PalmPay ranked the fastest-growing financial services firm in the Financial Times’ Fastest-Growing Companies in Africa

By Isaac OGANGA

PalmPay (www.PalmPay.com), a leading neobank and fintech platform focused on emerging markets, has been recognised as the fastest-growing financial services company in the Financial Times’ Fastest-Growing Companies in Africa 2025 list, compiled in collaboration with Statista. PalmPay placed #2 overall out of 130 companies featured in this year’s list.

The annual ranking evaluates Africa-based businesses based on key performance indicators such as revenue growth, user adoption, and operational scale. From 2020 to 2023, PalmPay achieved a compound annual growth rate (CAGR) of 583.6% – a result of scaling  tech-enabled financial services in Nigeria.

With over 35 million registered users and up to 15 million daily transactions as of 2025, PalmPay has emerged as a key player in the digital transformation of Africa’s economy.

“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, Founding Chief Marketing Officer at PalmPay.

“We’ve combined cutting-edge technology with localised innovation and distribution to build a leading neobank used by tens of millions to access payments, credit, savings, insurance and more. As we expand our ecosystem and enter more markets, we’re excited to continue supporting our users to achieve their financial goals, while accelerating growth for our partners.”

PalmPay’s innovative model combines a user-friendly financial superapp with an extensive offline network of over 1 million merchants and agents, enabling seamless financial services even in underbanked communities.

Its product suite includes money transfers, merchant payments,  credit, savings and investment products, micro-insurance, and business tools for MSMEs. PalmPay also provides B2B payment services to streamline collections and disbursements to local and international merchants targeting African consumers. The company currently operates in Nigeria, Ghana, Tanzania and Bangladesh.

“Our growth is propelled by a clear vision: to empower businesses and individuals with frictionless, reliable financial tools”, said Jiapei Yan, Group Chief Commercial Officer at PalmPay.

“We’re deepening partnerships across the fintech ecosystem to enhance payment infrastructure and foster a more connected African economy. As we scale, we remain focused on accessibility, innovation, and regional collaboration to drive the growth of digital economies in emerging markets.”

PalmPay’s leading position in the Financial Times’ ranking further underscores its pivotal role in advancing financial inclusion and cashless payment adoption since launching in 2019.

On average, customers complete over 50 transactions per month, using the platform for everything from everyday payments to services that build long-term financial health, such as yield-bearing savings and insurance – products previously out of reach for many.

A quarter of its users report that PalmPay was their first-ever financial account, demonstrating its strength in onboarding excluded populations into the formal economy while driving consistent, high-frequency engagement.