PalmPay eyes Hong Kong

Is being closely watched by the tech and finance communities, PalmPay, a Nigerian fintech company, is reportedly considering a listing on the Hong Kong Exchanges and Clearing (HKEX). This development marks a departure from the traditional path of African fintechs, which have often looked to New York or London for initial public offerings (IPOs). PalmPay's decision to pursue a listing in Hong Kong is significant, given the exchange's reputation as one of the world's busiest equity fundraising venues.

PalmPay was launched in Nigeria in 2019 with backing from Chinese smartphone manufacturer Transsion Holdings and semiconductor giant MediaTek. The company has since expanded into several other countries, including South Africa, Côte d'Ivoire, Uganda, and Tanzania. Transsion's ownership of the Tecno, Infinix, and itel brands, which dominate much of Africa's smartphone market, has given PalmPay a distribution advantage that few fintech startups enjoy.

PalmPay's potential listing on the HKEX is also significant for Chinese investors, who may now have a new exit pipeline for Africa-focused tech companies. According to Bloomberg, PalmPay is discussing a funding round that could raise about $200 million and value the company at over $1 billion. This development suggests that Chinese investors may be looking for new opportunities to exit their investments in African tech companies, rather than relying on African stock exchanges.

The HKEX has become one of the world's busiest equity fundraising venues, with a significant advantage over other exchanges. In 2025, HKEX finished as the world's largest IPO fundraising market, raising $37.4 billion across 119 listings. In contrast, listings on the NASDAQ raised less than $30 billion, excluding special purpose acquisition company (SPAC) listings. Equity capital market fundraising in Hong Kong reached $103 billion, while technology, media, and telecommunications (TMT) companies raised $44 billion.

PalmPay's decision to pursue a listing on the HKEX marks a new path for African fintechs, and one that is being closely watched by the tech and finance communities. As the company prepares for a potential listing, it remains to be seen whether this development will pave the way for other African fintechs to follow suit.

As a writer, I am intrigued by the implications of PalmPay's decision to pursue a listing on the HKEX. This development suggests that African fintechs are looking for new opportunities to grow and expand, and that the traditional path of listing on Western exchanges may no longer be the only option. As the tech and finance communities continue to watch this development closely, it will be interesting to see how PalmPay's decision plays out in the months and years to come.

• PalmPay was launched in Nigeria in 2019 with backing from Chinese smartphone manufacturer Transsion Holdings and semiconductor giant MediaTek.
• The company has since expanded into several other countries, including South Africa, Côte d'Ivoire, Uganda, and Tanzania.
• PalmPay is discussing a funding round that could raise about $200 million and value the company at over $1 billion.
• The HKEX has become one of the world's busiest equity fundraising venues, with a significant advantage over other exchanges.

As PalmPay continues to prepare for its potential listing on the HKEX, one thing is clear: this development marks a new chapter in the story of African fintechs, and one that is being closely watched by the tech and finance communities.