Six Nigerian startups—Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga—have earned spots on the Financial Times’ 2024 list of Africa’s Fastest-Growing Companies, highlighting Nigeria’s strong presence in the continent’s tech-driven business landscape.
Now in its third year, the Financial Times ranking, compiled in collaboration with Statista, profiles 130 high-growth companies across Africa. The list measures companies’ compound annual growth rate in revenue between 2020 and 2023 and considers other indicators like workforce expansion and resilience amid inflation, currency volatility, and economic uncertainty.
In 2023, five Nigerian firms—OmniRetail, Moniepoint, Thrive Agric, Paga, and Zone—made the 100-company list. The 2024 edition reflects an even broader representation of Nigerian innovation, with six companies recognised for their sustained growth and operational excellence.
Nigerian companies on the 2024 FT Africa fastest-growing list:
Moniepoint
Formerly TeamApt, Moniepoint has transformed into a full-service business bank after reaching unicorn status following a $110 million raise backed by Google and VISA. The company serves over 1.6 million SMEs and processed over $100 billion in annual transactions in 2023. It is expanding into East Africa, as it continues to build financial infrastructure for African businesses.
PalmPay
Launched in 2019 with support from China’s Transsion Holdings, PalmPay has become a dominant player in Nigeria’s consumer payments sector. With more than 30 million users, it offers digital wallets, bill payments, virtual cards, and recently expanded operations into Ghana.
Paga
Founded in 2009, Paga is one of Nigeria’s fintech pioneers. Now operating under a group structure—including its consumer-facing app, SME platform Doroki, and infrastructure arm PagaTech—the company boasts over 21 million users and a large agent network. It is expanding into other African markets, including Ethiopia.
OmniRetail
OmniRetail provides B2B e-commerce solutions, connecting over 150,000 informal retailers with manufacturers and distributors via a mobile platform. Operating in Nigeria, Ghana, and Ivory Coast, it raised $20 million in a Series A round in April 2025 and supports 145 manufacturers and nearly 6,000 distributors.
Termii
Founded in 2017, Termii offers communication APIs for messaging, voice, and email, serving fintechs, healthtechs, and logistics firms across West Africa. Backed by Y Combinator, Termii’s latest product, TermiiGo, enhances programmable voice services and call masking, further expanding its toolkit for African developers.
Remedial Health
A digital health supply chain startup founded in 2021, Remedial Health helps pharmacies and hospitals access genuine medications directly from manufacturers. It raised $12 million in Series A funding in March 2024, led by QED Investors—marking the firm’s first healthtech investment in Africa. The platform now supports over 5,000 healthcare providers.
The FT ranking has become a significant marker for investor interest and global recognition, especially amid reduced venture capital flows and macroeconomic instability in Africa. These six Nigerian firms reflect the resilience and ingenuity driving the country’s entrepreneurial ecosystem forward.
