By Juliet Umeh
The Chief Marketing Officer of PalmPay, Sofia Zab, has outlined key strategies to accelerate digital payment adoption across Africa, emphasizing the need for reliability, affordability, and inclusion.
Speaking during a panel session at the Tech Unite Africa 2025 conference in Lagos, Zab offered valuable insights into the continent’s transition from cash-based to digital economies.
Her comments came as PalmPay unveiled its latest innovation—the PalmPay Debit Card.
Zab highlighted the major barriers PalmPay encountered when it launched in Nigeria in 2019, particularly issues around transaction reliability and high service costs. “At that time, many consumers and merchants were discouraged by frequent transaction failures and expensive fees,” she said.
To address these concerns, PalmPay invested in building a robust infrastructure that now delivers a 99.95% transaction success rate. The company also introduced a user-friendly model offering 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 noted. “The key to shifting consumer behavior is making digital payments more convenient, more rewarding, and less stressful than using cash.” She explained that as more consumers embraced digital payments, they began actively seeking out merchants who accepted transfers—organically accelerating retail digitization.
A cornerstone of PalmPay’s strategy has been its inclusive approach to expanding access, particularly in regions with limited internet connectivity. In addition to its smartphone app, PalmPay operates a nationwide network of mobile money agents equipped with multi-SIM devices. These agents can complete transactions on behalf of users when specific networks are down, ensuring continued service availability.
In 2024, PalmPay introduced a USSD code (*861#) to further support users without internet access. Now, with the launch of the PalmPay Debit Card, customers have another access point—enabling ATM withdrawals and point-of-sale transactions when digital options aren’t feasible. “For us, it’s about meeting people where they are rather than waiting for perfect infrastructure,” Zab emphasized.
The newly launched PalmPay Debit Card, developed in partnership with Verve, Africa’s largest domestic card scheme, features zero maintenance fees, easy in-app application, nationwide delivery, and seamless integration into PalmPay’s ecosystem. Cardholders also enjoy cashback, merchant rewards, and access to high-yield savings—positioning the product as a key part of PalmPay’s broader digital banking platform.
With over 35 million users and a network of 1.1 million agents and merchants across Nigeria, PalmPay is building one of Africa’s most dynamic fintech ecosystems. The company remains committed to redefining digital banking to be more accessible, inclusive, and rewarding for all.
