Economy
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.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
By Adedapo Adesanya
Pressure on the Naira eased on Wednesday, July 15, as it appreciated against the United States Dollar by 90 Kobo or 0.07 per cent on Tuesday, July 15, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to close at N1,382.18/$1 compared with the previous day’s N1,383.08/$1.
Also, the local currency gained a further N4.07 against the Euro in the official market to sell at N1,576.69/€1 versus Tuesday’s rate of N1,583.76/€1, but depreciated against the Pound Sterling by N1.71 to quote at N1,856.69/£1, in contrast to the preceding session’s N1,854.98/£1.
At the GTBank forex counter, the Naira lost N1 against the greenback at midweek to close at N1,389/$1 compared with the preceding day’s N1,388/$1, and at the black market, it traded flat at N1,405/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover moderated as trading activities among financial institutions and market makers declined sharply.
Daily FX data released showed that NFEM interbank FX turnover closed the day at $121.727 million, about 50 per cent below the previous record of $243.095 million set on Tuesday.
Official trading records released by the central bank revealed that interbank FX deals among market makers went down from the previous day to 115 from 140.
Inflation news also eased pressure, even if the print dropped marginally to 15.91 per cent in June, a 0.2 per cent reduction from the 15.93 per cent recorded in the preceding month. The month-on-month headline inflation rate in June 2026 was 1.66 per cent, which was 0.09 per cent lower than the rate recorded in May 2026, which came in at 1.75 per cent.
In the crypto market, prices were mixed as some traders banked on softer-than-expected US inflation reports for June, while others say the inflation data is obsolete, given the renewed strength in oil prices, which sparked after fresh fighting in the Middle East.
US inflation had earlier cooled more than expected, sharply reducing market odds of a near-term Federal Reserve rate hike.
Ethereum (ETH) rose by 1.9 per cent to $1,921.62, Ripple (XRP) appreciated by 0.4 per cent to $1.11, and Binance Coin (BNB) also increased by 0.4 per cent to $582.42.
However, Solana (SOL) dropped 1.3 per cent to finish at $77.29, TRON (TRX) slumped by 0.8 per cent to $0.3240, Dogecoin (DOGE) shrank by 0.6 per cent to $0.0741, Bitcoin (BTC) declined by 0.3 per cent to $64,762.28, and Cardano (ADA) lost 0.2 per cent to end at $0.1640, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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