- Since its launch in 2019, PalmPay has evolved into a financial super app that simplifies money transfer and expands access to digital financial services.
- By 2025, the platform manages over 35 million registered users, who conduct up to 15 million transactions daily.
- These users rely on PalmPay for instant cash transfers, credit, savings, insurance, and business tools tailored to power micro, small, and medium enterprises.
PalmPay, a rapidly scaling neobank and fintech platform targeting emerging markets, has been crowned Africa’s fastest-growing financial services firm by the Financial Times in its 2025 ranking of Africa’s Fastest-Growing Companies. Compiled in partnership with global research firm Statista, the list placed PalmPay second overall among 130 trailblazing businesses, cementing its leadership in the continent’s evolving digital finance segment.
The ranking reflects a remarkable performance trajectory. From 2020 to 2023, PalmPay posted a jaw-dropping annual growth rate (CAGR) of 583.6 per cent, driven by its rapid expansion and deep penetration into underbanked populations, particularly in Nigeria. The company’s model, which integrates advanced fintech infrastructure with grassroots distribution, is proving essential in transforming how millions of Africans access and use money.
PalmPay: A financial superapp for the masses
Since its launch in 2019, PalmPay has aggressively positioned itself as a financial superapp that simplifies money movement and expands access to digital financial services. By 2025, the platform has attracted over 35 million registered users, who conduct up to 15 million transactions daily. These users rely on the platform not only for instant money transfers but also for credit, savings, insurance, and business tools tailored to micro, small, and medium enterprises (MSMEs).
“Our recognition by the Financial Times is a powerful validation of our approach to closing financial access gaps in underserved markets,” said Sofia Zab, PalmPay’s Founding Chief Marketing Officer. “We’ve combined cutting-edge technology with localised innovation and distribution to build a leading neobank used by tens of millions.”
PalmPay’s user-friendly app is reinforced by an expansive offline agent network of over one million merchants and agents, providing users—even in remote communities—with physical access points for digital financial services. This hybrid model enables the company to bridge the digital divide and increase formal financial participation among Africa’s informal and unbanked populations.
Unlocking opportunity through innovation
PalmPay’s product suite is designed with inclusion at its core. Users can make merchant payments, transfer money, access credit, build savings, invest, and buy micro-insurance policies—all through a single, intuitive interface. This breadth of functionality positions it not just as a bank substitute, but as a critical financial enabler in daily life.
Moreover, it serves institutional clients with its business-to-business (B2B) solutions. These tools facilitate seamless collections and disbursements for local and international merchants targeting African consumers, further embedding the platform into the continent’s payment infrastructure.
“Our growth is propelled by a clear vision: to empower businesses and individuals with frictionless, reliable financial tools,” noted Jiapei Yan, PalmPay’s Group Chief Commercial Officer. “We’re deepening partnerships across the fintech ecosystem to enhance payment infrastructure and foster a more connected African economy.”
Powering Africa’s cashless future
The company’s explosive growth aligns with Africa’s broader transition towards cashless economies. With a monthly average of over 50 transactions per customer, the platform has become a cornerstone of financial behavior in key markets such as populous Nigeria, Ghana, Tanzania, and even Bangladesh. These high-frequency interactions demonstrate not just convenience, but deep engagement—one of the holy grails in fintech.
A striking 25 percent of PalmPay users report that it was their first-ever financial account. This underscores the platform’s role in onboarding previously excluded populations into the formal financial system.
Beyond transactional value, the fintech supports financial resilience by offering access to yield-bearing savings products and insurance—services that have long remained out of reach for most African households. By enabling these tools, the platform helps its users build long-term financial stability while powering growth for its partners.
Read also: Tanzania sees 25% spike in mobile money transactions amid digital economy shift
Positioned for Pan-African impact
While the fintech’s primary footprint lies in Nigeria, its strategic expansion into Ghana, Tanzania, and Bangladesh signals a global ambition to scale in high-potential markets. The company’s vision for expansion is built on accessibility, innovation, and regional collaboration—core tenets that have enabled its extraordinary CAGR and user adoption rates.
Its placement atop the Financial Times 2025 Fastest-Growing Firms list among financial services companies is not merely an accolade—it’s a bellwether of how fintechs, especially neobanks, are rewriting the playbook for financial inclusion in Africa and beyond.
With a robust technology stack, deep grassroots presence, and a mission to democratise finance, the firm is poised to continue redefining what financial services can look like in emerging markets. As economic growth across Africa becomes increasingly digital, the company stands out as both a leader and a catalyst in the transformation.
