The norm of a bounded linear operator $A:\ell_1\to Y$, for any normed space $Y$, is simply $\sup_{n}\|Ae_n\|$. (This follows from the triangle inequality.) For $Y=\ell^1$, in terms of the coefficients $a_{m,n}$ this becomes
$$\|A\| = \sup_{n}\sum_m|a_{mn}|\tag1$$
the supremum of $\ell^1$ norms of columns. For $A$ to be the limit of finite-rank operators, we must be able to reduce the norm to $<\epsilon$ by subtracting a finite rank operator.
For example, subtracting $p_M A$, where $p_M$ is the projection onto the first $M$ coordinates, we find
$$\|A-p_MA\| = \sup_{n}\sum_{m>M}|a_{mn}|\tag2$$
So, a sufficient condition for compactness is $$\lim_{M\to\infty}\sup_{n}\sum_{m>M}|a_{mn}| = 0\tag3$$
It is also necessary. Indeed, if (2) does not tend to $0$ as $M\to\infty$, then we can inductively construct infinite sequences $n_k$, $M_k$ such that
$$\|A e_{n_k} - p_{M_{k-1}}Ae_{n_k}\|\ge \epsilon,\quad
\|A e_{n_k} - p_{M_{k}}Ae_{n_k}\|< \epsilon/2 $$
for a fixed $\epsilon>0$.
Hence, $A e_{n_k}$ has substantial norm within coordinates numbered between $M_{k-1}$ and $M_k$, which implies that the set of vectors $\{Ae_{n_k}\}$ does not lie in a small neighborhood of a finite-dimensional subspace.