OmniRetail (B2B E‑commerce, Lagos)

Crowned Africa’s fastest‑growing company, OmniRetail grew revenues from ~$0.28M in 2020 to over $120M by 2023—a CAGR of ~796%.
It connects >150,000 informal retailers with manufacturers via its platforms (OmniBiz, OmniPay), operating in Nigeria, Ghana, and Côte d’Ivoire. Its asset‑light model and focus on credit access fuel growth.

PalmPay (Fintech Super‑App)

Ranked 2nd fastest in Africa, PalmPay expanded from ~$0.2M in revenue (2020) to $63.9M in 2023 (CAGR ~584%).
With over 35 million users, >15 million daily transactions in Q1 2025, and more than 1 million agents, PalmPay bundles payments, banking, insurance, and wealth products into one app.

Remedial Health (Health‑Tech Platform)

This startup ranked 3rd fastest, scaling revenues from ~$0.19M to ~$16.3M in just three years (CAGR ~339%).
Remedial Health digitizes pharma procurement for pharmacies and PMVs—serving over 14,000 providers across all 36 states, with $40M financed in medicines and over 300 staff.

Moniepoint (Fintech / Business Banking)

Originally TeamApt (founded 2015), Moniepoint transformed into a full banking platform, offering payments, loans, payroll and merchant services.
In October 2024, it raised $110M in Series C (bringing total to $120M+), attaining unicorn status and processing over 1 billion transactions monthly (~$17B value).

Termii (Communications Tech / API Platform)

Ranked among Nigeria’s fastest growers by the FT, Termii provides enterprise-grade SMS, email, voice, and messenger API solutions to power authentication and customer engagement for pilots, fintechs, e‑commerce and logistics firms across Africa.

 Why These Five?

• Explosive growth rates backed by FT‑Statista verified data from 2020–2023

• Strong leadership in fintech, health‑tech, and B2B logistics sectors

• Proven product-market fit across tens of thousands of SME retailers, agents, pharmacies, and users

• Heavy venture backing and funding rounds to scale regionally and monetize fast

Lagos’s dense population is advantageous for young, entrepreneurial endeavors, but there are also obstacles related to talent migration, infrastructure shortages, and finance delays. Health-tech and B2B commerce pioneers like OmniRetail and Remedial Health are creating waves by addressing structural gaps in Africa’s informal economy, even as fintech continues to rule. Last Word

These five Nigerian businesses are not only expanding rapidly but also changing entire industries, from financial apps that are transforming access and automation to marketplaces that are digitizing retail distributes.