By Adedapo Adesanya
Nigerian financial solutions companies, including PalmPay, Piggyvest, Kuda Bank, and Flutterwave, have been included in the 2024 edition of CNBC and Statista’s prestigious list of the Top 250 Fintech Companies in the World.
This recognition underscores the rapid growth and significant contributions of these Nigerian (affiliated) companies to advancing financial inclusion locally and internationally.
The CNBC/Statista list honours fintech pioneers, which have significantly transformed the financial services industry through technology. More than 2,000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection.
In 2024, some of the most influential fintechs in the world included in the list included Alipay, Nubank, Monzo, and Revolut.
Palmpay and six other African firms made the list: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial planning; and Yoco (South Africa) – Payments.
PalmPay, which has been operating in the country 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 super app 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 where it claims to process 15 million transactions on its consumer app daily and maintains a 99.5 per cent transaction success rate.
“It’s an honour for PalmPay to be recognised by CNBC and Statista as one of the World’s Top Fintech Companies,” said Ms 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”
For Piggyvest, the recognition comes on the heels of its 8th anniversary and the milestone of reaching 5 million registered users.
According to Ms Odunayo Eweniyi, COO and co-founder of PiggyVest, “It’s very validating to see PiggyVest on the list. Being included, specifically in the financial planning category, underscores the work we’ve been doing for our users and community over the years. We are in excellent company — look at that list! It just always feels nice to be recognised.”