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PalmPay, Nigeria’s fast-growing fintech with over 35 million users, has introduced its first debit card in partnership with Verve, reinforcing its transition from a mobile wallet to a full-service digital financial platform.
The move aligns with a broader shift among Nigerian fintechs towards local card schemes, as rising costs and reduced international spending make providers like Visa and Mastercard less appealing. It follows PalmPay’s recent partnership with AfriGo to distribute five million contactless payment cards nationwide.
A Two-Tier Card System
PalmPay’s Verve debit cards come in two versions:
Standard Card – Available to all users.
Premium Card – For customers maintaining a ₦20,000 monthly balance and transacting at least ₦500,000 monthly, offering benefits like higher cashback rewards, merchant discounts, and up to 36% annual savings interest (compared to 20% for standard users).
The fintech will distribute the cards via its network of over one million agents, targeting millions of new cardholders by year-end.
PalmPay’s Chief Marketing Officer, Sofia Zab, said the company deliberately waited until it could offer a seamless, integrated card experience within its digital wallet.
“There are quick third-party API solutions, but we opted for a direct partnership with Verve to design a product tailored to Nigerian consumers,” she explained.
Other fintechs like Opay and Moniepoint have also shifted to Verve, collectively issuing over 17 million cards post-pandemic, while Carbon resumed issuing cards through Verve after a nine-month pause.
While bank transfers are growing seen in the rise of HabariPay and Paystack’s new consumer app, Zap PalmPay believes debit cards remain essential for a large segment of Nigerian users.
“Not every Nigerian is a digital-first Lagosian. Many prefer physical cards for transactions, especially in areas with limited phone access,” Zab noted.
PalmPay’s ambitions go beyond payments. It has quietly expanded into savings, credit (via a licensed partner), and insurance, with over one million users already enrolled in its insurance offerings in partnership with AXA Mansard and Leadway.
The fintech also plans to open more offices and experience centers to support its growing user base.
By betting on cards, banking services, and financial inclusion, PalmPay is reinforcing its position in Nigeria’s evolving fintech landscape, proving that even as digital payments rise, traditional banking tools still have their place.
