PalmPay Ranks #1 Fintech and #2 Fastest-Growing Company in Africa in 2025

PalmPay, a leading neobank and fintech platform focused on emerging markets, has been named the fastest-growing financial services company in Africa by the Financial Times.

 The company ranked #1 in fintech and #2 overall among 130 African companies in the Financial Times’ Fastest-Growing Companies in Africa 2025 list, compiled with Statista.

The ranking looks at important business factors like revenue growth, user numbers, and how wide the company’s operations are across the continent.

Explosive Growth Fueled by Innovation

Between 2020 and 2023, PalmPay grew at an impressive compound annual growth rate (CAGR) of 583.6%. This rapid expansion comes from its focus on technology-driven financial services in Nigeria and other markets.

By 2025, PalmPay has attracted over 35 million registered users and handles up to 15 million transactions daily, becoming a major force in Africa’s digital economy.

Sofia Zab, PalmPay’s Chief Marketing Officer and co-founder, said, “Being recognised by the Financial Times confirms our mission to close financial gaps in underserved markets.

We use modern technology combined with local knowledge to provide easy access to payments, credit, savings, insurance, and more.”

A Superapp with Real Reach

PalmPay’s success comes from combining a simple-to-use financial app with a strong offline network of over 1 million merchants and agents. This allows the company to offer financial services even in areas where banking access is limited.

The platform offers many services, including money transfers, merchant payments, credit products, savings and investment options, micro-insurance, and business tools aimed at micro, small, and medium enterprises (MSMEs).

Additionally, PalmPay provides business-to-business (B2B) payment solutions that help local and international merchants manage payments efficiently.

Currently, PalmPay operates in Nigeria, Ghana, Tanzania, and Bangladesh, expanding its reach beyond Africa.

Vision for the Future

Jiapei Yan, Group Chief Commercial Officer at PalmPay, said, “Our growth is driven by a clear goal: to give businesses and people easy, trustworthy financial tools. We are building strong partnerships to improve payment systems and connect African economies more closely.”

PalmPay’s position on the Financial Times list highlights its important role in increasing financial inclusion and promoting cashless payments since it started in 2019.

Impact on Users and Communities

PalmPay users complete over 50 transactions every month on average, using the platform for daily payments and products that help improve financial wellbeing, such as savings that earn interest and insurance services.

Remarkably, one out of four users says PalmPay was their first-ever financial account, showing how the company brings many previously unbanked people into the formal financial system.