Lagos: 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% – a result of scaling tech-enabled financial services in Nigeria.

According to African Press Organization, 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. As the company scales, it remains focused on accessibility, innovation, and regional collaboration to drive the growth of digital economies in emerging markets.

PalmPay’s leading position in the Financial Times ranking further underscores its pivotal role in advancing financial inclusion and cashless payment adoption since launching in 2019. 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.