Joy Agwunobi
Nigeria’s flourishing financial technology sector is making waves on the international scene, with four of its financial solutions companies including PalmPay, Piggyvest, Kuda Bank, and Flutterwave, recognised among CNBC and Statista’s Top 250 Fintech Companies in the World for 2024.
The CNBC/Statista list honours fintech companies that are revolutionising the financial services sector through innovative technology. Over 2,000 companies worldwide were assessed based on comprehensive key performance indicators (KPIs), both general and sector-specific, to finalise the selection.
Africa’s financial technology industry was well-represented in CNBC and Statista’s Top 250 Fintech Companies in the World list for 2024, with seven companies making the cut, including six headquartered in Africa (PalmPay, Flutterwave, Kuda Bank, Piggyvest, MTN, and Yoco), and Flutterwave, one, a multinational with a significant presence on the continent. Joining the ranks of industry heavyweights such as Alipay, Nubank, Monzo, and Revolut, these African companies have demonstrated their ability to compete on the global stage.
Recognised in the payments category, PalmPay, which has been operating in Nigeria since 2019, pioneered a unique model in Nigeria that provides financial services such as money transfers, bill payment, credit services and savings via a one-stop-shop fintech super app and mobile money agents.
The PalmPay app provides a suite of financial tools, including a savings plan with an impressive 20 percent annual interest rate available to all users. In addition to consumer services, PalmPay supports businesses with dedicated apps, a web portal, and point-of-sale (POS) solutions.
Commenting on the recognition, Sofia Zab, global chief marketing officer of PalmPay, said “It’s an honour for PalmPay to be recognised by CNBC and Statista as one of the World’s Top Fintech Companies.
“This recognition validates our unique approach to financial services and our commitment to driving 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.”
PiggyVest, Nigeria’s leading fintech savings platform, was listed in the financial planning category of the Top 250 Fintech Companies in the World list, sharing the list with renowned international companies like Monarch (US), MoneySuperMarket (UK), NerdWallet (US), and Taxfix (Germany).
PiggyVest offers a suite of personal finance management tools that allow users to efficiently manage budgets, savings, and credit scores, earning the company recognition for its contributions to financial planning and education in Nigeria.
Odunayo Eweniyi, COO and co-founder of PiggyVest, noted that it is very validating to see PiggyVest on the list.
“Being included, specifically in the financial planning category, underscores the work we’ve been doing for our users and community over the years. We are in excellent company — look at that list! It just always feels nice to be recognised,” an elated Eweniyi remarked.
Signals, silence, and the serious business of fiscal credibility