PalmPay Named Africa’s Fastest-Growing Fintech in 2025 Ranking.

Wednesday 3rd June 2025

Par inAfrika Reporter

PalmPay has secured the top spot among fintechs and ranked second overall in the Financial Times’ Fastest-Growing Companies in Africa 2025 list. The ranking, compiled with Statista, highlighted 130 companies leading Africa’s economic transformation, with PalmPay achieving an astonishing 583.6% compound annual growth rate (CAGR) from 2020 to 2023.

Since its launch in 2019, PalmPay has grown into one of Africa’s foremost neobanks, now boasting over 35 million users and handling up to 15 million daily transactions. The company’s rapid rise stems from its strategy of combining intuitive digital solutions with grassroots financial inclusion. A full-fledged financial superapp, PalmPay offers services ranging from money transfers to credit, insurance, and savings, while maintaining an offline agent network that reaches underbanked populations.

Sofia Zab, the company’s Founding Chief Marketing Officer, noted that PalmPay’s growth is rooted in a mission to bridge the financial access gap. “Our model integrates high-tech tools with local relevance, allowing us to build a platform that people trust for everyday transactions and long-term financial planning,” she said.

PalmPay’s success extends beyond consumer-facing services. Its B2B offerings help merchants both local and global streamline collections and disbursements across African markets. Currently operating in Nigeria, Ghana, Tanzania, and Bangladesh, the company is eyeing further expansion across emerging economies.

Group Chief Commercial Officer Jiapei Yan emphasized the company’s broader ambition: “We’re building infrastructure for a truly connected digital economy. Our focus is on frictionless financial tools that empower individuals and businesses alike.”

One notable metric is PalmPay’s role in onboarding first-time financial users 25% of its customers report it was their first ever financial account. By providing accessible tools like yield-bearing savings and affordable micro-insurance, PalmPay is helping shape more resilient financial habits in previously underserved communities.

The Financial Times’ recognition is a milestone, but for PalmPay, it’s only the beginning. As Africa’s digital economy accelerates, the company is positioned to continue leading with innovation, accessibility, and impact.