Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga are the six Nigerian startups listed on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies out of 130 high-growth firms across the continent.
Last year, five Nigerian startups including Omniretail, Moniepoint, Thrive Agric Limited, Paga, and Zone were named on the company list.
The FT ranking has become a key barometer for investor interest and global visibility. At a time when African startups are navigating declining venture funding and volatile operating environments, the recognition underscores these companies’ ability to build durable businesses with wide-scale user adoption.
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The annual FT ranking is produced in partnership with research company Statista, which 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.
Here are the six Nigerian startups:
Moniepoint
Moniepoint is a Nigerian fintech company based in Lagos that provides banking services and loans via an online banking app. The company was founded by Tosin Eniolorunda and Felix Ike in 2015. 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.
OmniRetail
OmniRetail is a Nigerian B2B e-commerce platform and retail technology company that digitises the distribution of consumer goods in Africa, particularly in West Africa. It connects manufacturers, distributors, and over 150,000 informal retailers, enabling them to order inventory, access loans, and make digital payments. The company, which currently operates across Nigeria, Ghana, and Ivory Coast, closed a $20 million Series A round in April 2025.
PalmPay
PalmPay is a fintech innovator that aims to make digital payments more accessible and flexible for consumers and merchants. We improve users’ digital payment experiences by offering instant financial account creation, money transfers, and bill payments. With over 30 million registered users and aggressive offline and digital campaigns, PalmPay’s mobile wallet and bill payment services have seen exponential growth.
Termii
Termii is a communication solutions provider, particularly focused on cross-channel messaging for African businesses. It offers APIs to send messages via SMS, email, voice, and instant messaging, allowing businesses to engage, confirm, and authenticate customers. The company has become a critical enabler of real-time notifications and two-factor authentication across fintech, healthtech, and logistics platforms.
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Remedial Health
Remedial Health is a healthtech and supply chain startup digitising the pharmaceutical distribution system in Nigeria. The company provides pharmacies and patent medicine vendors with access to authentic, affordable medicines directly from manufacturers, using a mobile-first inventory and procurement platform.
Paga
Paga is a mobile payment platform that allows its users to transfer money electronically and make payments through their mobile devices. The company has evolved into a group structure with three core businesses which are Paga Consumer, Doroki (SME-focused platform), and PagaTech (infrastructure and APIs).
