance, and now, card access.

The new 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, a simple in-app application process, and nationwide delivery, PalmPay 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 Sofia Zab, Chief Marketing Officer at PalmPay. "With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, 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."

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a new 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 over 35 million users and a growing network of 1.1 million agents and merchants in Nigeria - and operations in Tanzania, Ghana, and Bangladesh - PalmPay is building a next-generation financial ecosystem designed to empower consumers and businesses in emerging markets. PalmPay processes up to 15 million transactions daily, underscoring the scale and reliability of its platform.

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
• 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 Jiapei Yan, Chief Commercial Officer of PalmPay. "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."

Vincent Ogbunude, Managing Director of Verve International, added: "We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers."

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is redefining what digital banking in emerging markets can look like - personalised, comprehensive, and accessible to everyone.

As international businesses seek entry into Africa's dynamic digital economy, PalmPay offers a trusted platform with the infrastructure, user base, and reach to help them scale.

About PalmPay

PalmPay is a leading digital bank and fintech platform with over 35 million users and 1.1 million agents. Operating in Nigeria, Ghana, Tanzania and Bangladesh, it offers zero-fee transfers, payments, savings, credit, and business tools—empowering individuals and enterprises while driving financial inclusion and building future-ready digital finance infrastructure in emerging markets.

For more information, visit www.palmpay.com

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