Nigerian-based fintech PalmPay has earned top honours as the fastest-growing financial services company in Africa, according to the Financial Times’ prestigious Fastest-Growing Companies in Africa 2025 list. Ranked second overall out of 130 firms, the recognition comes just six years after the company’s launch in 2019.
Compiled in partnership with research firm Statista, the ranking spotlights Africa’s most dynamic businesses based on revenue growth, customer adoption, and scale of operations. PalmPay recorded a staggering 583.6% compound annual growth rate between 2020 and 2023.
With over 35 million registered users and up to 15 million daily transactions, PalmPay has quickly cemented itself as a leader in the continent’s digital finance space. The company’s unique model blends a comprehensive digital financial super app with a vast offline network of more than 1 million agents and merchants.
ALSO READ: VODAFONE, CK HUTCHISON MERGE TO FORM UK’S LARGEST MOBILE OPERATOR
Sofia Zab, PalmPay’s founding Chief Marketing Officer, called the recognition “a powerful validation of our approach to closing financial access gaps in underserved markets.”
Currently operating in Nigeria, Ghana, Tanzania, and Bangladesh, PalmPay offers a suite of services including peer-to-peer payments, credit, savings, insurance, and MSME business tools. Group Chief Commercial Officer Jiapei Yan said the firm remains committed to expanding its reach across emerging markets.
“Our mission is to empower individuals and businesses with reliable, frictionless financial tools,” Yan stated, highlighting PalmPay’s contribution to boosting financial inclusion. “Notably, 25% of our users had never owned a financial account before joining PalmPay.”
With users averaging over 50 monthly transactions, the platform is helping to build financial resilience across the continent through daily payments, micro-insurance, and yield-generating savings.
