The Founding Chief Marketing Officer (CMO) of PalmPay, Ms Sofia Zab, has lauded the neobank’s ranking as the second fastest-growing financial services company in the Financial Times’ Fastest-Growing Companies in Africa 2025 list, compiled in collaboration with Statista.
The fintech platform, focused on emerging markets, was ranked in the second position out of a list of 130 firms. PalmPay is one of the six Nigerian companies on the list.
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.
“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”, said noted Ms Zab, adding that, “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.”
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users. As of 2025, the neobank processes 15 million transactions daily.
Its product suite includes money transfers, merchant payments, credit, savings and investment products, micro-insurance, and business tools for micro, small, and medium enterprises (MSMEs).
PalmPay, which currently operates in Nigeria, Ghana, Tanzania and Bangladesh, also provides business-to-business (B2B) payment services to streamline collections and disbursements to local and international merchants targeting African consumers.
“Our growth is propelled by a clear vision: to empower businesses and individuals with frictionless, reliable financial tools”, said Mr Jiapei Yan, Group Chief Commercial Officer at PalmPay.
“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,” he added.