African payment companies witness a staggering 100% growth over a five-year span
The 2023 Cross-Border Payments 100 Recognizes Africa's Fintech Boom
The cross-border payments industry has witnessed a significant shift, with African companies making a notable impact in the global landscape. This year, the publication of The 2023 Cross-Border Payments 100 list, which recognizes and celebrates key players in the industry, reflects this growing trend.
Daniel Webber, CEO and founder of the platform that publishes the list, stated that there is a growing demand for remittances in sub-Saharan and North Africa, a region that has seen a boom in key players. Between 2019 and 2023, African companies have notably increased their presence in the global rankings of top cross-border payments and fintech firms, driven by rapid fintech innovation, expanded digital financial services, and growing financial inclusion on the continent.
The top 100 is separated into seven groups: VC/growth equity backed, independently owned, banks, private equity backed, crypto, and public companies. This year's list includes six companies founded in Africa, an increase of 100% from 2019. These African companies are either headquartered or founded in Cote d'Ivoire or Kenya.
Nigeria and South Africa are regions with an increase in companies developing cross-border payment solutions. For instance, Nigeria leads Africa with 7.9 billion real-time digital payment transactions in 2024, indicating high fintech adoption that propels companies' transaction volumes and revenue growth. Companies like Moniepoint alone process over 1 billion transactions monthly, amounting to over $22 billion in volume.
African companies have evolved their offerings beyond local markets. Moniepoint launched MonieWorld, expanding digital remittance and financial services to Africans in the diaspora, such as in the UK. PalmPay operates as a full-service neobank with a nationwide agent network and API-driven B2B solutions in Nigeria.
Many African fintechs focus on underserved communities, providing accessible digital banking, credit, savings, payments, and insurance services via mobile and web platforms. This focus has driven high user growth (e.g., PalmPay has 35 million registered users). Recognition criteria for rankings typically include revenue growth, transaction volume, market penetration, innovation, and capital raised. African companies like Moniepoint have been highlighted for remarkable revenue growth and repeated inclusion in influential industry lists, underscoring their business success.
The geographical spread of companies in the top 100 is now more dispersed than ever before. The Nigerian government is making efforts to stimulate the development of digital payment solutions and the wider digital economy. Increased competition and transparency, as well as high demand for mobile money, are observed in sub-Saharan Africa.
The evolving demand for cross-border payment services is a significant trend in the industry. Africa is now a real hot spot for cross-border payment service providers, with the African companies in the top 100 this year being Orange Money, MPesa, Flutterwave, MFS Africa, Mukuru, and MTN Mobile. The list is now in its fifth year and is widely recognized as the definitive benchmark of the industry.
- The African fintech boom, as evidenced by the growing number of African companies in the top cross-border payments and fintech firms, is being driven by rapid fintech innovation, expanded digital financial services, and growing financial inclusion.
- The evolving demand for cross-border payment services has recognized Africa as a hot spot for cross-border payment service providers, with key players such as Orange Money, MPesa, Flutterwave, MFS Africa, Mukuru, and MTN Mobile on this year's Cross-Border Payments 100 list.
