Top 15 Fintech Companies in Nigeria
Fintech Companies in Nigeria – The fintech industry in Nigeria has seen tremendous growth over the past decade. Fintech refers to financial technology that aims to improve and automate the delivery and use of financial services. Nigeria’s large unbanked population, increased mobile phone penetration, and regulatory reforms have created an opportune environment for fintech innovation.InformationGuideNigeria
As of 2022, there were over 200 fintech startups in Nigeria, with an estimated valuation of over $500 million. These startups are disrupting traditional financial services like banking, payments, lending, investments, and insurance. They are leveraging technology to make these services more accessible, affordable, and convenient for underserved demographics.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThis article highlights the top 15 fintech companies shaping Nigeria’s rapidly evolving fintech landscape. For each company, we explore its key features, products or services, year of launch, founders, funding, and headquarters location.Top 15 Fintech Companies in Nigeria
The top 15 Fintech Companies in Nigeria
The top 15 fintech companies in Nigeria are:
1. Paystack
source: Paystack&sca
Paystack is Nigeria’s leading payments startup. It was launched in 2015 by Shola Akinlade and Ezra Olubi. Paystack enables businesses to accept online and offline payments via credit card, debit card, money transfer and bank account. Its key features include payment APIs, payment pages, subscription management, split payments and more.
In 2020, Paystack was acquired by financial services company Stripe for over $200 million. This remains one of the largest exits for a Nigerian startup. Paystack is headquartered in Lagos. It has raised $13.5 million in funding from investors like Stripe, YCombinator, Tencent and Visa.15 Best Job Sites in Nigeria 2023
Read Also: Top 15 Fintech Companies & Startups To Know In 2023
2. Flutterwave
source: Flutterwave
Flutterwave is a Nigerian fintech company founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola. It develops payment technologies and infrastructure to enable global payments for companies operating in Africa. Flutterwave’s API makes it easier for merchants to process credit card and local payments across Africa.
Key features include payment processing, Split, Rave, Barter, Store, Send, etc. Flutterwave has raised $107.5 million and is backed by investors like Mastercard, Capital Factory, Glynn Capital, Avenir Growth, Green Visor Capital, etc. It is headquartered in San Francisco, with offices in Nigeria, South Africa, Kenya, Uganda, etc.
3. PiggyVest
source: PiggyVest
PiggyVest (formerly Piggybank.ng) is Nigeria’s leading online savings and investment platform, founded in 2016 by Joshua Chibueze, Odunayo Eweniyi, and Somto Ifezue. It offers tools and investment options for savings, expenditures, and wealth creation.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaKey features include Save for goals, Invest for wealth, Target Savings, Flex Naira, and Flex Dollar. PiggyVest has over 1 million users and has processed over $1 billion in transaction value. It has raised $31.4 million from investors like Target Global, Partech Ventures, Ventures Platform, etc. Headquarters is in Lagos.
4. Carbon
source: Carbon
Carbon is Nigeria’s first digital bank providing enterprise banking services to startups and SMEs. It was founded in 2012 by Chijioke Dozie and Ngozi Dozie. Carbon’s key offerings include business accounts, payments, credit facilities, payroll, analytics, financial insights and other financial services.
Key features include digital account opening, lending, wire transfers, bill payments, bulk transfers, etc. Carbon has raised $141 million in funding so far from investors like BFA, Rabobank, Gray Matters Capital, Omidyar Network, and Paystack. It is headquartered in Lagos.Best Acupuncture for Waist Pain
5. Kuda Bank
source: Kuda Bank
Kuda Bank is a fast-growing Nigerian digital-only bank launched in 2019 by Babs Ogundeyi and Musty Mustapha. It provides a full banking service on a mobile app. Kuda’s features include savings accounts, local and international transfers, bill payments, card services and personalized finance insights.
Kuda has raised $91 million from leading investors like Valar Ventures, Target Global etc. It has over 2.5 million customers. Kuda’s headquarters is in Lagos with additional offices in London and Accra.
Read Also: Top 15 Leading Fintech Companies in Nigeria
6. Paylater
source: Paylater
Paylater is a consumer lending platform founded in 2018 by Chijioke and Ngozi Dozie. It offers instant credit facilities to make purchases online or in-store. Paylater users can access short-term loans and pay them back within a month in installments.
Key features are no collateral, no paperwork, competitive interest rates, and repayment flexibility. Paylater has partnered with over 100 merchants. It has raised $15 million from investors like Global Ventures and Novastar Ventures. Headquarters is in Lagos.105 Good Morning My Love Messages
7. Chipper Cash
source: Chipper
Chipper Cash is one of the leading African fintech startups that allows users to easily send and receive money across Africa. The San Francisco-based company was launched in 2018 by Ham Serunjogi and Maijid Moujaled. Chipper Cash offers free cross-border payment services and leverages blockchain technology to enable seamless transfers.
Users can send and receive money directly to mobile wallets or bank accounts. Key features include free transfers, instant settlement, multiple currency support, and flexible options to cash out like bank transfers or mobile money. The app supports payments in Nigeria, Ghana, Uganda, Tanzania, Rwanda, and Kenya.
As of 2022, Chipper Cash has processed over $100 million in transactions with over 4 million users. The company has raised over $260 million in funding from major investors like Deciens Capital, Ribbit Capital, Bezos Expeditions, and others. The startup’s significant traction and usage make it one of the top fintech companies in Nigeria.200 Romantic Message for Her
8. Paga
source: Paga
Paga is Nigeria’s leading mobile payments company that aims to make financial services accessible to everyone. Founded in 2009 by Tayo Oviosu and Jay Alabraba, the startup pioneered the agent model for mobile money in Nigeria.
Users can send and receive money via the Paga app by linking their phone number to their Paga wallet. One of the key features is the agent network of over 100,000 agents, where users can deposit and withdraw cash. Paga has an agent presence across 36 states in Nigeria.
The company offers various other financial services like bank account services, payment of bills, purchase of airtime, and funds transfer to bank accounts. Paga supports payments for online shopping and cashless transactions at shops through Paga terminals. As of 2020, the startup had over 15 million users and processed over 6 billion transactions worth over $8 billion.
Paga raised $10 million in Series B funding in 2018, making it one of the top funded fintech startups in Nigeria. The company has backing from high-profile investors like Adlevo Capital, Omidyar Network, and Unreasonable Capital.
Read Also: 15 Digital Startup Companies in Nigeria
9. eTranzact
source: eTranzact
eTranzact is a leading fintech company in Nigeria that provides advanced mobile banking and payment solutions. Founded in 2003, eTranzact offers mobile banking apps, payment platforms, and other innovative products geared towards consumers, businesses, banks, and government agencies.
Some of the company’s core products include eCard payment cards, nTRANZACT & mTRANZACT mobile apps, PocketMoni mobile payment app, BankIT financial management app, and BankOM e-banking platform. Over 500,000 transactions are processed via the eTranzact platform each day.
The company has raised over $9 million in funding so far from investors like Valiant Capital Partners, Capricorn Investment Group, and Consonance Kuramo Holdings. eTranzact has partnered with major banks in Nigeria to deploy its technology and has been certified by the Central Bank of Nigeria. This makes it one of the most credible and trusted fintech platforms in the country.
10. V by VFD Microfinance Bank
source: V by VFD
V by VFD MFB is a fintech platform by the Nigerian microfinance bank VFD that aims to leverage technology to offer inclusive financial services. The company was founded in 2016 by the VFD Group and provides digital banking services along with microloans.
V Bank offers consumer-focused products like V by VFD accounts, wallets, payment cards, and fast microloans. It also has business banking solutions, APIs for banks, and white label solutions. Customers can access V Bank services via the mobile apps, USSD, WhatsApp, or through an agent network.
As of 2022, V Bank had over 3 million customers and had disbursed over 5 million microloans. The company is positioned as a leading fintech platform for the mass market or financially underserved consumers. It has raised undisclosed seed funding from investors like Bamboo Capital Partners, Flutterwave, and Oviosu Capital.
11. Koboline
source: Koboline
Koboline is a fast-growing wealth management and investment fintech company based in Nigeria. Founded in 2017 by Ire Aderinokun, Koboline aims to make saving and investing easy, accessible, and rewarding for Nigerians.NYSC Portal
The startup offers solutions for savings, investing, and financial management. Key products include the Kobopay digital wallet, BankingStack APIs, and Theyvest investment app. Users can get started in a few minutes to save or invest in stocks, crypto, or mutual funds.
Other features include AI-based portfolio management, fractional share investing, and loyalty rewards. As of 2022, Koboline had over 300,000 users and had processed transactions worth $200 million. The company recently raised $2.2 million in seed funding from Orange Digital Ventures Africa, DFS Lab, and Enza Capital.
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12. Bamboo
source: Bamboo
Bamboo is a fintech startup that offers innovative investment and wealth management solutions for Africans. Founded in 2019 by Richmond Bassey and Yanmo Omorogbe, Bamboo has quickly become one of the leading robo-advisor and investment apps in Nigeria.
The company aims to make investing accessible, easy and rewarding to Africans. Bamboo provides users access to US stocks, ETFs, and well-diversified portfolios. The app makes investing seamless through features like account setup in 5 minutes, minimums as low as $1, and automated portfolio rebalancing.
As of 2022, Bamboo had over 200,000 users with over $350 million in investment transaction volume. The company raised $15 million in a Series A round in 2021 from investors like Tiger Global and Greycroft. Bamboo is positioned as a leading next-gen investment platform for Nigerians and Africans.
13. Interswitch
source: Interswitch
Interswitch is the leading and most established fintech company in Nigeria, providing digital payment solutions and infrastructure. Founded in 2002 by Mitchell Elegbe, Interswitch introduced the first electronic switch to facilitate ATM sharing in Nigeria.
Today, the company offers a wide range of payment products and services for consumers and businesses. Key offerings include payment processing, merchant solutions, personal and business banking, Quickteller, Paydirect, and Verve payment cards. Interswitch owns leading payment brands like Verve, which is Africa’s first chip and PIN card.
As of 2021, Interswitch had enabled over 18 billion digital transactions worth over $85 billion. The company has an impressive network of over 190,000 ATMs and 99,000 PoS terminals and is connected to 19 banks in Nigeria. Interswitch is recognised for driving payment innovation in Nigeria and Africa.JAMB Portal
14. Opay
source: Opay
OPay is a leading fintech platform launched by the Chinese company Opera with big ambitions in Nigeria. The mobile payment startup aims to become Africa’s largest fintech ecosystem, offering payments, transportation, food delivery, lending, and more.
OPay gained significant traction thanks to instant person-to-person transfers and airtime top-up services. Users can easily send money, pay bills, and buy things using the OPay app. The startup has an extensive agent network of 300,000 agents for cash-in and cash-out services across Nigeria.
The app also offers popular services like ORide okada rides, OCar private car-hailing, OFood delivery, and smartphone financing via OLoan. OPay had processed $2 billion in transactions by 2019, positioning itself as one of Nigeria’s fastest-growing fintech startups. The company has raised $170 million in funding from top investors like Softbank.
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15. UfitPay
source: UfitPay
UfitPay offer all-in-one simple and convenient payment solution at cheaper rate. UfitPay solutions covers Gateway Payment, Buy Airtime, Internet Data, Pay Electricity bill, Cable-TV Subscription, Water Bills, Church Offerings, School Fees and instant Fund Transfer.
Within 5 month, UfitPay has recorded a gross revenue of $121,732. Currently, UfitPay attained an average volume of 385 transactions per week. From first launch till date, UfitPay has acquired the following user counts: 2,730 Custome…
Other Notable Fintech Companies in Nigeria
Some other promising fintech startups serving Nigerians include Paystack, Flutterwave, Carbon, TeamApt, Lidya, FairMoney, Cowrywise, and Wallets Africa. The Central Bank of Nigeria has also launched initiatives like the regulatory sandbox to catalyze fintech innovation. Nigeria’s large unbanked population, increasing smartphone penetration and evolving regulations provide a thriving environment for fintech disruption.
Conclusion
In conclusion, Nigeria has emerged as a hotspot for fintech innovation and given rise to many promising startups aiming to enhance financial inclusion. The top fintech companies highlighted in this article have raised significant funding, gained millions of users and are enabling more Nigerians to access digital financial services.
From payments to lending, investing and crypto, these leading fintech players are leveraging technology to provide secure, seamless platforms. Their continued growth will boost the economy, create jobs and support Vision 2020 goals for financial inclusion. The Nigerian fintech space is poised for exponential growth as these innovative companies attract investors and partners across Africa.
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