PalmPay Named Africa’s Fastest-Growing Fintech by Financial Times in 2025

PalmPay secured the #2 position overall among 130 companies, but notably ranked #1 in the financial services sector, achieving a remarkable CAGR of 583.6% between 2020 and 2023.

PalmPay, a rapidly expanding neobank and financial technology platform focused on emerging markets, has been ranked as Africa’s fastest-growing financial services company by the Financial Times in its Fastest-Growing Companies in Africa 2025 list. Compiled in collaboration with Statista, the annual list ranks African businesses based on measurable performance indicators, such as compound annual growth rate (CAGR), operational reach, and user adoption.

PalmPay secured the #2 position overall among 130 companies, but notably ranked #1 in the financial services sector, achieving a remarkable CAGR of 583.6% between 2020 and 2023.

Transforming Africa’s Financial Landscape

Founded in 2019, PalmPay has rapidly grown into a cornerstone of Africa’s digital economy. By 2025, the platform has reached over 35 million registered users, processing as many as 15 million transactions daily. Its business model combines a user-friendly digital superapp with an extensive offline agent and merchant network, enabling both urban and rural users to access a full suite of financial services.

These services include:

• Peer-to-peer money transfers

• Bill payments and merchant services

• Savings and investment products

• Microcredit and loans

• Micro-insurance

• MSME business tools and B2B payment gateways

PalmPay’s offline network spans more than 1 million merchants and mobile agents, ensuring financial reach even in underbanked and cash-dominated regions. This hybrid model addresses the infrastructural challenges that typically hinder fintech adoption in emerging markets.

“We are proud to be recognised by the Financial Times as Africa’s fastest-growing fintech,” said Sofia Zab, Founding Chief Marketing Officer at PalmPay. “This reflects our commitment to financial accessibility, user-centered design, and inclusive digital innovation.”

A Gateway to Financial Inclusion

PalmPay’s success is underpinned by its ability to onboard first-time users into the formal economy. A staggering 25% of its customers reported PalmPay as their first financial account, showcasing the platform’s role in reducing the financial inclusion gap.

On average, customers conduct more than 50 transactions per month, ranging from mobile top-ups to utility bill payments, credit applications, and investment contributions. PalmPay also enables yield-bearing savings products and affordable insurance, offering long-term financial tools that were previously unavailable to large segments of the population.

“Our growth is driven by a clear mission: to empower individuals and businesses with frictionless, secure, and inclusive financial solutions,” said Jiapei Yan, Group Chief Commercial Officer at PalmPay. “We are deepening partnerships across Africa to build regional payment infrastructure, facilitate cross-border trade, and contribute to a cashless, connected economy.”

Scaling Across Continents

Initially launched in Nigeria, PalmPay has since expanded its operations to Ghana, Tanzania, and Bangladesh, indicating the scalability and adaptability of its fintech model beyond the African continent. The company also offers B2B payment services that simplify collections and disbursements for local and global enterprises targeting African consumers.

PalmPay’s collaborative approach has enabled partnerships with mobile network operators, local banks, microfinance institutions, payment processors, and regulators, enhancing its ability to deliver seamless financial services across jurisdictions.

Recognition and Outlook

The Financial Times’ 2025 list places PalmPay in the spotlight as a trailblazer in the African digital finance space. Its rapid growth and high-frequency engagement metrics have positioned the company as a key player in supporting financial stability, entrepreneurship, and economic resilience.

Looking ahead, PalmPay aims to:

• Expand into more emerging markets across Africa and Asia

• Introduce AI-driven risk assessment tools to improve microcredit offerings

• Enhance customer education and digital literacy programs

• Invest in cybersecurity and fraud prevention technologies

• Foster interoperability between fintech and traditional banks

With a firm commitment to “accessibility, innovation, and collaboration”, PalmPay is poised to lead the next wave of fintech disruption, transforming not just payments, but the economic lives of millions.