PalmPay, a leading fintech company based in Lagos, Nigeria, has been recognized as Africa’s fastest-growing financial technology platform by The Financial Times. With an impressive revenue of $63.9 million in 2023 and a workforce of over 1,000 employees, PalmPay has solidified its position in the market.
The company’s success has continued into 2025, with a reported 15 million daily transactions processed in the first half of the year. PalmPay’s user base has now surpassed 35 million, with the average user conducting 50 transactions per month, highlighting the platform’s integral role in users’ daily financial activities.
Unlike its competitors, PalmPay operates in multiple countries, including Nigeria, Ghana, and Kenya. The company has ambitious plans to expand into four new markets – Tanzania, Uganda, South Africa, and Côte d’Ivoire – by the end of 2025. Additionally, PalmPay’s savings product has paid out over ₦4 billion in interest to users, demonstrating its commitment to providing wealth-building tools for underserved consumers.
The Financial Times ranking, compiled in collaboration with data firm Statista, evaluated companies based on strict criteria such as revenue thresholds, headquarters location in Africa, and organic revenue growth. Only independent companies were considered, and a minimum compound annual growth rate of 8% was required for eligibility.
Aside from PalmPay, several other Nigerian startups made significant strides in the ranking. OmniRetail, a B2B eCommerce platform, retained its position as Africa’s fastest-growing company overall, generating $120 million in revenue in 2023. Remedial Health, a healthtech platform focusing on pharmaceutical supply chains, also secured a spot in the top three.
Notable Nigerian entries in the ranking include Termii, a communications API provider for customer engagement, and Moniepoint, a newly crowned unicorn in the fintech sector. Moniepoint continues to expand its reach across Nigeria, showcasing the country’s vibrant startup ecosystem.
Overall, PalmPay’s recognition as Africa’s fastest-growing fintech underscores its commitment to innovation and financial inclusion. With plans for further expansion and a strong track record of success, PalmPay is poised to remain a key player in Africa’s rapidly evolving digital finance landscape.
