Six Nigerian startups—Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga—have been listed on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, which features 130 high-growth firms across the continent.
The annual FT ranking, 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.
Last year, five Nigerian startups—Omniretail, Moniepoint, Thrive Agric Limited, Paga, and Zone—were named on the 100-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.
Here is the list of the Nigerian startups that made the list:
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. In 2023, we reported Moniepoint served over 1.6 million small businesses across Nigeria and processed more than $100 billion in annualised transactions. It also recently announced expansion plans into East Africa.
“We are delighted to achieve the very highest of rankings, for the third consecutive year, in the world’s leading financial publication—the Financial Times,” said Tosin Eniolorunda, Group CEO of Moniepoint Inc. “We like to let statistics speak for themselves, and accolades do not come much higher. Maintaining such rapid growth is only possible due to the hard work of the entire Moniepoint team—and I thank them all for their continued dedication.”
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.
“This milestone coincides with our 16th anniversary, a testament to our team’s dedication and the trust our customers place in us,” said Tayo Oviosu, CEO and co-founder of Paga. “We’ve built a profitable business scaling at venture growth levels and are on an exciting trajectory.”
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.
“This recognition is a reflection of the tremendous impact our technology is having on healthcare delivery in Africa, starting in Nigeria,” said Samuel Okwuada, CEO and Co-founder of Remedial Health. “We are building the infrastructure for a more efficient, data-driven, and profitable healthcare ecosystem, and we are just getting started. Our commitment is to deliver innovative solutions that empower the frontline providers and strengthen healthcare businesses at every level.”
