Moniepoint, PalmPay, Four Others Make Financial Times High Growth List

By Adedapo Adesanya

Six Nigerian startups have been recognised on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, which features 130 high-growth firms across the African continent.

The companies are Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga.

The annual ranking published by the newspaper, produced in partnership with research company, Statista, identifies African companies with the most rapid revenue growth between 2020 and 2023.

The list benchmarks companies by compound annual growth rate (CAGR) in revenues, while also considering headcount expansion and operational resilience amid inflation, currency fluctuations, and economic headwinds across the continent.

This is a welcome development compared to 2023 when five startups namely Omniretail, Moniepoint, Thrive Agric Limited, Paga, and Zone were named on the 100-company list.

While Thrive Agric and Zone didn’t make the list; PalmPay, Termii, and Remedial Health have ascended.

This ranking serves as a boost to investors that these companies are on the right part and could help in fundraising and access to new markets.

This also comes at a period where startups on the continent are facing declining funding compounded by global uncertainties including inflation and recession fears.

This silver lining may yet serve as a catalyst to reverse the trend and make Nigeria yet again see boon when it comes to venture funding.

Business Post reports that Nigeria raised $100 million (24 per cent) out of the $460 million through deals of $100K or more (excluding exits) in Africa in the first quarter of 2025, a figure that reflects a 5 per cent dip from Q1 2024’s $486 million.

About the Companies

Moniepoint

The startup formerly known as TeamApt has had a standout year. Moniepoint recently hit unicorn status after raising $110 million from Google, VISA, and other global investors. Now operating as Moniepoint Inc., the company has grown from a B2B payments platform to a full-fledged business bank, with services spanning merchant terminals, working capital, and payroll solutions.

PalmPay

Launched in 2019 with backing from China’s Transsion Holdings, PalmPay has become a household name in Nigeria’s consumer payments space. With over 30 million registered users and aggressive offline and digital campaigns, PalmPay’s mobile wallet and bill payment services have seen exponential growth. Earlier this year, the company expanded into Ghana and introduced new features, including insurance products and virtual cards.

Paga

A pioneer in Nigeria’s fintech scene, Paga was founded in 2009 to digitize cash and simplify payments. The company has since evolved into a group structure with three core businesses: Paga Consumer, Doroki (its SME-focused platform), and PagaTech (infrastructure and APIs). It now boasts over 21 million users, a vast agent network, and integration partnerships with major banks and telcos. Paga has also expanded internationally with licenses in Ethiopia and a growing footprint across the continent.

OmniRetail

OmniRetail is a B2B e-commerce platform that enables retailers to order fast-moving consumer goods (FMCG) from manufacturers and distributors via mobile apps, with optimised logistics and embedded financing. The company, which currently operates across Nigeria, Ghana, and Ivory Coast, closed a $20 million Series A round in April 2025. The startup digitises order management for 145 manufacturers, more than 5,800 distributors, and services over 150,000 informal retailers across its operational markets.

Termii

Launched in 2017 by Emmanuel Gbolade, Ayomide Awe, and Atinuke Idowu, Termii provides communication infrastructure that helps African businesses engage and retain customers via multi-channel messaging, including SMS, voice, and email APIs. The Y Combinator-backed startup has become a critical enabler of real-time notifications and two-factor authentication across fintech, healthtech, and logistics platforms. In late 2023, Termii launched TermiiGo, a programmable voice and call masking solution that expands its suite of developer tools. The company has also seen increasing adoption among financial institutions and large consumer-facing startups across West Africa.

Remedial Health

Founded in 2021 by Samuel Okwuada and Victor Benjamin. Remedial Health is a healthtech and supply chain startup digitising the pharmaceutical distribution system in Nigeria. It provides pharmacies and patent medicine vendors with access to authentic, affordable medicines directly from manufacturers, using a mobile-first inventory and procurement platform.

In March 2024, Remedial Health raised $12 million in Series A funding led by QED Investors and Ventures Platform, marking QED’s first healthtech investment in Africa. The company has scaled rapidly by streamlining operations for over 5,000 pharmacies and hospitals across the country.