How PalmPay Became One of the Top 250 Fintech Companies in the World
PalmPay, a prominent Africa-focused fintech platform, has been named in the 2024 edition of CNBC and Statista’s esteemed list of the “Top 250 Fintech Companies in the World.” and as one of the fintech companies in Nigeria. This recognition highlights PalmPay’s rapid growth and significant contributions to advancing financial inclusion.
Recognition as one of the Top 250 Fintech Companies in the World
The CNBC/Statista list recognizes fintech innovators who are significantly revolutionizing the financial services industry through technology. More than 2000 companies were assessed globally based on general and sector-specific KPIs to determine the final selection. In 2024, the list included some of the most influential fintech companies in Nigeria and fintechs in the world, such as Alipay, Nubank, Monzo, and Revolut. Six other African firms were also included in the list: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial planning; and Yoco (South Africa) – Payments.
PalmPay as one of the Top 250 Fintech Companies in the World has developed an integrated platform that serves consumers and businesses in the African market. The startup, which has been in operation since 2019, introduced a unique model in Nigeria that offers financial services such as money transfers, bill payment, credit services, and savings through a one-stop-shop fintech ‘superapp’ 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 significant 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 is a market leader as one of Top 250 Fintech Companies in the World
PalmPay, one of the Top 250 Fintech Companies in the World, has rapidly become a market leader among fintech companies in Nigeria due to its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions. PalmPay processes 15 million transactions.
- PalmPay has rapidly become a leading player in the Nigerian market due to its easy-to-use interface, dependable transactions, and focus on increasing market share through free transfers and promotions. The company processes 15 million transactions daily on its consumer app, maintaining an impressive 99.5% success rate.
To achieve this level of success of fintech companies in Nigeria in a market where a 10% transaction failure rate was common, PalmPay, as one of the Top 250 Fintech Companies in the World developed its payment infrastructure, channel integrations, and transaction routing systems. In addition to its consumer wallet, PalmPay provides services to businesses that utilize the PalmPay platform through its range of POS machines, APIs, and checkout solutions.
Sofia Zab, Global CMO, stated, “It is a privilege for PalmPay to be acknowledged by CNBC and Statista as one of the World’s Top Fintech Companies. This recognition validates our unique approach to financial services and our dedication to promoting 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, Top 250 Fintech Companies in the World, operates in several key markets across Africa, including Nigeria, Ghana, and Tanzania, with plans to further expand in the region and other emerging markets. The company has global headquarters in China and London. For more information, please visit www.PalmPay.com.
