The list, spanning seven categories, including digital payments, digital assets, enterprise fintech, Insurtech, wealth technology, neobanking, and alternative financing, highlights significant shifts in the financial technology landscape.
The selection process was based on key performance indicators such as revenue growth, user acquisition, product innovation, and market expansion.
Notably, global fintech investment dropped by 20% in 2024 to $95.6 billion, a seven-year low, according to KPMG’s Pulse of Fintech report.
Nonetheless, African fintechs continue to thrive, driving financial inclusion, transforming payment systems, and expanding digital lending across the continent, particularly in markets where traditional banking services are limited.
The 10 African fintechs:
| S/N | Company | Country | Category |
|---|---|---|---|
|
1 |
OPay |
Nigeria |
Payment |
|
2 |
PalmPay |
Nigeria |
Payment |
|
3 |
Moniepoint |
Nigeria/Uk |
Payment |
|
4 |
Interswitch |
Nigeria |
Payment |
|
5 |
MyFawry |
Egypt |
Payment |
|
6 |
PayMob |
Egypt |
Payment |
|
7 |
Yoco |
South Africa |
Payment |
|
8 |
PiggyVest |
Nigeria |
Wealth technology |
|
9 |
M-KOPA |
Kenya/UK |
Alternative Financing |
|
10 |
Tala |
Kenya |
Alternative Financing |
Africa’s Fintech Powerhouses
Spanning four regions, West, East, North, and Southern Africa; the selected companies reflect the diversity and resilience of African fintech innovation:
OPay (Payments): With over 60 million users, OPay operates a comprehensive super-app offering mobile payments, loans, and merchant services. Its valuation rose significantly in 2024, bringing it close to the $3 billion mark.
Recently the fintech company was awarded Fintech Company of the Year in Nigeria, and was also shortlisted by the World Economic Forum as a “Global Disruptor in Emerging Markets”.
PalmPay: (Payment) a leading payment platform has witnessed remarkable growth, serving 35 million users and processing 15 million daily transactions in Q1 2025.
It is set to enter new markets, including Côte d’Ivoire, South Africa, Uganda, and Tanzania, after being named on the Financial Times’ Africa’s Fastest-Growing Companies list in 2024.
Interswitch: (Payment) With over two decades of experience in digital payments, Interswitch has established itself as a veteran in the industry.
The company has issued over 85 million Verve cards and maintains a strong cross-border presence. Its reputation Interswitch’s dominance in the market was further recognized when it was named among Africa’s Top 10 Most Valuable Brands in 2024 by Brand Africa.
Moniepoint: (payment) formerly TeamApt, has achieved unicorn status after securing $110 million in funding from prominent investors, including Google and Visa. Its remarkable growth earned it recognition as Africa’s Fastest-Growing Fintech in the Financial Times’ 2024 list of Africa’s Fastest Growing Companies.
PiggyVest (Wealth Technology): The only African fintech named in the wealth technology segment, PiggyVest has served over 7 million users and facilitated ₦2 trillion in savings and investments since its launch in 2016.
PiggyVest won Best Digital Savings Platform at the 2024 African Fintech Awards
Expanding Across Africa
Beyond Nigeria, fintechs in Egypt, Kenya, and South Africa also earned spots:
MyFawry: (Payments): A consumer-facing platform recorded over $121.6 million in revenue in 2024, with 47% of its growth driven by digital banking services. The platform operates over 372,000 POS terminals. was named Best Consumer Fintech App at the 2024 Egypt Fintech Innovation Awards.
Paymob (Payments): Serving over 350,000 merchants, Paymob raised $22 million in 2024 to scale fintech infrastructure across North Africa and beyond. Recognised by Forbes Middle East as one of the Top 20 Fintech Startups to Watch in MENA, P
M-KOPA (Alternative Financing): Known for its pay-as-you-go smartphones and asset financing, M-KOPA now operates in five countries with 7 million customers. was given the Financial Inclusion Award at the 2024 Africa Fintech Summit.
Tala: (Alternative Financing): With $360 million in total funding, Tala has revolutionised microloans using smartphone data and now serves over 8 million users. named one of Fast Company’s Most Innovative Companies in 2024
Yoco: (Payments): South Africa’s leading POS fintech, Yoco, won Best SME Enabler at the 2024 African Fintech Forum. Known for its low-cost POS devices, Yoco serves over 200,000 SMEs. It has raised $107 million to date, including an $83 million Series C round in 2021.
Africa’s Fintech Future
The inclusion of these African startups on a global stage affirms the continent’s fintech momentum despite headwinds. While Western markets grapple with investor fatigue, African startups are solving real-world problems, financial access, inclusion, and trust, at scale.