PalmPay, one of Nigeria’s leading fintech platforms, has launched its first-ever Verve debit card, marking a significant step in its transition from a mobile wallet to a full-service financial platform. This move aligns with a growing trend among Nigerian fintechs, which are shifting to local card providers like Verve and AfriGo, as rising costs and reduced international spending make global providers like Visa and Mastercard less attractive.
This launch follows PalmPay’s recent partnership with AfriGo, Nigeria’s domestic card scheme, aimed at distributing five million contactless payment cards nationwide. Now, with Verve integration, PalmPay is expanding its reach further, making it easier for Nigerians to access card-based payments.
What’s Different About PalmPay’s Verve Cards?
PalmPay’s new debit cards will be distributed across its network of one million agents, ensuring widespread access. The fintech offers two card tiers:
A standard debit card is available to all users, and a premium card is linked to a new membership program, requiring a minimum ₦20,000 monthly balance and at least ₦500,000 in transactions per month.
Premium users will enjoy higher cashback rewards, exclusive merchant discounts, and an annual savings interest rate of up to 36%, compared to 20% for standard users.
Why Now?
PalmPay’s Chief Marketing Officer, Sofia Zab, explained that the company took its time to ensure seamless card integration with its digital wallet.
“There are third-party APIs that let you spin up prepaid cards quickly, but we took a more deliberate route. We formed a direct partnership with Verve so we could design a product that truly fits the needs of Nigerian consumers,” Zab said.
PalmPay isn’t alone in this transition. Fintech giants Opay and Moniepoint have already issued 17 million Verve cards combined, while Carbon recently resumed its debit card services through a Verve partnership.
A Bigger Play for Financial Inclusion
While many Nigerian fintechs are prioritising bank transfers, PalmPay believes physical and digital cards still serve a vital role, especially for users outside Lagos or those without constant smartphone access.
“Not every user is a young, digital-first Lagosian,” Zab noted. “If we want to serve every Nigerian, we need to build for every Nigerian, and that includes access points such as our app, agents, USSD, and now cards.”
Beyond payments, PalmPay is expanding into other financial services, including credit, savings, and insurance, in partnership with AXA Mansard and Leadway. Over one million users have already adopted its insurance offerings, reinforcing the company’s broader vision of a complete digital financial ecosystem.
