PalmPay, a leading fintech platform focused on emerging markets, has been ranked the fastest-growing financial services company in Africa and second overall among 130 companies on the Financial Times’ Fastest-Growing Companies in Africa 2025 list.
The recognition highlights PalmPay’s remarkable growth, with a compound annual growth rate of 583.6% from 2020 to 2023, driven by its tech-enabled financial services in Nigeria and beyond. The company now boasts over 35 million registered users and processes up to 15 million daily transactions, underscoring its role in Africa’s digital economy transformation.
Sofia Zab, PalmPay’s Founding Chief Marketing Officer, said the accolade validates the company’s mission to close financial access gaps in underserved communities. “We’ve combined cutting-edge technology with local innovation to build a neobank that tens of millions rely on for payments, credit, savings, insurance, and more,” Zab said.
PalmPay’s platform integrates a user-friendly app with an extensive offline network of over one million merchants and agents. Its services include money transfers, merchant payments, embedded credit, micro-insurance, and business tools for micro, small, and medium enterprises. Operating in Nigeria, Ghana, Tanzania, and Bangladesh, PalmPay also offers B2B payment solutions to streamline collections and disbursements.
Jiapei Yan, Group Chief Commercial Officer, emphasized the company’s commitment to financial inclusion and regional collaboration. “Our growth is propelled by a clear vision: to empower businesses and individuals with reliable financial tools,” Yan said.
Since its launch in 2019, PalmPay has played a pivotal role in onboarding previously excluded populations into the formal economy, with a quarter of users reporting PalmPay as their first financial account. Customers average over 50 transactions per month, using the platform for daily payments and long-term financial health products.
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