Palmpay expands offerings with new debit card launch
Onome Amuge
L-R: Chibuzor Melah, head of partnership, PalmPay Limited; Uche Uzoebo, managing director/chief executive officer (MD/CEO) of Shared Agent Network Expansion Facilities Limited (SANEF); Chika Nwosu, managing director, PalmPay Limited; Paul Ohakim, vice president, Issuing and Acquiring, Africa, Interswitch; Sofia Zab, chief marketing officer, PalmPay; and Chidi Oluaoha, head of marketing, Interswitch at the official unveiling of PalmPay’s Debit card and Premium Card in Lagos.
Nigerian fintech startup PalmPay, a fintech startup, has joined forces with payment solutions provider Verve to unveil its new PalmPay Debit Card, a strategic move aimed at accelerating the adoption of digital banking in the Nigerian market.
With the introduction of its highly anticipated debit card, PalmPay marks a pivotal shift from its roots as a mobile wallet and agent network provider into a digital financial services powerhouse, encompassing payments, savings, credit, insurance, and now, card access.
The newly launched PalmPay Debit Card is seamlessly integrated with the existing PalmPay mobile wallet, providing customers with the best of both worlds—the ease of a traditional bank card combined with the speed and flexibility of a digital platform.
The PalmPay debit card boasts zero maintenance fees, easy in-app application and nationwide delivery, exclusive cashback and merchant rewards, and access to high-yield savings of up to 16 percent APR, paid daily.
The versatile PalmPay debit card allows users to transact with ease at any payment terminal within Nigeria, including both debit and contactless options, facilitating seamless and secure payments.
A joint statement from PalmPay and Verve underscored the key role the partnership will play in fostering financial inclusion and promoting widespread access to digital payment solutions in Nigeria.
Fueled by its expanding customer base and extensive network of agents and merchants, PalmPay is rapidly ascending the ranks to become one of the most dynamic fintech ecosystems in Africa.
This is as the company currently boasts of over 35 million users relying on its digital payment solutions and an extensive network of 1.1 million agents and merchants.
In addition to its standard debit card, PalmPay is also introducing a tailored premium offering, titled PalmPay Premium, specifically designed for high-volume users.
The PalmPay premium service includes a dedicated card, premium customer support, elevated cashback rates on transactions and increased interest rates for savings, access to exclusive merchant rewards, and advanced financial tools.
Commenting on the development, Chika Nwosu, managing director of PalmPay Nigeria, stated that the company is dedicated to using technology to broaden financial access.
“This collaboration enables us to offer secure, widely accepted payment cards integrated with the full power of PalmPay’s ecosystem. Together, we’re reshaping how Nigerians experience digital finance,” he added.
On his part, Vincent Ogbunude, managing director of Verve International, stated, “We are proud to partner with PalmPay on this important milestone. Our alliance with PalmPay reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”