A leading neobank and fintech platform focused on emerging markets, PalmPay, has promised to improve the financial technology landscape in Nigeria and Africa for the benefits of its customers.
The Group Chief Commercial Officer of PalmPay, Jiapei Yan, while commenting on the recognition of the firm as one of the fastest-growing financial services companies in Africa, said, “Our growth is propelled by a clear vision: to empower businesses and individuals with frictionless, reliable financial tools.”
“We’re deepening partnerships across the fintech ecosystem to enhance payment infrastructure and foster a more connected African economy.
“As we scale, we remain focused on accessibility, innovation, and regional collaboration to drive the growth of digital economies in emerging markets,” Yan added.
PalmPay is number two on the list of the Financial Times’ Fastest-Growing Companies in Africa 2025, compiled in collaboration with Statista.
The annual ranking evaluates Africa-based businesses based on key performance indicators such as revenue growth, user adoption, and operational scale. From 2020 to 2023, PalmPay achieved a compound annual growth rate (CAGR) of 583.6 per cent, a result of scaling tech-enabled financial services in Nigeria.
With over 35 million registered users and up to 15 million daily transactions as of 2025, PalmPay has emerged as a key player in the digital transformation of Africa’s economy.
“The Financial Times’ recognition of PalmPay as Africa’s fastest-growing fintech is a powerful validation of our approach to closing financial access gaps in underserved markets.
“We’ve combined cutting-edge technology with localised innovation and distribution to build a leading neobank used by tens of millions to access payments, credit, savings, insurance and more.
“As we expand our ecosystem and enter more markets, we’re excited to continue supporting our users to achieve their financial goals, while accelerating growth for our partners,” the Chief Marketing Officer of PalmPay, Sofia Zab, stated.
PalmPay’s innovative model combines a user-friendly financial superapp with an extensive offline network of over one million merchants and agents, enabling seamless financial services even in underbanked communities.
Its product suite includes money transfers, merchant payments, credit, savings and investment products, micro-insurance, and business tools for MSMEs.
The company, launched in 2019, also provides B2B payment services to streamline collections and disbursements to local and international merchants targeting African consumers. The company currently operates in Nigeria, Ghana, Tanzania and Bangladesh.
On average, customers complete over 50 transactions per month, using the platform for everything from everyday payments to services that build long-term financial health, such as yield-bearing savings and insurance – products previously out of reach for many.
A quarter of its users report that PalmPay was their first-ever financial account, demonstrating its strength in onboarding excluded populations into the formal economy while driving consistent, high-frequency engagement.