PalmPay Recognized Among World's Top 250 Fintech Companies by CNBC and Statista

PalmPay has developed an integrated platform catering to consumers and businesses in the African market.

PalmPay (www.PalmPay.com), a leading Africa-focused fintech platform, has been included in the 2024 edition of CNBC and Statista’s prestigious list of the “Top 250 Fintech Companies in the World.” This recognition underscores PalmPay's rapid growth and significant contributions to advancing financial inclusion.

The CNBC/Statista list honors fintech pioneers significantly transforming the financial services industry through technology. More than 2000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection. In 2024, some of the most influential fintechs in the world were included in the list, such as Alipay, Nubank, Monzo, and Revolut. Six other African firms made the list: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial Planning; and Yoco (South Africa) – Payments.

PalmPay has developed an integrated platform catering to consumers and businesses in the African market. Operating since 2019, the startup pioneered a unique model in Nigeria, providing financial services such as money transfers, bill payments, credit services, and savings via a one-stop-shop fintech ‘superapp’ and mobile money agents. This dual approach of easy-to-use digital banking combined with offline touchpoints for those without smartphones has driven financial inclusion in a market where more than 40% of adults remain unbanked.

“This recognition validates our unique approach to financial services and our commitment to driving financial inclusion,” said Sofia Zab, Global CMO of PalmPay.

In 2023, PalmPay announced a major milestone of reaching 30 million registered users on its smartphone apps and 1.1 million businesses in its network of mobile money agents and retail merchants. A third of PalmPay customers report that the platform was their first-ever financial account. PalmPay has quickly grown to become a market leader in Nigeria thanks to its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions. PalmPay processes 15 million transactions on its consumer app daily and maintains a 99.5% transaction success rate.

To achieve this scale in a market where 10% transaction failure rates were common, the company built out its payment infrastructure, channel integrations, and transaction routing systems. In addition to its consumer wallet, PalmPay offers services to businesses that leverage the PalmPay platform via its suite of POS machines, APIs, and checkout solutions.

"It’s an honour for PalmPay to be recognized by CNBC and Statista as one of the World’s Top Fintech Companies," said Zab. "We are actively expanding PalmPay’s reach and offerings, ensuring more people have access to essential financial services and promoting economic development in emerging markets."

PalmPay operates in several key markets across Africa, including Nigeria, Ghana, and Tanzania, with plans to expand further in the region and other emerging markets. The company has global headquarters in China and London.