Nigerian Fintech companies Moniepoint, PalmPay, Paga, and Termii, have earned spots on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, showcasing 130 high-growth firms continent-wide.
Now in its fourth year, the FT ranking, partnered with Statista, and evaluated companies based on their compound annual growth rate (CAGR) in revenues from 2020 to 2023, factoring in headcount growth and resilience against inflation, currency volatility, and economic challenges.
On the list, all three top-ranked companies are Nigerian, with PalmPay, in second place, being the only one operating in more than three countries. Omniretail, securing first place for the second consecutive year, operates in Nigeria, Ghana, and Ivory Coast. Iyin Aboyeji, co-founder of Future Africa, argues that pan-African expansion isn’t essential for success, noting that Nigeria’s market alone has propelled companies, including two companies he co-founded (Andela and Flutterwave), to unicorn status with $1 billion valuations.
Also commenting on the list, Lindberg at Norfund says the FT-Statista ranking highlights that despite the severe macro problems, there remains much innovation and problem-solving on the continent. “The entrepreneurial spirit in Nigeria in particular is formidable; there’s a sense that anything is possible.”
Formerly known as TeamApt, Moniepoint has evolved from a B2B payments startup into a full-scale business bank. The company is the definitive bank for small and medium-sized businesses in Nigeria and is regulated by the Central Bank of Nigeria (CBN). It received its license in February 2022 and helps over 10 million people and businesses with banking, payments processing, access to loans and business management tools.
With these solutions, businesses on the platform process about $17 billion monthly. In October 2024, it achieved unicorn status following a $110 million funding round backed by Google, Visa, and other investors. Moniepoint MFB operates the largest distribution network for financial services in Nigeria, and over 33 million people use their cards on its POS terminals monthly across every local government in Nigeria. The company is now eyeing East African expansion, further solidifying its position in Africa’s fintech landscape.
PalmPay is an intuitive financial app with account opening, money transfer, and bill payments in one. Backed by China’s Transsion Holdings, the fintech has become a dominant force in Nigeria’s mobile payments market since its 2019 launch. With more than 30 million registered users, PalmPay has introduced insurance products, virtual cards, and expanded into Ghana in early 2024. Its blend of offline agent networks and digital engagement has driven rapid user adoption and revenue growth. The company recently announced a surge in daily transactions to 15 million in Q1 2025, up from 10 million in 2024.
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Paga is a leading mobile money platform that enables users to send and receive money, pay bills, and make various transactions easily. It offers services through both agent networks and online/mobile channels, allowing users to access financial services conveniently. Founded in 2009, the platform is one of Nigeria’s fintech pioneers. Its ecosystem now includes Paga Consumer, Doroki (SME-focused), and PagaTech (its infrastructure arm). With over 21 million users, a robust agent network, and international licenses including in Ethiopia, Paga continues to expand its reach, forming integrations with major banks and telcos.
Founded in 2017, Termii provides API-driven messaging infrastructure for African businesses. The Y Combinator-backed company supports SMS, voice, and email communication tools, powering real-time alerts and user authentication. In late 2023, Termii launched TermiiGo, a programmable voice and call masking platform, gaining traction among fintechs, healthtechs, and logistics firms across West Africa.
As Africa’s digital economy matures, these companies are not only growing rapidly—they are shaping the future of technology, payments, and communication across the continent.These fintechs highlight Nigeria’s pivotal role in Africa’s high-growth ecosystem, delivering innovative solutions that advance financial inclusion and digital transformation.
