PalmPay, Verve partner to expand financial inclusion

PalmPay, one of Africa’s fastest-growing fintech platforms, has launched its new PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme, in a move aimed at expanding financial inclusion across Nigeria.

This development comes less than four weeks after it announced a strategic partnership with AfriGO, a subsidiary of Nigeria Inter-Bank Settlement System, to issue over 5 million AfriGO payment cards to the unbanked.

The fintech firm, which has over 35 million users and a network of 1.1 million agents and merchants, said the card would enhance digital payments by integrating seamlessly with the PalmPay wallet.

Users will have access to zero maintenance fees, cashback rewards, and high-yield savings of up to 16 per cent APR, among other benefits.

The card, accepted at all major payment terminals within Nigeria, enables both debit and contactless transactions, providing a bridge between traditional banking and digital finance.

The launch aligns with PalmPay’s broader strategy to transition from a mobile wallet and agent network into a full-scale digital financial services provider, offering integrated solutions across payments, savings, credit, insurance, and card access.

PalmPay’s Managing Director, Chika Nwosu, said the company is leveraging technology to improve financial accessibility.

“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,” Nwosu said.

In addition to the standard debit card, PalmPay is introducing PalmPay Premium, a tailored offering for high-volume users. The premium service provides a dedicated premium card, priority customer support, higher cashback rewards, and enhanced savings interest rates.

PalmPay said the introduction of both the standard and premium debit cards aligns with its commitment to financial inclusion, ensuring that both first-time account holders and high-earning professionals can access relevant financial tools.

The PalmPay Debit Card was developed through a strategic partnership with Verve, Africa’s largest domestic card scheme. The collaboration reinforces both companies’ efforts to deliver inclusive, locally relevant digital banking solutions.

Verve International’s Managing Director, Vincent Ogbunude, highlighted the significance of the partnership in broadening financial access.

He said, “We are proud to partner with PalmPay on this milestone. Our alliance reflects a shared commitment to accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers.”