PalmPay, a leading digital finance platform based in Lagos, has been named Africa’s fastest-growing fintech in the Financial Times’ prestigious annual ranking of the continent’s fastest-growing companies. The report, compiled in collaboration with data analytics firm Statista, positions PalmPay among the top three firms on the continent — and the only fintech in that group operating across more than three countries. This recognition marks a major milestone for the company, which has rapidly scaled since its launch in 2017.
Strong Financial Performance and User Growth in 2023
In 2023, PalmPay reported an impressive revenue of $63.9 million, reflecting both the scale of its operations and its accelerating growth trajectory. The fintech has also expanded its workforce significantly, now employing over 1,000 people across its operational hubs. These achievements highlight the company's ability to sustain growth while scaling its infrastructure and product offerings.
Rapid Transaction Volume and User Engagement in 2025
PalmPay’s growth has shown no signs of slowing down in 2025. By May, the company disclosed it was processing over 15 million transactions per day, a clear indicator of increasing user engagement and market penetration. With more than 35 million users now on the platform and an average of 50 transactions per user each month, PalmPay is deeply embedded in the daily financial lives of millions across Africa.
Continental Expansion Plans Underway
Currently operational in Nigeria, Ghana, and Kenya, PalmPay is gearing up to extend its reach to four additional African markets by the end of 2025. The company has announced upcoming launches in Tanzania, Uganda, South Africa, and Côte d’Ivoire, signaling a broader continental push. This expansion strategy reflects PalmPay’s ambition to build a truly pan-African financial ecosystem that meets the diverse needs of consumers across regions.
Wealth-Building Services Target Underserved Communities
Beyond payments, PalmPay is investing in savings and wealth-building tools designed to empower underserved segments of the population. In 2024, the company’s savings product paid out over ₦4 billion in interest to users, illustrating both customer trust and a strong focus on financial inclusion. These efforts underscore PalmPay’s goal of not just facilitating transactions, but also supporting long-term financial health among its users.
FT Ranking Methodology and Recognition Criteria
The Financial Times ranking is based on rigorous criteria, ensuring that only the most resilient and organically growing businesses are featured. Companies were required to generate at least $100,000 in revenue in 2020 and $1.5 million in 2023, be headquartered in Africa, and maintain independence from parent corporations. PalmPay’s inclusion highlights its sustained compound annual growth rate and validates its trajectory as one of the continent’s top fintech innovators.
Nigerian Startups Maintain Strong Presence in FT List
PalmPay’s achievement is part of a broader trend of Nigerian startups gaining international recognition for their scale and innovation. OmniRetail, another standout from Nigeria, retained its position as Africa’s fastest-growing company overall with $120 million in 2023 revenue. The B2B eCommerce firm recently raised $20 million in Series A funding and acquired Traction Apps to enhance its fintech capabilities, showcasing the strength of Nigeria’s digital economy.
PalmPay’s rise to prominence reflects not just growth in revenue or user base, but also a deeper shift in how millions of Africans interact with financial services. By combining accessible digital tools with a regional expansion strategy and a focus on inclusion, the company is poised to play a transformative role in Africa’s fintech future. As it continues to scale across new markets, PalmPay stands as a benchmark for innovation and resilience in the continent’s fast-evolving financial sector.