Fintech (Financial Technology) emerges as the dominant force within Nigeria’s tech landscape. This dynamic sector commands a prominent position, having garnered a substantial influx of Venture Capital (VC) funding, surpassing all other sectors not only within Nigeria but across the entire African continent.
In a recent article presented by A3Techworld, a spotlight was cast upon the bustling Lagos startup ecosystem. This comprehensive assessment factored in exits and startup valuations spanning from the second quarter of 2020 through 2022. The outcome revealed an astonishing valuation of $8.4 billion attributed to this thriving ecosystem.
The fintech industry in Nigeria is booming, with a growth rate of over 25% per year. This is being driven by a number of factors, including the increasing use of smartphones, the growing middle class, active internet users, and Nigerians’ commitment to financial inclusion.
How Many Fintech Companies are there in Nigeria in 2023? There are now over 250 CBN Licensed fintech companies operating in Nigeria, providing a wide range of financial services to consumers and businesses.
If you are looking for a virtual card, we have a comprehensive article on the Best Virtual Dollar Cards in Nigeria for International Payment.
After detailed research, this is the list of top fintech companies in Nigeria.
- V bank by VFD
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Securing the premier position signifies that, if not unequivocally the finest, Flutterwave undoubtedly ranks among the elite Nigerian fintech enterprises. Its inception in 2016 marked the genesis of a remarkable journey, during which it extended a plethora of financial solutions. These services have traversed boundaries, extending not solely to Nigeria but also embracing a global footprint.
Embracing Flutterwave’s platform transcends geographic confines. This versatile tool empowers individuals worldwide to seamlessly initiate transactions – be it sending or receiving payments – transcending the constraints of physical proximity. Read our article on the recently launched Flutterwave Tuition.
Paystack emerges as a prominent player within Nigeria’s online payment landscape. The company’s core identity revolves around serving as a catalyst for growth for forward-thinking enterprises and artistic minds across the African continent. In its essence, Paystack pioneers the seamless facilitation of both online and offline payment mechanisms, ushering in a new era of accessible financial transactions within Africa.
Piggyvest embarked on its journey as an online savings platform within Nigeria. However, its evolution has been profound, expanding its offerings to encompass a diverse range of investment products.
In its current iteration, Piggyvest stands as a digital enabler, empowering approximately 2 million Nigerians to seamlessly save and invest through the convenience of their smartphones. This transformation underscores Piggyvest’s commitment to propelling financial growth and well-being within the Nigerian populace.
Opay stands out as a widely embraced financial application, commanding a significant presence within Nigeria. This versatile app boasts a comprehensive array of financial services, encompassing an impressive range from seamless online banking functionalities like fund transfers and savings to the convenience of airtime purchases and beyond.
Distinguished further, Opay extends a compelling incentive through cashback rewards for select transactions. Moreover, the app serves as a conduit for yielding substantial returns on your savings, adding an appealing financial dimension to its offerings.
Established in 2018, Opay swiftly manoeuvred through the fintech arena, achieving noteworthy strides that resonate within the industry landscape. Read our comprehensive guide on How to Apply For OPay POS.
Bankly, a prominent player in Nigeria’s fintech realm, directs its efforts towards democratizing financial services for the underserved segments of the population. Operating with a vision of acting as a conduit, Bankly assumes the role of a vital link connecting the informal and formal financial landscapes within Nigeria.
At the core of Bankly’s offerings lies a comprehensive suite of products. This encompassing lineup comprises an array of financial solutions including financing options, deposit facilities, avenues for savings, seamless bill payments, and an instrumental Point-of-Sale (POS) service. Through this multifaceted approach, Bankly seeks to bridge the gap and empower individuals with easier access to the financial resources they deserve. Read our article on the recently launched Bankly Microfinance Bank.
Remita stands as a prominent online payment entity in Nigeria, facilitating the process of payment collection and management of financial affairs across various banks for both individuals and enterprises.
SystemSpecs, having initially ventured into retailing software offerings and subsequently crafting its prosperous Payroll and Human Resources Management Software (HumanManager), transitioned into shaping the colossal fintech solution, Remita.
A transformative surge accompanied Remita’s rise to prominence when it assumed the role of the exclusive revenue collection system for the Nigerian government. Subsequently, Remita has transformed into a comprehensive payment platform, serving the needs of individuals and organizations alike.
Speaking of the premier fintech firms in Nigeria, Interswitch undoubtedly claims a notable spot as one of the Top Fintech companies in Nigeria.
Commencing its journey in 2002, Interswitch has evolved into a dependable entity specializing in electronic payments processing and transaction switching within Nigeria. While its operations are chiefly concentrated within Nigeria, Interswitch’s influence extends beyond borders, encompassing various other African nations.
In addition to its core pursuits, Interswitch boasts ownership of several subsidiary enterprises, including Retailpay, the renowned Verve debit card, Smartgov, and an extensive network of automated teller machines (ATMs) spanning the nation. In a stride towards diversification, the company also secured a 60% stake in eClat, a notable health technology venture.
Kuda emerges as a pioneering digital-only bank within Nigeria, presenting a modern approach to banking services exclusively through its mobile application and website. This innovative platform empowers users to effortlessly execute transactions, seamlessly transfer funds, settle bills, and access an array of financial amenities, all without the necessity of visiting a brick-and-mortar bank branch.
Teamapt stands as a dynamic fintech entity actively engaged in the creation of digital banking and business solutions, coupled with the development of robust payments infrastructure. A notable achievement within its repertoire is the operation of the most expansive non-bank mobile money platform.
At the heart of Teamapt’s offerings lie two principal products, namely Moniepoint and Monnify. These distinctive solutions play a pivotal role in shaping the company’s multifaceted presence within the fintech landscape.
One of the pioneer fintech companies in Nigeria. Carbon started out as a digital lender in Nigeria but has since transitioned into a digital bank where you can pay bills, transfer money as well as access instant loans using USSD codes.
Risevest is a Nigerian fintech company that provides a platform for investment in real estate, stock, and other assets. The company’s goal is to make investing in assets more accessible and convenient for Nigerians.
Earning a reputation as one of the swiftest expanding entities within Nigeria’s fintech sphere, ChipperCash has firmly established itself as a prominent player. Not confined to its home soil, ChipperCash has extended its influence across numerous African nations as well as the United Kingdom (UK).
At the core of its service lies the remarkable ability to facilitate seamless money transfers among various African countries, spanning South Africa, Kenya, Ghana, Tanzania, Rwanda, and Uganda. Additionally, ChipperCash offers the convenience of receiving funds from the UK.
This dynamic platform doesn’t stop at mere transfers; it unfolds an array of financial services. This includes the purchase of airtime, access to investment services, and the issuance of virtual cards in both dollar and Naira currencies. In its multifaceted approach, ChipperCash has solidified its presence as a comprehensive fintech solution.
Accelerex streamlines payments and delivers a smooth experience to customers. They offer diverse solutions like POS terminals, online payment gateways, and mobile payments.
Their technology optimizes payment processes, boosting business efficiency and curbing processing expenses. They extend their support with financial services like cash management and working capital financing to foster business growth.
eTranzact, the pioneering and award-winning multi-application, multi-channel electronic transaction switching, and payment processing platform in Nigeria, has been a frontrunner in the fintech landscape since 2003.
With over 50 partner commercial banks and microfinance institutions across Africa, eTranzact has cemented its presence. It holds integration with global giants like Paypal, Western Union, MoneyGram, and Transferwise, enhancing its international reach and capabilities.
Much like Opay, Palmpay stands as a prominent Nigerian fintech enterprise, leveraging its platform to offer a wide array of online banking conveniences such as savings, money transfers, and even loan distribution.
Boasting an impressive 5 million downloads on the Play Store, the Palmpay app has gained significant traction from social media. This popularity is attributed to its myriad of reward initiatives, encompassing referral benefits, cashback, and promotional incentives. Further expanding its reach, Palmpay furnishes payment solutions inclusive of point of sale (POS) terminals and mobile money services.
Bamboo, a swiftly expanding fintech entity in Nigeria, specializes in investment services. They extend a spectrum of offerings, encompassing savings accounts and investment portfolios. These portfolios facilitate user-friendly access to invest in both domestic and global stocks, all via a seamless mobile app.
Lidya is a fintech company founded in Nigeria in 2016 by Co-Founder & CEO Tunde Kehinde and is headquartered in the US. The company provides financial services to small and medium-sized businesses in emerging markets, including Nigeria and Ghana.
Lidya extends collateral-free business loans to individuals in Nigeria. With Lidya, companies can secure financing without the need to approach traditional banks, while also sidestepping any concealed fees.
Trove, an online investment platform in Nigeria, empowers individuals to commence investing in Nigerian and US stocks with a mere N1000.
Credpal stands as a unique fintech within Nigeria, specializing in the domain of credit cards and Buy Now Pay Later services. It introduces credit cards that provide convenient payment options anytime. Notably, these credit cards also grant cashback benefits on all purchases made.
V bank by VFD
V Bank is an emerging digital bank within Nigeria, nurtured by VFD Microfinance Bank. Beyond the standard banking features typical of Nigerian bank apps, V Bank offers an extra layer of functionality. Users can effectively monitor their financial activities, categorize budgets, and establish expenditure thresholds, enhancing their financial management capabilities.
Fint emerges as Nigeria’s inaugural loan marketplace, connecting borrowers with individual and corporate lenders keen on generating returns from low-risk investments within the country. Functioning as Nigeria’s pioneering peer-to-peer (P2P) loan platform, Fint has paved the way for this model. Nonetheless, a wave of similar P2P loan platforms has begun to surface across Nigeria.
Fairmoney is one of the popular fintech companies in Nigeria, initially gaining recognition for providing immediate online loans within the country. This venture has evolved, as Fairmoney has now transformed into a digital bank in Nigeria, equipped with a microfinance bank license. Notably, the Fairmoney loan app boasts the ability to process rapid loans in under five minutes through its mobile application.