10 Best Fintech Companies in Nigeria (2024)

Nigeria is one of the most populous countries in Africa, with a population of more than 200 million people. It’s also one of the continent’s leading economies, with a GDP of almost $500 billion. The country has a young and rapidly growing population, which is driving demand for innovative financial services. As a result, Nigeria has become a hotbed for fintech startups.

There are now more than 100 fintech companies operating in Nigeria, according to a recent report by KPMG. These companies are providing a range of services, from mobile payments and digital banking to insurance and micro-lending. Many of these fintech startups are focused on serving the country’s large unbanked population. According to the World Bank, only 36% of Nigerians have access to formal financial services.

WHAT FINTECH IS ALL ABOUT

Financial technology, or FinTech, is a sector of the economy made up of several businesses that use cutting-edge technology to improve the effectiveness and efficiency of financial services. It is merely a technical tool that supports financial services and streamlines their delivery. FinTech startups are businesses that use software to offer financial services to the general population. These businesses are not constrained by things like outdated operating systems, unlike the traditional banking system.

FinTech companies are quick and adaptable, capable of coming up with novel ideas, and able to collaborate with information and technology industry professionals. In this article, we provide information about the top 10 best FinTech companies currently operating in Nigeria and you can trust.

FinTech companies in Nigeria are currently looking to fill the gaps left by these and other factors. The leading FinTech firms in Nigeria have seized the chance to create better financial tools and services for the general public. Nigeria’s Fintech market is still developing. However, they have so far been successful in coming up with some original concepts that have benefited the general public. Examples include addressing the problem of rigid savings, proposing quick loan strategies and investments, offering online payment gateway and seamless payments, among other things.

TOP 10 BEST FINTECH COMPANIES IN NIGERIA

Here is the list of top 10 fintech startups operating in Nigeria that are leading the way and revolutionising the financial sector in Nigeria and across Africa.

FLUTTERWAVE

Flutterwave is the leading Nigerian fintech company that provides payment processing and infrastructure solutions for African businesses. Olugbenga Agboola and Iyinoluwa Aboyeji launched the African FinTech startup in 2006, and it has slowly grown in reputation over time.

As one of Nigeria’s top FinTech companies, this software startup enables clients to send, receive, and pay invoices. It has collaborated with more than 40 banks in different African countries and handled 100 million transactions. With the help of strong connections, this leading Nigerian fintech company plans to link African businesses with those on other continents. To introduce the consumer payment services Alipay and GetBarter in 2019, Flutterwave partnered with Visa.

Additionally, this Nigerian FinTech business established a collaboration with Binance to enable Nigerians to purchase Bitcoins using the naira. Flutterwave was praised for raising up to $170 million, valuing it at more than $1 billion. The Nigerian payment startup has raised at least $225 million and obtained funds totaling more than $200 million.

The company followed up on the news that it was valued at over $1 billion by making an announcement indicating that Flutterwave is working with PayPal to make it possible for businesses in Nigeria and other African countries to accept payments. “This removes the barrier for African merchants to use PayPal as their only payment gateway because once you have @theflutterwave for business, PayPal becomes one of your payment methods,” said Flutterwave CEO Olugbenga Agboola on Twitter.

Both an iOS and an Android mobile app are available from Flutterwave. Barter and Rave, two widely used financial service apps, were also created by this company. Over 280,000 firms operate on the Flutterwave platform, which has headquarters in San Francisco and Lagos. This prestigious Nigerian fintech business presently has operations in 20 nations across Africa.

PAYSTACK

On our list of the top 10 FinTech companies in Nigeria for 2023, Paystack is ranked second. The business is a well-known and expanding provider of financial technology in Nigeria. The firm was established in 2015 by Ezra Olubi, the CTO, and Shola Akinlade, the CEO, with the belief that while starting a business is challenging, receiving payment shouldn’t be.

For both organizations and consumers, Paystack improves consistency and ease of use for online payments. Users can create payment pages and accept payments using invoices thanks to the Paystack online payment gateway. Your company may accept payments from customers using Visa, Verve, or Mastercard from anywhere in the world by using Paystack. As a result, it ranks among Nigeria’s best Fintech firms.

Paystack has not fewer than 17,000 commercial clients, including Betway, MTN, IrokoTV, Domino, and Taxify, making it one of the top FinTech businesses in Nigeria. Along with two other Nigerian businesses, it has been included among the top 250 FinTech firms worldwide. This Nigerian payment processing company enables businesses to accept and process payments online, via mobile money, or with a card.

INTERSWITCH

One of the well-known big brands in Nigeria’s FinTech sector is Interswitch. The proprietor of Quickteller offers solutions and online payment gateways. Their services have greatly benefited online shoppers. In 2002, Mitchell Elegbe launched the business, which initially operated as a processing and switching firm for electronic payments.

The financial services provided by Interswitch include point-of-sale systems, Verve and its ATM card, as well as online consumer payment platforms. It is a business that specializes in doing business in Africa and has integrated digital payments. It is among Nigeria’s oldest FinTech businesses.

Interswitch reported that as of March 2019, it was handling more than 500 million transactions per month. In the same year, the business bought a 60 percent stake in the health technology firm eClat. In addition, Retailpay, verve debit card, Smartgov, and a large number of ATMs are owned by Interswitch.

KUDA BANK

Kuda Bank is a Nigerian digital bank that offers zero-fee banking products and services to small businesses and individuals. This startup is one of Nigeria’s top 10 FinTech firms for 2023. You won’t have to bother with the fees that regular banks impose when you use Kuda Bank.

The normal paper process is eliminated by Kuda Bank because everything is done online. Users can quickly open accounts online with this bank that only accepts digital transactions. This leading FinTech firm in Nigeria additionally provides personalized Mastercard ATM cards without transfer or maintenance costs. Also cost-free are deposits.

PIGGYVEST

PiggyVest is a Nigerian saving and investment platform that helps users save money, invest, and earn interest on their savings. You can save money with PiggyVest at an interest rate that is higher than what conventional banks provide. It ranks among Nigeria’s leading FinTech startups.

PiggyVest provides a variety of savings options. You can choose to use the platform’s PiggyBank feature, which lets you automatically choose the amount of money you want to save each day. Every day, an automated withdrawal will be made from your account and stored in PiggyVest until the designated withdrawal time, at which point you can withdraw it with the specified interest.

With the Safelock feature, you can fix your money and lock it away for a set amount of time. Once the funds have reached maturity, you can withdraw them. It is comparable to the fixed deposit account offered by Nigeria’s traditional banks, with the exception that you can set the tenor yourself and earn up to 13% interest (upfront). Additional features on PiggyVest include the Flex Dollar, which lets you save money in dollars, earn interest, and send dollars to anyone using the platform.

ACCELEREX

In 2023, Accelerex, another notable Nigerian fintech, will be one to keep an eye on as it works to speed up e-payments throughout Africa. By predicting and satisfying the demand for quick and secure fintech products, solutions, and services, the company, which started operations in 2013, has continued to surpass clients’ expectations.

Since 2019, the business has maintained its position as Nigeria’s top Payment Terminal Service Provider in terms of the value of transactions processed. With more than 90,000 merchants spread across the 36 states of Nigeria, it supports 95 percent of the country’s banks.

In Nigeria, the name Accelerex is a byword for trustworthy, technology powered electronic payments. It gave birth to the brand’s operations expanding to Ghana, Kenya, and the Democratic Republic of the Congo, with plans in place to expand to other African nations before the year is out.

Accelerex provides a wide range of goods and services that streamline business and e-payment procedures. One of these is the Accelerex Agent Network Platform (ANP), a powerful web-based platform specially created to service all participants in the Agency Banking market and streamline and facilitate their company operations. RexRetail, a SME-tailored comprehensive answer for all retail business needs, was developed by putting speed and security as top priorities in the creation of products and solutions.

The software gives small and medium-sized retailers the ability to remotely manage shop operations and track the effectiveness of each outlet while digitising their retail operations around managing inventory, cashier management, and transaction processing. RexPay, its online payment gateway, enables merchants to safely and promptly receive payments.

The organization, which takes a customer-centric approach, has a cutting-edge Contact Center that operates around-the-clock to ensure prompt response to inquiries, prompt resolution of complaints, and customer support.

Additionally, Accelerex has Field Support Representatives all throughout the nation who are committed to giving its merchants urgent assistance. Accelerex is more accessible to its clients thanks to the establishment of regional offices throughout the country’s important geopolitical zones, including Lagos, the South West, the South East, the South-South, the North Central area, and Core North.

The parent business of Accelerex, Accelerex Holdings Club, joined the group of Fintechs that attracted investment after winning a $20 million funding in 2020 to support growth and the creation of new products within the organization.

Accelerex has won numerous honors and accolades, including the highly coveted Cashless Driver Award from the Central Bank of Nigeria. The global expert on workplace culture, staff satisfaction, and leadership behaviors, Great Place to Work, has also recognized the fintech company as one of the greatest working environments in Nigeria.

PAGA

Another business making headlines in the FinTech sector is Paga. It is one of Nigeria’s top 10 FinTech businesses in 2024 and has made it simple for users to transfer and receive money in Nigeria.
It was established by Tayo Oviosu in 2009 and is among the top 10 FinTech firms in Nigeria. The ranking of the top 250 FinTech firms around the world includes it with Paystack.

Paga is a reputable, efficient, and tested mobile payment provider. Users can make payments even with no internet access by simply dialing the code *242#. Paga’s original objective was to make it possible for users to send money without being charged a fee, irrespective of the amount. But over time, the business added other capabilities that permit bill payment, bank deposit, and payment at some establishments.

Visa declared that it had partnered with Paga on transactions and technology in March 2020. Users of Paga can now conduct transactions on the Visa global network thanks to this partnership. Since the year 2020, Paga has been attempting to spread outside of Nigeria. In March 2020, it bought the Ethiopian software development firm Apposit and established a presence in Mexico.

PALMPAY

PalmPay is another financial business ranked in the top ten in the nation. This is an app-based wallet that enables users to conduct a range of operations, including paying bills, sending and receiving money, recharging mobile devices, and more.

2019 saw its founding. Its main office is in Lagos, Nigeria. Sending money to other Nigerian bank accounts and other PalmPay users is quick and simple. And it’s free.

With PalmPay, you may avoid paying transaction fees and benefit from discounts that allow you to earn money while you spend it. Additionally, PalmPay offers its users the chance to shop online stress-free.

CARBON

Ngozi Dozie and Chijioke Dozie founded Carbon in 2012. Its main office is in London, England. A licensed digital bank, Carbon provides its users with access to lending services and investment options.

Users can recharge their mobile phones and pay bills with Carbon. Paylater was the previous name for Carbon. Through its mobile app, Carbon offers loans to its customers. They can obtain loans without going to traditional institutions. Consequently, the battle to obtain loans is eliminated by carbon. With carbon, obtaining loans is easy from the convenience of your home.

OPAY

Founded in March 2018, OPay. Its main office is in Lagos, Nigeria. OPay allows its consumers the freedom to make quick, simple payments while also saving money. Users of OPay can use the app to make regular payments from the comfort of their homes. Additionally, it allows users to pay other payments like school fees, cable TV subscriptions, water bills, and other utility costs. OPay offers its users the free ability to send quick and secure transfers to other banks. Additionally, there is a stress-free USSD code that can be used.

CONCLUSION

While there are other good fintech firms not listed here, the fintech industry is still in its early stages in Nigeria and faces a number of challenges. These include a lack of regulatory clarity, insufficient infrastructure, and a limited pool of talent. Despite these challenges, the Nigerian fintech industry is booming. And with the support of the government and other stakeholders, it has the potential to transform the country’s economy and improve the lives of millions of Nigerians.