According to The Financial Times’ annual list of Africa’s fastest-growing companies, PalmPay has become the continent’s quickest-growing fintech. Established in Lagos in 2017, this digital finance platform reported a revenue of $63.9 million in 2023 and has increased its workforce to over 1,000 employees.

PalmPay’s growth has continued into 2025. In May, the company announced that it had processed 15 million daily transactions in the first half of the year. Its user base has now exceeded 35 million, with the average user making 50 transactions per month, highlighting PalmPay’s increasing significance in users’ daily financial practices.

Among the top three companies in the FT ranking, PalmPay stands out as the only one operating in more than three countries.

Currently, it is active in Nigeria, Ghana, and Kenya, and the fintech aims to enter four new markets—Tanzania, Uganda, South Africa, and Côte d’Ivoire—by the end of 2025. The company also disclosed that its savings product paid out over ₦4 billion in interest to users last year, as it focuses on developing wealth-building tools for underserved consumers.

PalmPay’s ranking is based on research conducted by The Financial Times in partnership with data firm Statista. To qualify, companies needed to meet stringent criteria: a revenue of at least $100,000 in 2020 and $1.5 million in 2023, be headquartered in Africa, and experience revenue growth mainly from organic (internal) expansion.

Only independent companies (not subsidiaries or branches) were eligible. All financial figures were converted to U.S. dollars using annual average exchange rates, and companies had to achieve a minimum compound annual growth rate (CAGR) of 8% to qualify. Statista also performed quality assurance checks, verifying the data reported by companies and filling in any missing information.

In addition to PalmPay, several other Nigerian startups performed well in the ranking. OmniRetail maintained its position as Africa’s fastest-growing company overall, generating $120 million in revenue in 2023. This B2B eCommerce platform secured a $20 million Series A funding round this year to support its expansion across West Africa and acquired Traction Apps to enhance its fintech services.

Remedial Health, a healthtech platform that improves pharmaceutical supply chains, completed the top three. Other notable Nigerian entrants include Termii, a communications API provider for customer engagement, and the newly recognized unicorn Moniepoint, which continues to broaden its presence throughout Nigeria.

Source: Techpoint Africa