PalmPay Ranks Among Top Fastest-Growing Companies in Africa, Secures #2 Spot in FT List
PalmPay, a prominent neobank and fintech platform dedicated to expanding financial inclusion across emerging markets, has been recognized as Africa’s fastest-growing financial services company in the 2025 Financial Times’ list of the Fastest-Growing Companies in Africa, compiled in partnership with Statista. The company secured the impressive #2 position overall among 130 companies featured this year.
The annual ranking assesses African businesses based on key performance indicators such as revenue growth, user adoption, and operational scale. Between 2020 and 2023, PalmPay achieved a remarkable compound annual growth rate (CAGR) of 583.6%, driven by its expansion of tech-enabled financial services across Nigeria and beyond.
As of 2025, PalmPay boasts over 35 million registered users and facilitates up to 15 million transactions daily, positioning itself as a vital driver of Africa’s digital economic transformation.
“The Financial Times’ recognition of PalmPay as Africa’s fastest-growing fintech is a powerful validation of our mission to bridge financial access gaps in underserved markets,” said Sofia Zab, Founding Chief Marketing Officer of PalmPay. “By integrating cutting-edge technology with localized innovation and extensive distribution networks, we’ve built a leading neobank trusted by tens of millions for payments, credit, savings, insurance, and more. As we expand into new markets and grow our ecosystem, we remain committed to empowering our users to achieve their financial goals and supporting our partners’ growth.”
PalmPay’s innovative approach combines a user-friendly 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, micro-insurance, savings and investment products, credit, and business tools for MSMEs. The platform also offers B2B payment solutions that facilitate smooth collections and disbursements for local and international merchants catering to African consumers. Currently, PalmPay operates in Nigeria, Ghana, Tanzania, and Bangladesh.
“Our growth is driven by a clear vision: to empower individuals and businesses with frictionless, reliable financial tools,” said Jiapei Yan, Group Chief Commercial Officer of PalmPay. “We are deepening partnerships within the fintech ecosystem to enhance payment infrastructure and foster a more connected African economy. As we scale, our focus remains on increasing accessibility, driving innovation, and promoting regional collaboration to accelerate the growth of digital economies in emerging markets.”
Since its launch in 2019, PalmPay has played a pivotal role in advancing financial inclusion and promoting cashless payments. On average, users complete over 50 transactions per month—ranging from everyday payments to long-term financial products like savings and insurance, which were previously out of reach for many. Notably, a quarter of PalmPay’s users report that the platform was their first-ever financial account, highlighting its success in onboarding excluded populations into the formal economy and fostering high-frequency engagement.