Palmpay Launches First Verve Debit Cards

PalmPay, one of Nigeria’s fastest-growing fintechs, has officially launched its first debit card in collaboration with Verve, reinforcing its transition from a mobile wallet to a full-service financial platform.

With over 35 million users, the fintech’s latest move aligns with a broader trend among Nigerian digital finance firms, which are increasingly favouring local card schemes over international providers like Visa and Mastercard due to rising costs and declining foreign transactions.

This rollout comes just three weeks after PalmPay partnered with AfriGo, Nigeria’s national domestic card scheme, to distribute five million contactless payment cards. Now, the company is doubling down on its strategy by integrating Verve-powered debit cards directly into its digital wallet, ensuring seamless transactions for users across Nigeria. With a vast network of over one million agents nationwide, PalmPay anticipates onboarding millions of cardholders by year’s end.

The new debit cards are available in two tiers: a standard version accessible to all users and a premium variant tied to an exclusive membership program. To qualify for the premium status, users must maintain a monthly balance of at least ₦20,000 and transact a minimum of ₦500,000 per month. Premium members will enjoy benefits such as up to 36 percent annual savings interest—nearly double the 20 percent offered to regular users—alongside enhanced cashback rewards and merchant discounts.

Strategic Timing
PalmPay’s Chief Marketing Officer, Sofia Zab, emphasised that the company has been methodical in its approach to launching debit cards, ensuring seamless integration with its existing infrastructure. Rather than relying on third-party APIs for a quick prepaid card rollout, PalmPay pursued a direct partnership with Verve to tailor a solution specifically for Nigerian consumers.

This shift to local card providers isn’t unique to PalmPay. Other fintechs, including Opay and Moniepoint, have issued millions of Verve cards in recent years, moving away from international networks. Similarly, Carbon, a digital bank known for its lending services, recently resumed its card issuance after a nine-month hiatus by partnering with Verve.

Despite the increasing dominance of bank transfers in Nigeria’s digital payments ecosystem, PalmPay remains confident in the relevance of debit cards. While fintechs like HabariPay and Paystack are betting on a surge in transfer volumes, PalmPay sees an untapped market segment that still values card-based transactions.

“Not every user is a young, digital-first Lagosian,” Zab explained. “Some live in towns with limited phone access or prefer the flexibility of shopping online. If we want to serve every Nigerian, we must provide multiple access points, from our app to our agents, USSD, and now, debit cards.”

Beyond Payments
PalmPay’s ambitions extend well beyond digital payments. The company has steadily expanded its financial services portfolio, offering savings, credit (through licensed partners), and insurance products in collaboration with AXA Mansard and Leadway. Over one million users have already adopted PalmPay’s insurance offerings, signaling strong demand for diversified financial solutions.

In a bid to deepen its presence across Nigeria, the fintech is also expanding its physical footprint by opening more offices and experience centers to support its growing customer base.

By embracing both digital-first solutions and traditional banking tools, PalmPay is positioning itself as a comprehensive financial ecosystem, catering to Nigeria’s diverse economic landscape. Its bet on debit cards underscores a broader realization among fintechs: while digital innovation drives the future, old-school banking tools remain essential in meeting the needs of millions of Nigerians.