Six Nigerian startups have secured spots on the Financial Times 2024 list of Africa’s Fastest-Growing Companies. The ranking, in partnership with Statista, features p130 high-growth firms across the continent based on revenue growth from 2020 to 2023.
This year’s Nigerian standouts are: Moniepoint, PalmPay, Paga, OmniRetail, Termii, and Remedial Health. Each of them recognized for resilience, innovation, and scale amid economic headwinds.
Moniepoint, formerly TeamApt, emerged as a top contender. The digital bank recently reached unicorn status after raising $110 million from global investors, including Google and Visa. “We are delighted to achieve the very highest of rankings… Maintaining such rapid growth is only possible due to the hard work of the entire Moniepoint team,” said CEO Tosin Eniolorunda.
PalmPay, backed by China’s Transsion, continues its consumer payments push with over 30 million registered users. Its recent expansion into Ghana and product rollouts like insurance and virtual cards continue to show its rapid rise.
Paga, one of Nigeria’s earliest fintechs, is also on the list. With over 21 million users, it’s expanded into Ethiopia and continues to scale. “We’ve built a profitable business scaling at venture growth levels and are on an exciting trajectory,” said CEO Tayo Oviosu.
OmniRetail has quietly become a B2B powerhouse, helping informal retailers access FMCGs through its logistics and finance-enabled platform. It recently closed a $20 million Series A and now serves over 150,000 retailers.
Termii, founded in 2017, powers multi-channel communication across sectors. Its messaging APIs are used for real-time alerts, 2FA, and customer engagement. TermiiGo, its latest product, enhances voice communication for African startups.
Remedial Health, a 2021 healthtech startup, is digitizing medicine distribution. With a mobile platform and strong reach, it now supports 5,000+ pharmacies and hospitals. “This recognition is a reflection of the tremendous impact our technology is having on healthcare delivery in Africa,” said co-founder Samuel Okwuada.
The FT ranking shows which companies are not just surviving—but thriving. For these Nigerian firms, global recognition may just be the beginning.
