PalmPay named top fintech by CNBC/Statista

PalmPay, a prominent Africa-focused fintech platform, has been named in the 2024 edition of CNBC and Statista’s esteemed “Top 250 Fintech Companies in the World” list

This accolade highlights PalmPay's swift growth and notable efforts in promoting financial inclusion.

Celebrating fintech excellence

The CNBC/Statista list celebrates fintech innovators who are significantly transforming the financial services sector through technology. Over 2,000 companies were assessed globally using general and sector-specific KPIs to finalise the selection. The 2024 list features some of the world's most influential fintech firms, such as Alipay, Nubank, Monzo, and Revolut. Six other African companies also made the list.

Since its inception in 2019, PalmPay has created an integrated platform serving both consumers and businesses in the African market. The startup introduced a distinctive model in Nigeria, offering financial services like money transfers, bill payments, credit services, and savings through a comprehensive fintech ‘superapp’ and mobile money agents.

This combined approach of user-friendly digital banking and offline touchpoints for those without smartphones has significantly contributed to financial inclusion in a market where over 40% of adults remain unbanked.

In 2023, PalmPay celebrated reaching 30 million registered users on its smartphone apps and connecting with 1.1 million businesses through its network of mobile money agents and retail merchants. Notably, a third of PalmPay’s customers reported that the platform was their first financial account.

PalmPay's rapid rise to market leadership in Nigeria is attributed to its intuitive interface, dependable transactions, and strategy of growing market share through fee-free transfers and promotions. The platform processes 15 million transactions daily on its consumer app, maintaining a 99.5% transaction success rate.

To achieve this scale in a market where a 10% transaction failure rate was common, PalmPay developed robust payment infrastructure, channel integrations, and transaction routing systems. Beyond its consumer wallet, PalmPay provides business services through 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 chief marketing officer, "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.