Fintech has emerged as one of the fastest-growing industries in Africa.

According to new data released by the Financial Times in collaboration with research company Statista, seven of the top 20 fastest-growing companies on the continent come from the fintech space. The figure gives the sector the lead with a 35% of the top 20.

The ranking, released in May, lists the 130 fastest-growing companies in Africa, ordering them according to their compound annual growth rate (CAGR) of revenue between 2020 and 2023. In total, 26 companies in the ranking are from the fintech, finance, and insurance sectors, with fintech making up 14 of them, representing a 10.8% share of the overall list.

Of these, seven fintech companies are standing out by ranking among the continent’s top 20 fastest-growing firms. These leaders operate across digital lending, payments, and banking, with annual revenue growth rates ranging from 151.2% to 583.6% during the period.

Top fintech performers

PalmPay – Nigeria (#2)

PalmPay ranks second overall with an annual revenue growth rate of 583.6%, rising from US$200,000 in 2020 to US$63.9 million in 2023. This represents a staggering absolute growth rate of 31,850%.

PalmPay started out as a mobile payment app in 2019, before expanding into a neobanking platform. Today, the company offers mobile payments, credit, savings, and micro-insurance through its app and agent network, operating in Ghana, Tanzania, and Bangladesh. It claims over 35 million app users and processes up to 15 million transactions daily.

eShandi – Zambia (#4)

eShandi holds the fourth position overall with an annual revenue growth rate of 276.4%, rising from US$120,000 in 2020 to US$6.47 million in 2023. This translates into an absolute growth rate of 5,231%.

Founded in 2019 as PremierCredit, a microfinance institution, eShandi is a fintech startup that leverages innovative technology and strategic partnerships to deliver last-mile financial services to traditionally underserved and unbanked communities, including instant collateral-free digital loans, affordable insurance, seamless payment services, cashless transactions, mobile banking, merchant services, financial management tools, and agency banking. The company operates in Zambia, Zimbabwe, Kenya, and South Africa, and says it has served over one million individuals and small and medium-sized enterprises (SMEs).

Paymenow – South Africa (#6)

Paymenow ranks sixth overall, recording an annual revenue growth rate of 237.8%, rising from US$140,000 in 2020 to US$4.86 million in 2023, with an absolute growth rate of 3,756.1%.

Paymenow a South African fintech platform that provides earned wave access (EWA), allowing employees to access a portion of their earned wages instantly instead of waiting for payday. The company positions itself as a safer and more affordable alternative to payday loans, while also promoting financial responsibility through features like savings tools, financial education, and wellness support. It claims more than 500,000 active users across over 300 clients in five countries.

Inkomoko – Rwanda (#8)

Inkomoko ranks eighth overall with an annual revenue growth rate of 211.2%, rising from US$160,000 in 2020 to US$3.99 million in 2023. This gives the company an absolute growth rate of 2,914.1%.

Inkomoko is a Rwandan company which supports entrepreneurs in displacement-affected communities. The company provides investment, market linkages, and advocacy, and partners with financial institutions, governments, and private sector players to strengthen business ecosystems.

Chari – Morocco (#14)

Chari ranks 14th overall, with an annual revenue growth rate of 164.4%. Its revenue grew from US$4.04 million in 2020 to US$74.7 million in 2023, giving it an absolute growth rate of 1,748.9%.

Founded in Morocco in 2020, Chari is an e-commerce and fintech app for traditional retailers in French-Speaking Africa, allowing them to order any consumer goods they sell and get delivered for free in less than 24 hours. Chari is also a financial services provider for these retailers, offering them microloans. The platform claims it has onboarded over 20,000 food businesses in Morocco, and has expanded into Tunisia and Ivory Coast.

Moniepoint – Nigeria (#16)

Moniepoint ranks 16th overall, posting an annual revenue growth rate of 160.3%. Its revenue increased from US$15 million in 2020 to US$264.51 million in 2023, giving it an absolute growth rate of 1,663.4%.

Formerly known as TeamApt, Moniepoint is one of the biggest and most successful fintech companies in Nigeria. The company, which provides business payments and banking services including payments, banking, credit, and business management, processes over 1 billion transactions monthly with a total payment volume exceeding US$22 billion. It serves 10 million businesses and individuals.

Numida – Uganda (#17)

Numida ranks 17th overall with an annual revenue growth rate of 151.2%. Its revenue grew from US$230,000 in 2020 to US$3.57 million in 2023, translating into an absolute growth rate of 1,485.5%.

Numida provides unsecured working-capital loans to micro, small and medium-sized enterprises (MSMEs), especially cash-based or semi-formal businesses, via a mobile app. The company relies on proprietary credit models and tech-enabled underwriting processes to allow business owners to apply for loans in minutes and receive capital within a day, disbursed to their mobile money wallet.

Other fast-growing fintech challengers

Besides the top seven, several other fintech companies are ranked among Africa’s fastest-growing businesses:

• TymeBank from South Africa, ranked 29th: TymeBank is a digital-only bank with 10.7 million customers;
• Omnisient from South Africa, ranked 30th: Omnisient is a data collaboration platform serving more than 100 of the largest banks, insurers, retailers, and healthcare organizations in Africa, the Middle East, the UK and the US;
• PayLogic from Morocco, ranked 51st: PayLogic is a Moroccan company that provides electronic payment solutions, including mobile payments, ATM and point-of-sale (POS) solutions, debit and credit card issuing solutions, and more;
• M-Kopa from Kenya, ranked 68th: M-Kopa provides affordable smartphone and e-motorbike financing and smartphone embedded digital financial services, operating in Nigeria, Ghana, Kenya, South Africa, and Uganda;
• Paga from Nigeria, ranked 96th: Paga is one of Nigeria’s oldest fintech companies offering an ecosystem of financial services comprising a digital infrastructure platform for companies, a consumer-focused fintech app, and a retail management platform designed to serve SMEs.
• Bitventure from South Africa, ranked 106th: Bitventure is a software solutions company specialized in digital verification and payment solutions; and
• MNT-Halan from Egypt, ranked 108th: MNT-Halan is a leading fintech platform in Egypt serving more than 8 million customers globally with products including business and consumer loans, pre-paid cards, e-wallets, savings and e-commerce services.

Featured image: Edited by Fintech News Africa, based on image by namrashahid20 via Freepik