PalmPay named Africa’s fastest-growing fintech

PalmPay has emerged as Africa’s fastest-growing fintech, in accordance with The Monetary Instances’ annual record of Africa’s fastest-growing corporations. The Lagos-based digital finance platform, launched in 2017, posted income of $63.9 million in 2023 and has expanded its workforce to over 1,000 staff.

PalmPay’s momentum has carried into 2025. In Might, the corporate revealed it had processed 15 million every day transactions within the first half of the 12 months. Its person base has now surpassed 35 million, with the common person transacting 50 instances month-to-month, underscoring PalmPay’s deepening position in customers’ on a regular basis monetary habits.

Among the many high three companies within the FT rating, PalmPay is the one one with operations in additional than three nations.

Presently energetic in Nigeria, Ghana, and Kenya, the fintech plans to develop into 4 new markets — Tanzania, Uganda, South Africa, and Côte d’Ivoire — by the tip of 2025. The corporate additionally reported that its financial savings product paid out over ₦4 billion in curiosity to customers final 12 months, because it doubles down on constructing wealth instruments for underserved shoppers.

PalmPay’s rating is predicated on analysis compiled by The Monetary Instances in collaboration with information agency Statista. To be eligible, corporations needed to meet strict standards: income of at the very least $100,000 in 2020 and $1.5 million in 2023, headquarters in Africa, and income development primarily pushed by natural (inside) enlargement.

Solely unbiased corporations (not subsidiaries or branches) had been thought of. All figures had been transformed to U.S. {dollars} utilizing yearly common change charges, and firms wanted to attain a minimal compound annual development fee (CAGR) of 8% to qualify. Statista additionally carried out high quality assurance checks, verifying company-reported information and supplementing lacking info.

Past PalmPay, a number of different Nigerian startups made a powerful displaying within the rating. OmniRetail retained its title as Africa’s fastest-growing firm total, producing $120 million in 2023 income. The B2B eCommerce platform raised a $20 million Sequence A spherical this 12 months to gasoline enlargement throughout West Africa and purchased Traction Apps to bolster its fintech choices.

Remedial Well being, a healthtech platform bettering pharmaceutical provide chains, rounded out the highest three. Different notable Nigerian entries embody Termii, a communications API supplier for buyer engagement, and newly topped unicorn Moniepoint, which continues to develop its footprint throughout Nigeria.