Nigerian Tech Prowess Shines as Six Startups Secure Spots on FT Africa's Fastest-Growing Companies List

A testament to the burgeoning innovation and resilience within Nigeria's technology ecosystem, six homegrown startups have earned prestigious recognition in the Financial Times' 2024 ranking of Africa's Fastest-Growing Companies. This annual index, compiled in collaboration with Statista, spotlights 130 enterprises across the continent demonstrating the most significant revenue expansion between 2020 and 2023.

The inclusion of Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga underscores the dynamic growth trajectory of Nigeria's tech scene, particularly within the fintech and e-commerce sectors. These companies have not only achieved impressive compound annual growth rates (CAGR) in their revenues but have also navigated challenging economic conditions, including inflation and currency fluctuations, while simultaneously expanding their operational capacity and workforce.

This year's showing builds upon the success of the previous year, where five Nigerian startups—Omniretail, Moniepoint, Thrive Agric Limited, Paga, and Zone—were featured in the 100-company ranking. The consistent presence of Nigerian ventures on this influential list serves as a powerful indicator of their increasing prominence and attractiveness to global investors.

At a time when African startups are facing headwinds such as declining venture capital funding and a volatile business landscape, the Financial Times ranking provides a crucial validation of their ability to establish sustainable business models and achieve widespread user adoption. The recognition often translates to enhanced global visibility and increased investor interest, further fueling their growth ambitions.

Here's a closer look at the Nigerian startups that have made the prestigious list:

Moniepoint: Formerly known as TeamApt, Moniepoint has experienced a remarkable year, achieving unicorn status after a substantial $110 million funding round that attracted investment from prominent global players like Google and VISA. Evolving from a B2B payments platform, Moniepoint Inc. has transformed into a comprehensive business bank, offering a suite of services encompassing merchant terminals, working capital solutions, and payroll management. By 2023, the company had reportedly served over 1.6 million small businesses across Nigeria, processing over $100 billion in annualized transactions. With ambitious expansion plans underway in East Africa, Moniepoint's consistent high ranking on the FT list for the third consecutive year underscores its exceptional growth and market leadership.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., expressed his delight, stating, "We are delighted to achieve the very highest of rankings, for the third consecutive year, in the world’s leading financial publication—the Financial Times. We like to let statistics speak for themselves, and accolades do not come much higher. Maintaining such rapid growth is only possible due to the hard work of the entire Moniepoint team—and I thank them all for their continued dedication.”

PalmPay: Since its launch in 2019, backed by China’s Transsion Holdings, PalmPay has rapidly become a dominant force in Nigeria's consumer payments sector. Leveraging aggressive online and offline campaigns, the company's mobile wallet and bill payment services have witnessed exponential growth, amassing over 30 million registered users. Earlier this year, PalmPay extended its operations to Ghana and introduced new features, including insurance products and virtual cards, signaling its intent for further expansion and diversification.

Paga: A pioneering force in Nigeria's fintech landscape, Paga has been instrumental in digitizing cash and simplifying payment processes since its inception in 2009. The company has since evolved into a group structure comprising Paga Consumer, its SME-focused platform Doroki, and PagaTech, which focuses on infrastructure and APIs. With a user base exceeding 21 million, a widespread agent network, and strategic integrations with major banks and telecommunications companies, Paga has established a robust presence. Its international expansion, with licenses in Ethiopia and a growing footprint across the continent, further highlights its ambitious growth trajectory.

Tayo Oviosu, CEO and co-founder of Paga, noted the significance of this recognition coinciding with the company's 16th anniversary. "This milestone coincides with our 16th anniversary, a testament to our team’s dedication and the trust our customers place in us," he said. "We’ve built a profitable business scaling at venture growth levels and are on an exciting trajectory.”

OmniRetail: Operating as a B2B e-commerce platform, OmniRetail streamlines the procurement process for retailers by enabling them to order fast-moving consumer goods (FMCG) directly from manufacturers and distributors via mobile applications. The platform offers optimized logistics and embedded financing solutions. Currently active in Nigeria, Ghana, and Ivory Coast, OmniRetail recently secured a $20 million Series A funding round in April 2025. The company's digital solutions facilitate order management for 145 manufacturers, over 5,800 distributors, and serve more than 150,000 informal retailers across its operational markets.

Termii: Launched in 2017, Termii provides essential communication infrastructure that empowers African businesses to engage and retain customers through multi-channel messaging, including SMS, voice, and email APIs. This Y Combinator-backed startup has become a critical enabler for real-time notifications and two-factor authentication across various sectors, including fintech, healthtech, and logistics. In late 2023, Termii introduced TermiiGo, a programmable voice and call masking solution, further expanding its suite of developer tools. The company has witnessed increasing adoption among financial institutions and large consumer-facing startups throughout West Africa.

Remedial Health: Founded in 2021, Remedial Health is a healthtech and supply chain startup focused on digitizing the pharmaceutical distribution system in Nigeria. The company provides pharmacies and patent medicine vendors with access to authentic and affordable medicines directly from manufacturers through a mobile-first inventory and procurement platform. In March 2024, Remedial Health secured $12 million in Series A funding, marking QED Investors' first healthtech investment in Africa. The company has achieved rapid growth by streamlining operations for over 5,000 pharmacies and hospitals across the country.

Samuel Okwuada, CEO and Co-founder of Remedial Health, emphasized the impact of their technology. “This recognition is a reflection of the tremendous impact our technology is having on healthcare delivery in Africa, starting in Nigeria,” he stated. “We are building the infrastructure for a more efficient, data-driven, and profitable healthcare ecosystem, and we are just getting started. Our commitment is to deliver innovative solutions that empower the frontline providers and strengthen healthcare businesses at every level.”

The strong showing of these six Nigerian startups on the Financial Times' list underscores the vibrant entrepreneurial spirit and technological advancements within the nation. Their impressive growth trajectories not only highlight their individual successes but also signal the immense potential and dynamism of the broader African tech landscape. As these companies continue to scale and innovate, they are poised to play a significant role in shaping the future of the continent's economy.