PalmPay, the Nigerian fintech with over 35 million users, has launched its first debit card in partnership with Verve, marking a major step in its evolution from a mobile wallet to a full-service digital financial platform. The move comes amid a broader shift by Nigerian fintechs toward local card schemes, as rising costs and declining international spending make global providers like Visa and Mastercard less attractive.
The debit card launch comes three weeks after Palmpay’s partnership with the national domestic card scheme, AfriGo, to distribute five million contactless payment cards across Nigeria.
Now, it is integrating Verve-powered debit cards directly into its digital wallet. The company says it will distribute the cards through its network of over one million agents nationwide. With its expansive reach, PalmPay expects to onboard millions of cardholders by the end of the year.
Palmpay debit cards come in two tiers: a standard version available to all users and a premium version linked to a new membership program. To upgrade to 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 earn up to 36% annual savings interest—compared to 20% for regular users—and receive higher cashback rewards and merchant discounts.