PalmPay Named Africa’s Fastest Growing Fintech on FT 2025 List

PalmPay has been named Africa‘s fastest-growing financial services company, according to the Financial Times’ 2025 ranking of the continent’s fastest-growing firms. The Lagos-based fintech placed second overall among 130 companies, just six years after it was founded.

The annual list, compiled by the Financial Times in partnership with Statista, evaluates firms based on revenue growth, customer acquisition, and operational expansion. PalmPay posted a compound annual growth rate of 583.6% between 2020 and 2023.

Founded in 2019, PalmPay has become a major player in Africa’s digital financial services space, with over 35 million registered users and up to 15 million transactions processed daily. The company operates a hybrid model, combining a mobile app with a network of more than 1 million agents and merchants.

“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, the company’s founding chief marketing officer.

The fintech, offers a range of services, including peer-to-peer payments, credit, savings, insurance, and tools for micro, small, and medium enterprises. It also supports B2B payment solutions for local and international businesses serving African markets.

Currently active in Nigeria, Ghana, Tanzania, and Bangladesh, PalmPay says it is continuing to expand across emerging markets.

“Our growth is propelled by a clear vision: to empower businesses and individuals with frictionless, reliable financial tools,” said Jiapei Yan, group chief commercial officer. “We’re deepening partnerships across the fintech ecosystem to enhance payment infrastructure and foster a more connected African economy.”

Yan also noted that PalmPay is helping to drive financial inclusion, with one in four users identifying it as their first-ever financial account. The average user completes more than 50 transactions per month, ranging from routine payments to savings and micro-insurance.

“PalmPay’s inclusion on the respected Financial Times ranking underscores its role in advancing financial inclusion and supporting cashless payment adoption,” Yan said.

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