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All You Need To Know About FinTech in Nigeria

All You Need To Know About FinTech in Nigeria. To start off, Fintech stands for Financial Technologies. It refers to technological innovation in the financial sector, including anything and everything from mobile banking and peer-to-peer payments to distributed ledger technologies and digital currencies.

Financial service delivery is gradually merging with emerging technologies in Nigeria. In this article, we talk about the top 10 best FinTech companies in Nigeria in 2022. Many fintech products are designed to connect consumers’ finances with technology for ease of use, although the term is also applied to business-to-business (B2B) technologies as well. 

Fintech over time has evolved to disrupt and reshape commerce, payments, investment, asset management, insurance, clearance, and settlement of securities and even money itself with cryptocurrencies such as Bitcoin.

List of the Top Fintech Companies in Nigeria

Top Fintech Companies in Nigeria, All You Need To Know About FinTech in Nigeria. They are firms/startups or products that are currently taking opportunities and leveraging tech to tackle financial problems in Nigerian society.

How many fintech companies are in Nigeria? In 2022, we have over 230 fintech startups in Nigeria. Compared to the previous years, the number of startups in this sector experienced an increase. Nigeria has, in fact, some of the highest amounts of fintech startups in Africa.

Here are some of the top fintech startups in Nigeria that are making financial services easily accessible to the population, thereby promoting financial inclusion and enabling seamless payments across multiple platforms in no particular order.

Below is a list of the top Fintech companies in Nigeria in 2022:

  1. Flutterwave
  2. Paystack
  3. Accelerex
  4. PiggyVest
  5. Paga
  6. Interswitch
  7. E-tranzact
  8. Carbon Paylater
  9. Remita (SystemSpecs)
  10. Kuda Bank

Flutterwave in Nigeria

Who hasn’t heard of Flutterwave at this point, especially with their recent feats? The African FinTech company was founded in 2006 by Olugbenga Agboola and Iyinoluwa Aboyeji and has steadily gained recognition over the years. This tech startup is rated one of the top FinTech companies in Nigeria that help customers send, receive money, and pay bills. It has partnered with over 40 banks across various African nations and has processed 100 million transactions.

This top Nigerian FinTech company is set to connect African businesses with businesses in other continents with powerful partnerships. In 2019, Flutterwave entered a partnership with Visa to launch Alipay and GetBarter, a consumer payment product. This Nigerian-based FinTech company also initiated a partnership with Binance, making it possible for Nigerians to buy Bitcoins using the naira currency.

Flutterwave was celebrated for raising as much as $170 million, which placed it at over $1 billion in value. The Nigerian payment company has raised not less than $225 million and has secured over $200 million in funding. Shortly after the news of being valued at over $1 billion went viral, the company followed it up with an announcement stating that Flutterwave is collaborating with PayPal to enable businesses in Nigeria and other African countries to receive payments.

According to Flutterwave CEO Olugbenga Agboola on Twitter, “This removes the restriction for African merchants to accept Paypal because once you have @theflutterwave for business, PayPal is now one of your payment types”. Flutterwave has a mobile app built for both Android and iOS. It is also the developer of Barter and Rave, 2 popular financial service apps in use today.

Flutterwave has offices in Lagos and San Francisco and has over 280,000 businesses carrying out businesses on its platform. This top Nigerian Fintech company currently operates in 20 African countries.

Paystack in Nigeria

Paystack takes up the number 2 position in our list of the top 10 best FinTech companies in Nigeria in 2022. The company is a leading and growing financial technology company in Nigeria. Founded in 2015 by Shola Akinlade (the company CEO) and Ezra Olubi (the company’s CTO), Paystack runs with the mindset that even though it is hard to build a business, getting paid shouldn’t be hard.

Paystack makes online payment easier and more consistent for businesses and consumers. The Paystack online payment gateway enables users to receive payments using invoices and creating payment pages. With Paystack, your business can complete payment from clients using Visa cards, Verve cards, or Mastercard from any part of the world. This makes it one of the top best Fintech companies in Nigeria.

Paystack is rated one of the top FinTech companies in Nigeria as the company has not less than 17,000 business clients such as Betway, MTN, IrokoTV, Domino, and Taxify. It has been enlisted in the world’s top 250 FinTech companies alongside two other Nigerian companies.

Accelerex in Nigeria

Accelerex is another leading fintech in Nigeria to watch out for in 2022 as it continues to take giant strides towards accelerating e-payments across Africa. The company, which commenced operations in 2013, has continued to exceed customers’ expectations by anticipating and meeting their demand for fast and secure fintech products, solutions, and services. 

The company has consistently ranked as the number one Payment Terminal Service Provider in Nigeria regarding the value of transactions processed since 2019. It supports 95% of Nigerian banks, with over 90,000 Merchants across the 36 states in the country.

The name Accelerex is synonymous with reliable, cutting-edge electronic payments in Nigeria. It birthed the expansion of the brand’s operations to Ghana, Kenya, and DR Congo, with plans underway to grow to other African countries before the end of the year.   

 PiggyVest in Nigeria

PiggyVest is one of the best platforms for saving. With PiggyVest, you get to save money at an interest rate higher than that offered by traditional banks. It is one of the top best FinTech companies in Nigeria.

PiggyVest offers different saving plans. You can decide to go for the PiggyBank feature on the platform, which enables you to set automatically the amount of money you want to save daily.

The amount will automatically be deducted from your account every day and saved in PiggyVest until the set time for withdrawal, where you withdraw with the stipulated interest (current 8% p.a).

The Safelock feature lets you fix your funds and lock them up for a specified period. You can only withdraw the money when it has matured. It is similar to the fixed deposit account in the traditional banks in Nigeria, except you get to fix the tenor yourself and get up to 13% interest (upfront).

There are also other features on PiggyVest, such as the Flex Dollar that enables you to save in dollars, earn interest and transfer dollars to anyone on PiggyVest.

Paga in Nigeria

Paga is another company making waves in the FinTech industry. It has made it easy for users to send and receive money in Nigeria and is one of Nigeria’s top 10 FinTech companies in 2022. It was founded by Tayo Oviosu in 2009 and is one of Nigeria’s top 10 FinTech companies. It has been featured alongside Paystack in the list of the world’s top 250 FinTech companies.

Paga is a mobile payment company that is tested, reliable and quick Even without an internet connection, users can make payment by simply dialing the code, *242#. The initial goal of Paga was to enable users to transfer money without charges regardless of the amount. However, with time, the company brought in other features that will allow bank deposits, bill payments, and pay in some stores.

In March 2020, Visa announced that it had entered a partnership with Paga on payments and technology. This collaboration enables Paga users to make transactions on Visa’s global network. Paga, since 2020 started making moves to expand to other countries asides from Nigeria. It acquired the Ethiopian software development company, Apposit in January 2020 and opened an office in Mexico.

This top Nigerian FinTech company boasts over 12 million users, with more than 20,000 agents in different parts of the country.

Top FinTech Trends to Look Out For in 2022

Top FinTech Trends to Look Out For in Nigeria, fintech trends to watch in 2022, All You Need To Know About FinTech in Nigeria. FinTech or financial technology is experiencing the acceleration of positive change these days. Advancements in this industry are meant to help financial services companies and their clients who use those services to navigate risks, avoid overspending, and generally better manage their finances.

Below are the top FinTech Trends to Look Out For in Nigeria 2022

  • Biometric Security Systems
  • Customer-centric applications
  • Autonomous Finance
  • Big Data Management
  • Voice Technologies
  • RegTech in financial services

FAQ: All You Need To Know About FinTech in Nigeria

Who regulates FinTech companies in Nigeria?

Banks and OFIs are licensed and supervised by the CBN.

How many Fintech companies are in Nigeria?

As of 2020, Nigeria is now home to over 200 fintech standalone companies, plus a number of fintech solutions offered by banks and mobile network operators as part of their product portfolio.

Is PayPal a Fintech company?

Yes, PayPal is a global financial empire, probably the biggest in history; it also is one of the world’s first FinTech companies.

Who regulates fintech companies in Nigeria?

The Central Bank of Nigeria (CBN) is the primary regulator of the Financial Services Sector in Nigeria. The CBN has made regulations that impact Fintech in Nigeria

Is Bitcoin a FinTech?

Cryptocurrencies are a unique type of fintech with the potential to transform every vertical of the financial sector, from trading and investments to payments or lending.

How much does it cost to start a Fintech in Nigeria?

The average cost of developing a FinTech app varies from $50,000 to $300,000. However, the exact figure depends on a broad range of factors.

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