Lagos, Nigeria – In a strategic move to deepen financial inclusion in Nigeria, fintech giant PalmPay has launched the PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme.

The development comes just weeks after PalmPay announced a collaboration with AfriGO, a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), to issue over five million payment cards to unbanked Nigerians.

Bridging the Financial Gap

With a user base of over 35 million and a vast network of 1.1 million agents and merchants, PalmPay’s new debit card is designed to seamlessly integrate with its digital wallet. The card offers zero maintenance fees, cashback rewards, and high-yield savings of up to 16% APR, positioning it as a competitive alternative in Nigeria’s evolving digital payment landscape.

According to the company, the contactless-enabled card will be accepted across all major payment terminals in Nigeria, providing users with a secure and convenient means of transacting.

A Step Towards Full-Scale Digital Banking

The launch marks PalmPay’s transition from a mobile wallet and agent network to a full-service digital financial provider, expanding its offerings across payments, savings, credit, insurance, and card access.

Speaking on the development, PalmPay’s Managing Director, Chika Nwosu, emphasized the role of technology in increasing financial accessibility.

“This collaboration enables us to offer secure, widely accepted payment cards that integrate with the full power of PalmPay’s ecosystem. Together, we are reshaping how Nigerians experience digital finance.”

Introducing PalmPay Premium for High-Value Users

Alongside the standard debit card, the fintech company is rolling out PalmPay Premium, a service tailored for high-income users. This premium offering includes:

• Exclusive debit cards
• Priority customer support
• Higher cashback rewards
• Enhanced savings interest rates

Strengthening Financial Access Through Strategic Partnerships

The PalmPay-Verve collaboration underscores a shared commitment to enhancing financial inclusion and promoting innovative digital banking solutions in Nigeria.

Vincent Ogbunude, Managing Director of Verve International, highlighted the significance of the partnership:

“We are proud to partner with PalmPay on this milestone. Our alliance reflects a commitment to accelerating financial inclusion and delivering payment innovation tailored to African consumers.”

As Nigeria’s fintech sector continues to evolve, PalmPay’s latest initiative is expected to broaden financial access, offering a secure, cost-effective, and efficient payment solution to millions of Nigerians.