PalmPay has been ranked the fastest-growing fintech in Africa by the Financial Times in 2025, recognising its transformative impact on digital financial services in emerging markets
[dropcap]P[/dropcap]almPay fastest-growing fintech in Africa – the Nigeria-based neobank has clinched the top spot in financial services and ranked #2 overall in the Financial Times’ Fastest-Growing Companies in Africa 2025 list, compiled in collaboration with Statista.
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The prestigious ranking evaluated 130 companies across the continent, using metrics such as revenue growth, user adoption, and operational scale.
PalmPay achieved a staggering compound annual growth rate (CAGR) of 583.6% between 2020 and 2023 — a clear indicator of its rapid rise and deep market penetration in digital finance.
The company currently serves over 35 million registered users and processes up to 15 million daily transactions, underscoring its dominant role in Africa’s accelerating digital 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.”
Our growth is propelled by a clear vision: to empower businesses and individuals with frictionless, reliable financial tools.
Since launching in 2019, PalmPay has positioned itself as a financial powerhouse by offering a robust suite of services through its mobile superapp and an offline network of over 1 million merchants and agents.
Its product offerings span money transfers, merchant payments, credit, savings, investment products, micro-insurance, and tools for micro and small businesses (MSMEs).
The fintech platform has also made strong strides in the B2B space, streamlining collections and disbursements for local and international merchants seeking to serve African consumers.
PalmPay’s operations now span Nigeria, Ghana, Tanzania, and Bangladesh, with further expansion on the horizon.
“As we scale, we remain focused on accessibility, innovation, and regional collaboration to drive the growth of digital economies in emerging markets.”
PalmPay’s customer engagement is equally notable — with users averaging over 50 transactions per month. A quarter of its user base reported that PalmPay was their first-ever financial account, highlighting the company’s success in onboarding previously unbanked individuals into the formal economy.
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The Financial Times accolade comes on the heels of PalmPay’s recent initiatives, including CSR programmes to boost financial literacy among women in Northern Nigeria and partnerships to advance AI adoption in financial services.
Peculiar Adirika is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
