The Financial Times’ 2025 list of Africa’s Fastest-Growing Companies highlights 130 firms that have recorded the most significant revenue growth between 2020 and 2023.
Among them are three fintech companies from Nigeria, which continue to expand despite economic pressures and reduced venture capital across the continent.
These companies have shown resilience in navigating currency fluctuations, inflation, and a more cautious investment landscape.
Below are the three fastest growing fintechs from Nigeria featured in this year’s FT ranking.
Moniepoint, formerly known as TeamApt, has grown into a business-focused financial services provider. It now offers digital banking tools for SMEs, including payment processing, working capital, and payroll support.
The company reported that it processed over US$100 billion in annualised transactions in 2023 and served more than 1.6 million businesses across Nigeria.
Moniepoint recently secured US$110 million in funding from investors including Google and VISA. It has also announced plans to expand into East Africa.
Launched in 2019 with support from China’s Transsion Holdings, PalmPay focuses on digital wallets and consumer payments.
It has built a user base of over 30 million people in Nigeria.
The company has introduced several services in recent years, such as virtual cards and insurance products, and expanded its operations to Ghana.
PalmPay continues to develop its platform in response to growing demand for mobile financial services in West Africa.
Paga
Founded in 2009, Paga was one of the early entrants into Nigeria’s fintech sector.
The company started with the aim of digitising cash transactions and now operates a broader business model through three units: a consumer payments arm (Paga), an SME platform (Doroki), and an infrastructure and API provider (Paga Engine).
Paga currently has more than 21 million users and an extensive agent network.
It works with banks and telecommunications firms to enable payments and financial access across Nigeria.
The company remains privately held and says it has reached profitability.
These firms reflect the continuing development of Nigeria’s fintech ecosystem, which remains active despite wider regional challenges.
Their inclusion in the FT ranking indicates sustained growth and operational adaptability during a period of economic uncertainty.
Featured image credit: Edited by Fintech News Africa, based on image by Kajikom via Freepik
