Six Nigerian Startups Shine in Financial Times’ 2024 Ranking of Africa’s Fastest-Growing Companies

In a resounding testament to the strength and potential of Nigeria’s tech ecosystem, six Nigerian startups have been featured in the Financial Times’ 2024 ranking of Africa’s fastest-growing companies. The list, which celebrates innovation, scalability, and financial resilience, includes a total of 130 high-growth firms across the continent, with Nigeria contributing significantly to the spotlight. The featured startups, Moniepoint, Paga, OmniRetail, PalmPay, Termii, and Remedial Health represent a spectrum of industries, from fintech and healthtech to B2B e-commerce and communication infrastructure. Their emergence amid Nigeria’s challenging macroeconomic climate speaks volumes about the grit, adaptability, and ingenuity embedded in the country’s entrepreneurial landscape.

1. Moniepoint

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved from a B2B payment processor into a comprehensive digital banking platform. The company now offers an ecosystem of services including merchant terminals, business loans, payroll management, and inventory solutions tailored to SMEs. Through its robust agency banking model and deep rural reach, Moniepoint has empowered thousands of small businesses, becoming a cornerstone of Nigeria’s informal and formal retail economy. This transformation into a full-fledged business bank has placed it among the leading fintech players on the continent.

2. Paga

Paga, launched in 2009 by Tayo Oviosu, has established itself as a frontrunner in the Nigerian fintech space with a mission to simplify financial access. Its group structure comprises Paga Consumer, Doroki (targeting SMEs), and PagaTech (offering APIs and financial infrastructure). With over 21 million users, Paga has successfully combined innovation with scalability. It enables millions of Nigerians to make payments, save money, and access financial services without traditional bank accounts—a critical intervention in a country where financial exclusion remains a major challenge.

3. OmniRetail

OmniRetail is revolutionizing how consumer goods are distributed in Africa. The startup connects manufacturers and distributors directly with over 150,000 informal retailers through a digital B2B marketplace. Retailers can order stock, obtain micro-loans, and make digital payments all in one place. With operations in Nigeria, Ghana, and Côte d’Ivoire, and having recently raised $20 million in Series A funding, OmniRetail is addressing supply chain inefficiencies in one of Africa’s most fragmented retail sectors.

4. PalmPay

PalmPay has emerged as a dynamic force in Nigeria’s digital payments space. Offering mobile wallets, bill payments, and instant transfers, PalmPay now boasts over 30 million registered users. By prioritizing user experience and incentivizing mobile transactions through rewards and seamless service, the company has become a preferred financial tool for many Nigerians, particularly the youth and small business owners navigating the digital economy.

5. Termii

Termii plays a critical role in enabling seamless communication for businesses. Through its API-based platform, it allows companies to send verification messages, alerts, and transactional updates across SMS, email, voice, and messaging apps. This is crucial in sectors like fintech, logistics, and healthtech where customer engagement and authentication are key. Termii’s infrastructure underpins many of the secure and real-time communications Nigerians experience in their digital interactions today.

6. Remedial Health

Remedial Health is addressing a core problem in Nigeria’s healthcare delivery—access to affordable and authentic medicine. By digitizing the pharmaceutical supply chain, the platform enables pharmacies and patent medicine vendors to procure directly from manufacturers and verified suppliers. With its mobile-first approach, Remedial Health ensures inventory transparency, price competitiveness, and efficient last-mile delivery, all of which are vital in a country plagued by counterfeit drugs and fragmented distribution networks.

What Does This Mean for the Nigerian Economy?

The inclusion of six Nigerian startups in the Financial Times 2024 ranking signifies more than just entrepreneurial success. It signals a structural shift in the nation’s economic trajectory. These companies, primarily operating in tech-driven industries, are creating ripple effects across employment, financial inclusion, access to essential services, and foreign investment.

First, the rise of fintech giants like Moniepoint, PalmPay, and Paga points to Nigeria’s progress in democratizing access to financial services. According to the Enhancing Financial Innovation & Access (EFInA) 2020 report, nearly 36% of Nigerian adults remain financially excluded. Startups are narrowing this gap by offering mobile-first solutions that are cost-effective and accessible, thus improving productivity and economic participation across underserved populations. Secondly, businesses like OmniRetail and Remedial Health are tackling inefficiencies in supply chains—one of the most critical barriers to economic scalability in Africa. By digitizing procurement and logistics, these startups improve price transparency, reduce middlemen exploitation, and increase the competitiveness of local businesses. This, in turn, fuels local manufacturing and increases market access for small and medium-sized enterprises (SMEs), a backbone of the Nigerian economy.

Moreover, the presence of these startups on a global ranking enhances Nigeria’s image as a hub for innovation. This visibility attracts foreign direct investment (FDI), which not only injects capital into the economy but also fosters knowledge transfer and infrastructure development. Startups like OmniRetail, with cross-border operations, further position Nigeria as a launchpad for regional business expansion. Finally, the consistent growth and international recognition of these companies underscore the potential of Nigeria’s youthful, tech-savvy population. With over 60% of the population under 25, Nigeria has both the manpower and the market to drive a digital economic revolution, provided that regulatory support, power infrastructure, and internet access improve in tandem.

In a nutshell, we can say the success of these six startups shows a resilient entrepreneurial spirit in the heart of Nigeria and suggests that tech-enabled innovation may be Nigeria’s most promising path toward inclusive economic growth and regional leadership in the digital era.