Nigerian-based fintech company PalmPay has been recognised as Africa’s fastest-growing financial services firm, just six years after it was founded.
Founded in 2019, PalmPay placed second overall out of 130 companies on the Financial Times Fastest-Growing Companies in Africa 2025 list.
Compiled in collaboration with Statista, the annual ranking highlights the continent’s top-performing businesses based on metrics such as revenue growth, customer adoption, and operational scale.
PalmPay recorded a staggering compound annual growth rate of 583.6% between 2020 and 2023.
The six-year-old fintech company has rapidly grown into a major player in the continent’s digital economy. With a special focus on emerging markets, the neobank now boasts over 35 million registered users, processing as many as 15 million transactions daily across its ecosystem.
“The Financial Times’ recognition of PalmPay as Africa’s fastest-growing fintech is a powerful validation of our approach to closing financial access gaps in underserved markets,” said Sofia Zab, PalmPay’s founding chief marketing officer.
The company’s model combines a digital financial super app with an offline network of over 1 million agents and merchants. Its services include peer-to-peer payments, credit, savings, insurance, and business tools for MSMEs(Micro, Small, and Medium Enterprises).
It also offers B2B payment solutions that cater to both local and international merchants targeting African markets.
Jiapei Yan, PalmPay group chief commercial officer, underlined that the fintech firm that is presently operational in Nigeria, Ghana, Tanzania, and Bangladesh continues to extend its footprint across emerging markets.
“Our growth is propelled by a clear vision: to empower businesses and individuals with frictionless, reliable financial tools. We’re deepening partnerships across the fintech ecosystem to enhance payment infrastructure and foster a more connected African economy,” he said.
Yan stressed that PalmPay’s inclusion on the respected Financial Times ranking underscores its role in advancing financial inclusion and supporting cashless payment adoption.
“Notably, 25% of its users reported that the platform was their first-ever financial account, highlighting its role in onboarding previously unbanked populations,” he said.
He further revealed that the company’s average user completes over 50 transactions monthly, ranging from everyday payments to yield-generating savings and micro-insurance products, contributing to long-term financial health.
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