Moniepoint, PalmPay, OmniRetail, Paga, Termii, and Remedial Health have earned top spots on the Financial Times’ 2024 list of Africa’s Fastest-Growing Companies, highlighting Nigeria’s increasing influence in the continent’s tech and business landscape.
Published annually in collaboration with Statista, the FT list evaluates companies based on compound annual growth rate (CAGR) in revenue from 2020 to 2023. It also considers workforce growth and the resilience of these companies amid economic instability, inflation, and currency fluctuations.
In last year’s edition, five Nigerian firms—including OmniRetail, Moniepoint, Paga, Thrive Agric, and Zone—made the cut. This year, six have emerged, signaling strong momentum despite declining investor funding across Africa.
This recognition reflects the companies’ ability to scale operations, drive innovation, and establish trust in volatile business environments—an increasingly important benchmark for investors monitoring African markets.
🇳🇬 Meet the Nigerian Startups on the 2024 List:
Moniepoint
Formerly operating under the name TeamApt, Moniepoint has quickly evolved into a robust digital financial platform. Following a successful $110 million fundraising round backed by global giants such as Google and VISA, the company reached unicorn status. It now operates as Moniepoint Inc., offering a full suite of business banking services including POS terminals, payroll, and loans. In 2023 alone, Moniepoint processed over $100 billion in transactions and supported 1.6 million Nigerian small businesses.
Group CEO Tosin Eniolorunda praised the team’s efforts, saying:
“Ranking at the top for the third consecutive year reflects the relentless dedication of our team. We’re proud of what we’ve accomplished—and excited about what lies ahead.”
PalmPay
Founded in 2019 with early backing from Transsion Holdings of China, PalmPay has become a prominent name in Nigeria’s digital finance sector. With a user base exceeding 30 million, PalmPay’s services—ranging from bill payments to virtual cards—have seen substantial growth. The platform is expanding across Ghana and introducing innovative offerings such as insurance products.
Paga
Founded in 2009, Paga is one of Nigeria’s earliest fintech pioneers. It began as a digital payment solution and has now diversified into three core operations:
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Paga (consumer-focused payments)
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Doroki (supporting SMEs)
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Paga Engine (API infrastructure)
With 21 million+ users and a widespread agent network, Paga continues to grow profitably.
CEO Tayo Oviosu stated:
“Celebrating this milestone alongside our 16th anniversary is a testament to our team’s resilience and our customers’ loyalty.”
OmniRetail
OmniRetail is transforming retail logistics in West Africa through its B2B e-commerce platform, allowing informal retailers to order FMCGs directly from manufacturers and distributors. Active in Nigeria, Ghana, and Ivory Coast, the platform manages orders for 145 manufacturers, 5,800+ distributors, and 150,000 retailers. The company recently raised $20 million in Series A funding to drive further expansion.
Termii
Co-founded in 2017 by Emmanuel Gbolade, Ayomide Awe, and Atinuke Idowu, Termii powers real-time communication tools for African businesses. The platform offers APIs for SMS, voice calls, emails, and two-factor authentication, serving sectors like fintech, logistics, and healthtech. In late 2023, the launch of TermiiGo added programmable voice features and call masking to its portfolio, fueling broader adoption among enterprise clients.
Remedial Health
Founded in 2021 by Samuel Okwuada and Victor Benjamin, Remedial Health aims to streamline pharmaceutical distribution in Nigeria. Its mobile-first platform connects pharmacies and vendors with authentic, cost-effective medications sourced directly from producers. The startup now serves over 5,000 healthcare providers and recently secured $12 million in Series A funding led by QED Investors, marking their first foray into African healthtech.
CEO Samuel Okwuada noted:
“This recognition validates our mission to make healthcare delivery more efficient and data-driven. We’re building the essential infrastructure to support Nigeria’s medical ecosystem.”
A Bright Future for Nigeria’s Innovation Economy
Despite widespread challenges, Nigerian startups continue to demonstrate resilience, scalability, and adaptability—earning them global recognition. The FT ranking affirms the country’s place at the forefront of Africa’s economic evolution, led by agile, tech-savvy businesses determined to reshape entire industries.
