Today, that ambition has been recognised on the global stage, PalmPay has been named one of the Top 300 Fintech Companies in the World by CNBC and Statista, for the second consecutive year.

In a world dominated by fintech giants like Revolut, Ant Group, and Nubank, PalmPay’s inclusion signals a shifting narrative, one where innovation from the Global South is no longer emerging. It’s leading.

PalmPay – Banking that Speaks the Local Language

At the heart of PalmPay’s story is a relentless commitment to making finance work for the people who need it most. In Nigeria, where over a third of the population remains unbanked, PalmPay has built a neobanking platform tailored to everyday realities, low data access, cash-heavy economies, and the need for trust at the grassroots.

With over 35 million registered users, up to 15 million transactions processed daily, and a network of more than 1 million agents and merchant partners, PalmPay’s app is more than just a wallet, it’s a financial lifeline. From sending money to paying bills, accessing credit, buying insurance, or even managing business operations, PalmPay’s platform brings digital inclusion to life, one tap at a time.

Recognition Built on Results

PalmPay’s placement on the CNBC x Statista 2025 list is no stroke of luck. It’s the result of rigorous analysis, assessing innovation, growth, impact, and global footprint.

And it’s yet another feather in the company’s cap: earlier this year, PalmPay ranked #2 overall and #1 in financial services on the Financial Times’ Africa’s Fastest-Growing Companies 2025 list.

The message is clear: PalmPay isn’t just keeping pace. It’s setting the pace.

Scaling the Mission Across Borders

This global recognition comes at a time of major expansion for PalmPay. The company recently launched operations in Tanzania and Bangladesh, leveraging a smartphone device financing model as an entry point to digital finance for underserved users. The move reflects PalmPay’s belief that access begins not just with apps, but with the very tools people use to connect.

“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission,” said Sofia Zab, founding chief marketing officer at PalmPay. “Through cutting-edge technology, deep local distribution, and a customer-first mindset, we’ve built Nigeria’s leading neobank. As we expand, our focus remains on bridging financial access gaps and growing a partner ecosystem that fuels our impact.”

The Bigger Picture: A Digital Economy That Works for All

Behind the tech and the numbers is a deeper vision, to build infrastructure for a connected, inclusive digital economy in Africa and beyond.

“We’re not just building a fintech app,” added Jiapei Yan, group chief commercial officer at PalmPay. “We’re creating the rails for digital commerce in markets that have been left behind for too long. This recognition is a reminder of the impact we’ve made, and the even bigger opportunity ahead.”

As PalmPay continues to expand its footprint across Africa and Asia, its story stands as a powerful example of what happens when technology meets local insight, backed by purpose and scale.

PalmPay is not just rising with the wave of fintech growth in emerging markets, it’s helping to define it.

These companies emerged as continental innovators, with Nigeria holding 28 spots on the list, the second-highest after South Africa’s 51.

Compiled in collaboration with Statista, the ranking assesses companies based on compound annual growth rates (CAGR) between 2020 and 2023. 

The list offers a look at private and emerging companies that are not usually in the public eye but are impacting African business dynamics.

Top of the List: Nigerian Startups Surge Ahead

Omniretail, a B2B e-commerce and embedded finance platform, led the entire ranking with an astounding compound annual growth rate of 795.9% and absolute growth of 71,818.4%. In just three years, its revenue grew from $0.28 million in 2020 to $120.15 million in 2023. 

Headquartered in Nigeria and operating in Ghana and Côte d’Ivoire, the company has become a huge innovator in bridging the gap between manufacturers and informal retailers.

Second on the list of Africa’s fastest-growing companies is PalmPay, a digital wallet and payments platform that posted 583.6% CAGR, growing from $0.2 million in 2020 to $63.9 million in 2023. Its employee count also soared from 87 to over 1,000 during the same period, showing both financial and operational scale.

In third place was Remedial Health, a Nigerian Pharmaceuticals & Cosmetics company that recorded 339.1% CAGR. The company’s revenue grew from $0.19 million to $16.3 million, with employees growing from 6 in 2020 to 300 in 2023.

Moniepoint, another Nigerian fintech firm, made the list, growing its revenue from $15 million in 2020 to $264.51 million in 2023, a 1,663.4% increase. The company now employs 1686 people, up from just 216 three years ago.

Nigeria and South Africa Dominate the List

Together, Nigeria and South Africa accounted for 79 of the 130 companies listed. While this shows the depth of entrepreneurship in the continent’s two largest economies, it also stresses how difficult it remains for startups from smaller African nations to scale regionally.

Stéphane Bacquaert, managing partner at Adenia, a private equity firm focused on Africa, noted that Africa’s fragmentation makes it difficult to operate across borders. “You deal with different currencies, different legal environments, and, despite the political efforts to try to integrate the regions, the reality is that you don’t operate the same way in Côte d’Ivoire as in Senegal,” he said. “Those are two very different markets, as are Kenya and Tanzania.”

Of the Nigerian companies that made the list, only PalmPay operates in more than three countries. Omniretail, despite its scale, is active in just two additional countries. The ranking reiterates this reality, a few markets offer the scale needed to succeed, and Nigeria tops that list.

Unsurprisingly, fintech companies took the lion’s share in the ranking, making up nearly 20% of all firms. This has been the order of the day within the African tech funding space for a while now.

British International Investment CEO Leslie Maasdorp explained, just four countries including Nigeria, Egypt, Kenya, and South Africa, accounted for 90% of all fintech funding on the continent in 2024.

However, even with issues like currency depreciation and rising global interest rates, Nigeria’s fintech sector is not giving in. Norfund’s Executive Vice President, Ylva Lindberg, commented, “The entrepreneurial spirit in Nigeria in particular is formidable; there’s a sense that anything is possible.”

Investment Still Fragile

Some high-profile African startups, including those previously ranked, have collapsed. Gro Intelligence, once a leading agritech and analytics firm, went bust in 2023. Even Jumia, long dubbed “Africa’s Amazon,” has scaled back operations, its share price reflecting the downturn.

Greg Schwebig, founder and CEO of Africaworks, ranked fifth, said global monetary tightening has hurt African startups. “The whole start-up funding boom happened when there was excess liquidity in the developed world and cash moved to the developing world, including Africa. Now if you can get a T-bill at 5 per cent, people think, why would I invest in Africa?”

For some, the solution can be found in resilience and localisation. Africaworks uses an asset-light model and avoids overdependence on external capital. 

Meanwhile, companies like Omniretail are directly addressing systemic challenges. “Many microenterprises don’t have access to finance or distribution in any meaningful way,” said Lindberg. 

She shared the story of a Nigerian woman who arrived at Omniretail with only a driving licence and is now CEO of her own small fleet-based business.

While the macroeconomic environment is tough, marked by inflation, debt burdens, and fluctuating currencies, the success stories on the FT-Statista list show that African companies, particularly in Nigeria, are still finding ways to thrive. 

The growth numbers speak volumes, but behind them are countless small enterprises, job opportunities, and innovations pushing the continent forward.

The full Financial Times ranking of Africa’s Fastest-Growing Companies will be officially published on June 5, 2025.

Nigeria’s PiggyVest, PalmPay and Kuda Bank, alongside South Africa’s MTN MoMo, were among top innovators on the list.

According to the report, global funding has dipped from its 2020-2021 peak, but innovation continues. Artificial intelligence is a key theme, with companies leveraging technology to shape the future of financial services across a wider, more competitive industry.

The report reiterates resilience and innovation within the sector, emphasising the diversity of success in fintech.

Nigerian Innovators

• PiggyVest: Listed in the financial planning category, PiggyVest stands alongside companies like Monarch, MoneySuperMarket, NerdWallet, and Taxfix from the US, UK, and Germany. PiggyVest offers personal finance management tools that enable users to manage budgets, savings, and credit scores effectively.
• Kuda Bank: Featured in the neobanking category, Kuda Bank offers digital-only financial services through mobile and desktop applications, providing a convenient and potentially lower-cost alternative to traditional banks. It shares the spotlight with EQ Bank, Inter&Co, Mercury, Monzo, and others from Canada, the US, UK, and Brazil.
• PalmPay: Recognised in the payments category, PalmPay provides solutions for online purchases, point-of-sale transactions, and digital money transfers.

South African Innovator

• MTN MoMo: Also in the payments category, MTN’s mobile money service, MTN MoMo is facilitating smoother online and in-store transactions and making financial services more accessible. It is listed alongside Mangopay, Mastercard (US), Melio, and Nuvei from Canada, India, and other countries.

The CNBC-Statista list is based on a thorough selection process, evaluating more than 2,000 companies between March and May 2024. Analysts considered both general and segment-specific KPIs (key performance indicators). 

General KPIs accounted for 40% of the weighting, while segment-specific KPIs held a 60% weight, ensuring a comprehensive evaluation.

The ranking, now in its third year comes against a background in which many economies are struggling to recover from the COVID-19 pandemic. It listed 125 companies, ordered by the highest compound annual growth in revenues (CAGR) between 2019 and 2022.

The Nigerian firms are;

1. OmniRetail
2. Moniepoint Inc
3. AFEX Commodities Exchange Limited
4. Mycredit Investments Limited
5. Alpha Morgan Capital Managers Limited
6. Thrive Agric Limited
7. Bisedge Limited
8. The Seamless Company Limited
9. West African Soy Industries Limited
10. Sundry Markets Limited
11. Veritas Homes and Properties Limited
12. Paga Group Limited
13. United Capital Plc
14. Fidson Healthcare Plc
15. T Briscoe Plc
16. Tripple Gee & Company Plc
17. BUA Foods Plc
18. Black House Media Group Limited
19. Comercio Partners Limited
20. Wacot Rice Limited
21. John Holt Plc
22. Amel International Services Limited
23. Academy Press Plc
24. Cutix Plc and
25. Transcorp Hotels Plc.

“Nigeria, one of the continent’s three biggest economies, spent 2023 in economic crisis as prices spiraled upwards and the naira went into free-fall. Nevertheless, it still had the second highest number of companies in our ranking of Africa’s fastest-growing, compiled in conjunction with research company Statista.

“South Africa, where growth has also been lacklustre, was home to the highest number,” FT said in the ranking report.

Even generally more dynamic economies, such as Kenya — which, like many African countries is labouring under high public debt — struggled to get out of the low growth doldrums as inflation gnawed at disposable income and the government squeezed expenditure.

“This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125against just three last time,” the report added.

FT noted that Mauritian domiciled companies also did well with nine winners, against four in 2022 and South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.

“Again, it was a Nigerian company — this time Omni retail — that came top. As in previous years, the winning business is a B2B e-commerce platform that helps small retailers, kiosk owners, and market traders digitize their business.”

Through research in company databases and other public sources, Statista identified thousands of companies in Africa as potential candidates for the FT ranking.

The companies were invited to participate in the research by post and email. The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and the Financial Times.

The application phase ran from October 9, 2023, to February 29, 2024. The submitted revenue figures had to be certified by the chief financial officer, chief executive, or an executive committee of the company.

Further findings from the ranking show that Omni retail, founded in 2019, topped the list, posting a 66,294.9 percent increase in revenue from N89.3 million in 2019 to N59.3 billion in 2022.

Monipoint Inc, a digital banking platform for businesses, was ranked second; the firm’s revenue grew by 7,979.3 percent to N148.6 million from N1.84 million.

AFEX ranked third with a 5,733.1 percent growth in revenue to N176.1 billion from N3.01 billion.

It was followed by Mycredit Investments Limited which recorded a 1,719.1 percent increase in revenue from N3.33 billion to N60.6 billion.

Alpha Morgan Capital Managers Limited’s revenue rose by 994.8 percent to N5.84 billion from N553.3 million.

I have witnessed how the COVID-19 pandemic has unprecedentedly transformed the world and our industry.

In times of immense crisis, the seeds of innovation are sown, birthing a wave of remarkable transformation. Throughout history, moments of great turmoil have acted as catalysts for groundbreaking advancements and profound shifts.

So did COVID-19, it created a new era of opportunities and challenges for us to navigate and lead. One of the most obvious trends is the rise of remote work.

The pandemic forced millions of people to work from home, and many of them preferred to continue doing so even after normalcy was restored.

According to a survey by Findstack, 16% of companies in the world are 100% remote, and 77% of remote workers say they are more productive when working from home.

Having personally witnessed the transformative effects of remote work on productivity and creativity, I am aware of the unique challenges it poses in terms of communication and collaboration. However, In the realm of leadership, one essential quality rises above all others: adaptability.

The demands of leading require individuals to navigate the ever-changing landscape of challenges that life presents. Remote work is not a temporary trend but a permanent shift.

I believe we need to embrace this change and adapt our strategies accordingly. We also need to address the isolation, distraction, and burnout issues that remote workers may face and create a positive remote work environment that fosters trust, engagement, and well-being.

Another trend that has accelerated during the pandemic is the shift in consumer behaviour. With physical interactions limited, consumers have become more dependent on technology for work, education, shopping, and entertainment. This creates a huge demand for digital solutions that can meet their needs and expectations.

Online purchase share for slow-moving goods, such as consumer electronics, home and garden, fashion, food and groceries, and beauty, are increasing year-on-year and online shopping is expected to remain popular post-pandemic.

Consumers are also more conscious of health and sustainability issues and are looking for brands that align with their values and offer transparency and trust.

These changes are not temporary but lasting. I believe we need to anticipate and respond to these changes and offer solutions that are relevant, convenient, and engaging. We need to use data and analytics to understand our customers better and tailor our products and services accordingly. We also need to ensure that our solutions are secure, reliable, and ethical.

The pandemic has accelerated the pace of digital transformation across industries. Leaders in the technology industry must capitalise on this momentum and drive their organisations forward. This involves leveraging emerging technologies such as artificial intelligence, machine learning, and the Internet of Things to create innovative products and services.

These technologies offer immense potential for improving efficiency, quality, and innovation. For example, AI can help automate tasks, improve decision-making, and enhance customer interactions. Blockchain can enable secure and transparent transactions, contracts, and records.

By harnessing these innovations tech leaders can streamline processes, enhance customer experiences, and gain a competitive edge in the market.

Certainly, navigating the landscape of leading a technology company in the post-pandemic era is not devoid of challenges. Nevertheless, amid unparalleled disruption, it becomes imperative for us to wholeheartedly embrace resilience and agility.

This new era necessitates a malleable mindset and the capability to swiftly adapt to ever-changing circumstances. It is crucial for us to cultivate a culture of resilience within our organisations, motivating our employees to readily embrace change and discover ingenious solutions to novel challenges. By doing so, we can forge ahead with confidence and embrace the opportunities that lie before us in this transformative era.

With increased reliance on digital infrastructure, cybersecurity has become a paramount concern. Protecting digital assets and ensuring robust security measures are in place is not a luxury but a core business necessity.

This involves implementing multi-layered security protocols, conducting regular vulnerability assessments, and investing in cutting-edge cybersecurity technologies.

According to Statista, the global information security market is expected to grow from 124 billion U.S. dollars in 2020 to 170 billion U.S. dollars in 2023.

By embracing cybersecurity as a core business necessity, organisations can safeguard their valuable assets and ensure the continuity of their operations in the face of evolving cyber threats.

In the rapidly evolving technological landscape, it is imperative for organisations to cultivate a culture of innovation, empowering their teams to take calculated risks, adapt swiftly to shifting market trends and ever-changing customer needs, and build resilience to navigate uncertainties.

By embracing these fundamental qualities, organisations position themselves as frontrunners in their respective industries, driving transformative change and proactively staying ahead of the curve.

This proactive approach not only enables them to seize emerging opportunities but also effectively respond to challenges, ensuring long-term success and sustainability in the dynamic business environment.

Challenges also give rise to opportunities, and there are ample prospects for technology companies in the post-pandemic era to remain relevant.

To capitalise on these opportunities, it is essential to focus on building a diverse and adaptable team that can swiftly respond to market changes. Equally crucial is fostering a culture of continuous learning among employees and investing in professional development programmes.

Moreover, creating an environment that nurtures creativity and rewards innovation is of paramount importance. By embracing these strategies, technology companies can effectively navigate the evolving landscape, unlock their full potential, and secure a competitive edge in the industry.

Leading a tech company in the post-pandemic era is no easy feat, but it is also immensely exciting and rewarding. By staying abreast of emerging technologies, addressing leadership challenges, and leveraging opportunities for innovation, tech leaders can position their companies for long-term success in this dynamic environment. Keeping up to date with the latest advancements, effectively tackling leadership obstacles, and capitalising on market demands are crucial elements for strategic positioning.

Embracing adaptive leadership strategies, fostering a culture of creativity and collaboration, and capitalising on evolving market needs will enable us to thrive and flourish in the ever-changing landscape of the technology industry. This transformative approach lays the foundation for a prosperous future and ensures the company’s sustained growth and competitiveness.

*Oluwole Asalu is passionate about driving change and innovation in the ICT space and writes from Lagos, Nigeria.