PalmPay Ranked Top Fastest-Growing Fintech in Financial Times’ 2025 List
PalmPay, a leading neobank and digital financial platform, has made history by being named the top fastest-growing fintech on the prestigious Financial Times Fastest-Growing Companies in Africa 2025 list.
Compiled in collaboration with Statista, this annual ranking evaluates Africa-based companies based on key metrics like compound annual growth rate (CAGR), operational scale, and user adoption.
Between 2020 and 2023, PalmPay achieved a staggering 583.6% CAGR, ranking #1 in fintech and #2 overall among 130 companies.
This remarkable performance is a direct result of the company’s commitment to delivering secure, fast, and affordable digital financial services across emerging markets.
Why PalmPay Ranked Top Fastest-Growing Fintech in 2025
Several factors contributed to PalmPay’s rapid ascent:
1. Massive User Growth
PalmPay now boasts over 35 million registered users and processes up to 15 million transactions daily.
2. Broad Service Offerings
The platform’s superapp allows users to:
- Transfer money instantly
- Make merchant payments
- Access credit and savings
- Buy micro-insurance
- Use business tools tailored to SMEs
3. Hybrid Distribution Model
PalmPay operates through both a powerful app and an offline network of 1 million+ agents and merchants, helping even underbanked communities access digital finance.
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PalmPay’s Role in Financial Inclusion
A key reason PalmPay ranked top fastest-growing fintech is its impact on financial inclusion. Over 25% of users report that PalmPay was their first financial account. That statistic alone shows how the platform is onboarding millions who were previously excluded from formal finance.
From Nigeria to Ghana, Tanzania to Bangladesh, PalmPay is giving people access to tools that can help them save, invest, and manage money responsibly.
Leadership Comments on PalmPay’s Achievement
Sofia Zab, Founding CMO of PalmPay, stated:
“The Financial Times’ recognition of PalmPay as Africa’s fastest-growing fintech is a powerful validation of our mission to close financial access gaps in underserved markets.”
Jiapei Yan, Group Chief Commercial Officer, added:
“Our growth is propelled by a clear vision: to empower businesses and individuals with frictionless, reliable financial tools.”
What PalmPay’s Growth Means for Fintech in Africa
- It validates localized innovation: PalmPay uses smart tech, but it also relies on human-centered design and community partnerships.
- It pushes the boundaries of what fintech can do: From B2B solutions to embedded credit and yield-bearing savings, the ecosystem keeps expanding.
- It creates jobs and strengthens economies: With over 1 million connected businesses and agents, PalmPay is also supporting livelihoods.
PalmPay’s Product Ecosystem
PalmPay offers a comprehensive suite of services:
- Mobile payments
- Microloans and embedded credit
- Savings and investment tools
- Insurance and micro-insurance
- Payment tools for small businesses
- B2B payment systems for local and international merchants
All these features are unified in a seamless, easy-to-use app, making PalmPay a true financial superapp.
Expansion Beyond Nigeria
While Nigeria is its core market, PalmPay has successfully expanded into Ghana, Tanzania, and Bangladesh. These countries offer significant growth opportunities, especially among underbanked populations. The firm’s strategy focuses on scalability, affordability, and inclusive financial systems.
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PalmPay and the Future of Digital Finance
The fact that PalmPay ranked the fastest-growing fintech is a clear sign that Africa is leading the charge in mobile finance innovation. The company’s rapid rise is not only a win for Nigeria but for every emerging economy ready to digitize financial access.
PalmPay’s business model is now seen as a blueprint for future fintech ventures looking to scale responsibly while impacting lives.
Final Thoughts
PalmPay’s recognition by the Financial Times as Africa’s top fintech and #2 fastest-growing company overall is more than an award.
With over 35 million users and a relentless drive to empower people financially, PalmPay is not just growing. It’s transforming the future of finance in Africa.
And as digital economies evolve, expect PalmPay to remain at the centre of the conversation.
