Leading fintech platform PalmPay with an emphasis on Africa has been listed among the distinguished list of the “Top 250 Fintech Companies in the World” for 2024 by Statista and CNBC. This acknowledgment highlights PalmPay’s noteworthy advancements in financial inclusion as well as its quick expansion.
The CNBC/Statista list recognises innovators in fintech who have used technology to dramatically change the financial services sector. To make the final pick, almost 2000 organisations were assessed internationally using both sector-specific and general key performance indicators (KPIs). The list of 2024 featured some of the most significant fintech companies globally, such as Alipay, Nubank, Monzo, and Revolut. Six other African companies were included on the list: Yoco (South Africa) – Payments; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial planning; and Flutterwave (Nigeria/US) – Payments.
PalmPay has developed an integrated platform that caters to consumers and businesses in the African market. The startup, which has been operating since 2019, pioneered a unique model in Nigeria that provides financial services such as money transfers, bill payment, 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 contributed to driving financial inclusion in a market where more than 40% of adults remain unbanked.
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 recognised by CNBC and Statista as one of the World’s Top Fintech Companies,” said Sofia Zab, Global CMO, “This recognition validates our unique approach to financial services and our commitment to driving financial inclusion. 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 HQs in China and London.
