FinTech is an emerging trend that is revolutionizing the financial industry in Nigeria as companies in this sector are experiencing rapid growth writes Awonor Matthew
From digital banks, and crypto companies to other financial solutions, the Nigerian ecosystem is becoming a very strong force in financial technologies. Other fintech companies utilize the power of crypto to build apps and platforms that are helping Nigerians also to earn money. A cryptocurrency information blog, Coin Decimal has also shared a lot of information to help anyone understands more about the crypto market and how to benefit from the industry.
About Fintech?
Fintech is the use of technology in the financial services industry. It’s an umbrella term for a range of innovations that are transforming traditional banking and finance.
Fintech companies in Nigeria are using technology to offer innovative financial solutions to customers and help them live better lives. This can include ventures that offer financial services such as peer-to-peer lending, online payment processing, and Robo-advisory.
Fintech companies provide financial services ranging from loans, payments, wealth management, remittances, and investment advisory services to customers through the internet and mobile channels.
In this post, we are going to be covering some of the top 15 Fintech companies in Nigeria. Most of these companies are located in Lagos, Nigeria. However, our goal for this post is to explore the Nigerian ecosystem as a whole.
Top 15 Fintech Companies in Nigeria Updated 2022
The following is a list of top 15 fintech companies operating in Nigeria. They are, however, not in any particular order.
1. Paystack
2. Flutterwaves
3. Interswitch
4. Kuda Bank
5. Remita
6. Piggyvest
7. Renmoney
8. Chipper Cash
9. Carbon
10. Paga
11. E-tranzact
12. Alat By WEMA BANK
13. Opay
14. Fairmoney
15. PayU
1. Paystack
Paystack is a payment platform that is offering a complete solution for online merchants in Nigeria, South Africa, Ghana, and spanning across other African countries. The company supports online payments and is available to merchants across the world. It has APIs that can blend into any web, desktop, or mobile application as well as CMS plugins for payment processing making it one of the largest fintech companies in Africa.
2. Flutterwaves
Flutterwave is an innovative financial technology company with offices in Lagos, Nigeria, and San Francisco, USA. It provides a single integrated payment platform that allows businesses to receive payments for goods and services from customers worldwide using their local currency or digital assets. It has grown to even accept foreign currencies such as dollars and pounds.
3. Interswitch
Interswitch Limited being one of the most reliable payment solutions for other tech companies in Nigeria is the number one Nigerian payments processor that provides financial services including money transfer, mobile banking, point of sale (POS) terminals, prepaid cards, and e-commerce solutions across Africa through its subsidiaries such as One Network Bank (ONB).
4. Kuda Bank
Kuda Bank was launched in September 2019 with the objective of making banking accessible to everyone regardless of their location or income level by offering simple yet affordable products without sacrificing security or service quality. The digital bank has now grown rapidly to become one of the Nigerian most used banks without an office.
5. Remita
Remita is a global provider of innovative payment solutions and financial services. It offers easy, secure, and cost-effective payments made simple, with a focus on emerging markets. Remita powers most government agencies in Nigeria providing payment solutions and remittances to government websites.
6. Piggyvest
If you are looking for the fastest way to save up for any small project, then Piggyvest is your go-to platform. Piggyvest is an online saving platform that provides individuals with access to save up to their goals. It also has a group saving option which allows you to do a family or group saving towards a target goal.
7. Renmoney
Renmoney as a fintech company is a combination of quick loan apps which provides businesses and individuals access to quick advance loans and small business loans to solve basic needs. It also has payday loans, to access this, all you need do, is provide your BVN and receive the loan disbursement in minutes.
8. Chipper Cash
Chipper is the fastest-growing fintech company in the US stretching its business footprints to Nigeria. It currently has Nigerian afrobeat singer and the African giant, Burna boy as its brand ambassador.
9. Carbon
Carbon is a payment company that offers payment solutions such as mobile money, interbank transfers, withdrawals, POS, and access to instant quick loans. The company turned into a digital bank to expand its services by opening savings accounts.
10. Paga
Paga is a mobile money service provider that allows users to send funds from one person to another using their mobile phones or other devices connected to the internet. The funds can then be withdrawn at any Point of Sale (POS) terminal across Nigeria.
11. E-tranzact
E-tranzact is a payment solution provider that offers payment solutions for businesses such as e-commerce, bulk billing, and POS terminals that accept card payments from customers or merchants who use them for business purposes or personal transactions respectively.
12. Alat By Wema Bank
Alat by WEMA Bank is a mobile app that allows you to make payments and transfer money directly from your smartphone. It was launched in 2017 and has since then become one of the most used Fintech companies in Nigeria.
Being the first fully digital bank in Nigeria, Alat has set the gap between traditional banking and the current days banking system. Alat has Davido as its brand ambassador and is very popular.
13. Opay
Opay is a Nigerian-based fintech company that offers a mobile wallet and payment processing platform. The company has spanned its wings touching different areas of fintech in Nigeria. It has other subsidiaries such as Okash, savings, loans, etc. It also enables you to use your phone number as a bank account which can be funded through any mobile banking app in Nigeria.
14. Fairmoney
Fairmoney is a Nigerian fintech startup that provides microcredit loans to small businesses and individuals. The startup was founded by Laurin Hainy (CEO), Nicolas Berthozat (COO), and Matthieu Gendreau (CTO) in 2017 to help people in Nigeria solve their most urgent needs by providing them access to quick instant loans.
15. Swiftpay
Swiftpay is an Access Bank-owned fintech company that is providing business-to-business (B2B) payment solutions helping merchants and business owners to gain trust and get paid faster by their clients.
Conclusion
Fintech companies in Nigeria are on the rise, with the economy becoming more digital with each passing day. These companies are helping millions of people across Nigeria to be financially secured, which was not previously an option. Keeping up with these companies will surely be of help.
