At Tech Unite Africa 2025 in Lagos, PalmPay’s Chief Marketing Officer, Sofia Zab, illuminated the company’s strategies for accelerating Africa’s transition from cash to digital, coinciding with the launch of the PalmPay Debit Card.
Zab addressed the core obstacles PalmPay encountered upon entering the Nigerian market in 2019: reliability and cost. She explained that widespread distrust in digital payments stemmed from frequent transaction failures and exorbitant fees.
PalmPay’s success in overcoming these barriers hinged on building a robust infrastructure, achieving a 99.95% transaction success rate, and implementing a user-centric model featuring zero-rated bank transfers, fee-free bill payments, and cashback rewards.
“Once users experience the benefits, they don’t want to return to cash,” Zab asserted. “The key to shifting consumer behaviour is making digital payments more convenient, more rewarding, and less stressful than using cash.” This strategy organically drove merchant adoption as consumers sought out cashless payment options.
Recognizing the necessity for inclusivity, particularly in areas with limited internet connectivity, PalmPay expanded its reach beyond its smartphone app. Their nationwide network of mobile money agents, equipped with diverse devices and SIM cards, facilitated transactions even during network outages.
Further enhancing accessibility, PalmPay introduced a *USSD code (861#) in 2024 for users without data access. The newly launched PalmPay Debit Card provides another access point, enabling ATM withdrawals and point-of-sale transactions when digital payments are not feasible. “For us, the key is about meeting people where they are, rather than waiting for the perfect infrastructure to arrive,” Zab emphasized.
The PalmPay Debit Card, developed in partnership with Verve, Africa’s largest domestic card scheme, exemplifies PalmPay’s commitment to financial access. Offering zero maintenance fees, in-app application with nationwide delivery, and integration into PalmPay’s suite of financial services, this card marks a significant step towards a comprehensive digital banking platform.
With over 35 million app users and a network of 1.1 million agents and merchants across Nigeria, PalmPay continues to build a dynamic fintech ecosystem, redefining digital banking to be more personalized, comprehensive, and universally accessible.