UK-based Firm Names Moniepoint, PalmPay, 4 Other Nigerian Companies among Fastest-Growing in Africa
- The Financial Times has named six Nigerian companies among the fastest-growing in Africa in 2024
- The UK-based firms named Moniepoint, OmniRetail, Palmpay, Remedial Health, Temii, and Paga are in the index
- The annual ranking is produced in partnership with Statisca and gives investors an overview of the firms’ journey to revenue growth
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Moniepoint, OmniRetail, PalmPay, Termil, Remedial Health and Paga have been named in the Financial Times 2024 ranking of Africa’s fastest-growing firms.
Five Nigerian companies made the list last year, three of which were named on this year’s index.
Source: Getty Images
FT's ranking is an investor’s barometer
The list has become a measuring stick for investors and global visibility.
The annual ranking is produced in collaboration with Statistica, a data and research company, which identifies African companies with the fastest revenue growth since 2020.
6 fastest-growing companies in Nigeria
Moniepoint
The fintech firm, which attained unicorn status this year, is a Lagos-based Nigerian company that provides banking services and loans via apps.
Moniepoint was co-founded by Tosin Eniolorunda and Felix Ike in 2015 and has grown from a B2B payment firm to a digital banking powerhouse, with services cutting across terminals, working capital, and payroll solutions.
OmniRetail
The Nigerian B2B e-commerce company and retail tech firm digitises the distribution of goods across Africa.
It connects manufacturers, distributors, and more than 150,000 informal retailers, allowing them to order inventory, get loans, and make payments digitally.
The firm operates in Nigeria, Ghana, and the Ivory Coast. It closed a $20 million series A round in April this year.
PalmPay
The fintech powerhouse aims to make digital payments more accessible and flexible for consumers and merchants
Palmpay has notched over 30 million registered users, and its aggressive offline approach allows its customers to pay bills and make other transactions.
Termii
The communications solutions provider is focused on cross-channel messaging for African businesses.
Temii offers APIs to send messages through SMS, email, voice, and instant messaging, enabling businesses to engage, confirm, and verify customers.
Remedial Health
The health-tech and supply firm digitises the pharmaceutical distribution process in Nigeria.
It provides pharmacies and patent medicine vendors with access to genuine, affordable medicines directly from manufacturers, using a mobile inventory and procurement platform.
Paga
The mobile payment platform allows users to transfer money electronically and make payments via mobile devices.
Source: Facebook
Paga has evolved into a company with core businesses such as Paga Consumer, Doroki, an SME-centric platform, and PagaTech, an infrastructure and API firm.
Palmpay to launch in 4 African countries
Legit.ng earlier reported that a financial technology firm, Palmpay, would expand to four African markets, including South Africa, Côte d’Ivoire, Uganda, and Tanzania.
The company would leverage the momentum it built in Nigeria from processing over 15 million transactions daily across all markets in the first quarter of 2025.
The company’s managing director, Chika Nwosu, disclosed this in a recent conference, but declined to state the value of the transactions.
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Source: Legit.ng
