By Opeoluwa Okudero Nigerian fintech PalmPay is once again making headlines—this time for speed. In its 2025 edition of Africa’s Fastest Growing Companies, the Financial Times, in collaboration with Statista, has named PalmPay the continent’s fastest-growing fintech.
The recognition follows a period of exponential growth for the Lagos-based firm. Launched in 2017, PalmPay generated $63.9 million in revenue in 2023, expanded its team to over 1,000 employees, and now processes more than 15 million transactions daily—solidifying its presence in Africa’s digital finance space.
Momentum Meets Milestones
The ranking reflects more than revenue—it’s about reach. PalmPay’s user base has crossed 35 million, with the average user completing 50 transactions per month, ranging from transfers and bill payments to airtime purchases and savings. The company also paid out over ₦4 billion in interest in 2024 via its savings product, signaling strong adoption of its wealth-building tools.
PalmPay stood out not only for growth metrics but for its operational breadth. Among the top three companies on the FT list, it is the only fintech with a footprint in more than three countries.
Currently active in Nigeria, Ghana, and Kenya, PalmPay is preparing to expand into Tanzania, Uganda, South Africa, and Côte d’Ivoire. This expansion builds on its “super app” vision, which integrates payments, banking, insurance, and investment in a single interface.
The recognition from Financial Times affirms the effectiveness of PalmPay’s user-first model, strategic partnerships, and its commitment to solving financial pain points at scale. Eligibility for the ranking required companies to have made at least $100,000 in 2020 and $1.5 million in 2023, with growth driven by internal strategies, not mergers or acquisitions.
Nigeria Dominates the FT Rankings
PalmPay wasn’t alone in flying the Nigerian flag. B2B eCommerce startup OmniRetail topped the list overall, reporting $120 million in revenue and acquiring fintech firm Traction Apps to expand services. Healthtech innovator Remedial Health came third, while other high-performing Nigerian firms like Termii, Moniepoint, and FairMoney also made the cut.
As PalmPay continues its regional push and deepens its product offerings, this milestone could be a prelude to an even bigger chapter—possibly an IPO—as the fintech space across Africa accelerates.
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