The Financial Times has unveiled its 2025 ranking of Africa’s Fastest-Growing Companies, compiled in partnership with Statista. Despite challenging macroeconomic conditions, Nigeria led the continent with 79 firms on the 130-company list. Notably, four Nigerian startups—Moniepoint, PalmPay, OmniRetail, and Paga—secured coveted spots, joining Termii and Remedial Health as the country’s six representatives in this year’s ranking.
Moniepoint Inc.
Moniepoint, founded in 2015, achieved a compound annual growth rate (CAGR) of 160.3% between 2020 and 2023, driven by its full-stack platform for digital payments, banking, and credit solutions tailored to small and medium enterprises (SMEs). In 2023, Moniepoint generated $264.5 million in revenue—up from $15 million in 2020—and expanded its workforce from 216 to 1,686 employees, while processing over $10 billion in monthly transactions across Nigeria and newly entered markets such as Kenya.
PalmPay Ltd
PalmPay, established in 2017, posted a staggering 583.6% CAGR over the same period. Its mobile-first platform now serves over 35 million users, supported by a network of 1.2 million merchants processing some 15 million daily transactions. Backed by Transsion Holdings and NetEase, PalmPay leverages strategic device pre-installations and a USSD (*862#) banking service to deepen reach in underbanked communities across ten African countries.
OmniRetail Africa
Emerging as Africa’s fastest-growing company overall, OmniRetail topped the FT-Statista list, reflecting its 71,818% absolute growth or a CAGR far exceeding the 8% threshold between 2020 and 2023. The Lagos-based B2B e-commerce platform generated $120 million in revenue in 2023 by digitising FMCG supply chains for manufacturers, distributors, and over 65,000 retailers, and has since expanded into Ghana and Côte d’Ivoire.
Paga Group Ltd
Paga secured its place on the FT list for the third consecutive year, reporting a 26.2% CAGR and revenue growth from $54.8 million in 2020 to $65.97 million in 2023. Founded in 2009, Paga has evolved from an agency-banking pioneer into a multi-product ecosystem including its mobile app, SME-focused Doroki platform, and PagaTech infrastructure, digitising cash and simplifying payments for millions across Nigeria and beyond.
The FT-Statista ranking benchmarks companies on revenue growth, headcount expansion, and operational resilience amid inflation, currency volatility, and funding challenges. Eligible firms must be independent, African-headquartered, have generated at least $100,000 in 2020 and $1.5 million in 2023, and demonstrate primarily organic growth. This year’s list underscores both the vibrancy of Nigeria’s tech-driven entrepreneurial ecosystem and the persistent barrier, fragmented markets, funding gaps, and macroeconomic headwinds facing African businesses.
