A tech expert and PalmPay’s Chief Marketing Officer, Sofia Zab, has shared valuable insights on accelerating the shift from cash to digital payments in Africa as the company introduces its latest innovation: the PalmPay Debit Card.
She listed these insights at the recent Tech Unite Africa 2025 conference in Lagos.
During a panel discussion, Zab addressed the critical barriers hindering digital payment adoption as encountered by PalmPay when the company launched in Nigeria: reliability and cost. She noted that in 2019, many Nigerian consumers and merchants avoided digital payments due to frequent transaction failures and high fees.
According to her, to overcome these challenges, PalmPay developed a robust infrastructure ensuring a 99.95 percent transaction success rate and pioneered a user-friendly model with zero-rated bank transfers, fee-free bill payments and cashback rewards.
“Once users experience the benefits, they don’t want to return to cash. The key to shifting consumer behaviour is making digital payments more convenient, more rewarding, and less stressful than using cash. As consumers adopted cashless payments, they began seeking out merchants that would accept payment with transfer, driving digitisation in retail payments organically” Zab stated.
Zab also highlighted PalmPay’s inclusive approach to building a cashless ecosystem, especially in areas with unreliable internet access. Beyond its smartphone app, Nigerians can transact through PalmPay’s nationwide network of mobile money agents, who are equipped with multiple devices and SIM cards from various providers and can transact on behalf of users if a particular network is experiencing an outage.
In 2024, PalmPay went a step further by introducing a USSD code (*861#) for users without data access, and with the new PalmPay Debit Card, its customers now have another access point and can withdraw cash from ATMs or point-of-sale terminals when digital transactions are not feasible. “For us, the key is about meeting people where they are, rather than waiting for the perfect infrastructure to arrive”, Zab emphasised.
In alignment with its mission to drive financial access, PalmPay unveiled the PalmPay Debit Card at the conference. Developed in partnership with Verve, Africa’s largest domestic card scheme, the card offers zero maintenance fees, easy in-app application with nationwide delivery, and integration into PalmPay’s full suite of financial services – including cashback, merchant rewards, and high-yield savings. This initiative marks a significant milestone in PalmPay’s evolution into a comprehensive digital banking platform.
With over 35 million users on its smartphone app and an MSME network of 1.1 million agents and merchants across Nigeria, PalmPay continues to build one of the continent’s most dynamic fintech ecosystems dedicated to redefining digital banking to be more personalised.
READ ALSO: PalmPay rolls out USSD service to empower users with enhanced financial access, account security
“The people of Ona Ara are also here in support of President Tinubu’s second term…
“During this historic visit, Mr President shall commission some projects of the Soludo administration, showcasing…
"As the local union with firsthand experience of institutional engagements and administrative developments, we find…
He said, "The storage of hazardous materials in a residential area or within the community…
"Where did the originators of this list get the additional names? Possibly from their loyalists…
"the suspect allegedly exploited this false identity to promote a fictitious Police recruitment exercise, fraudulently…
This website uses cookies.