fintech companies in nigeria

June 8, 2021

What does FinTech stand for (Financial Technology?) To describe in the simplest of terms,

FinTech (Financial Technology) is the generic (standard) expression used to refer to the technologies (internet, mobile devices, applications program, cloud solutions, and a lot more) which are employed in providing significant financial services which were exclusive to conventional financial institutions.

challenges of fintech in Nigeria

According to reports, European venture-capital (VC) investors have slashed their investment in startups in Nigeria by more than half, dropping a total of almost $100 billion between March 2021. But banking in Nigeria is still attractive, having over $9 billion worth of value, even though the economic climate has been challenging.

In Lagos and across the rest of Nigeria, small and medium enterprises (SMEs) make big money trading products such as oil, natural gas, gold, silver, diamonds, and other ores. The business is not precisely a ‘sure-fire’ bet, but it could be an excellent alternative to African firms waiting for VC funding.

The traditional banks (accessibility, Uba, Gtb, Firstbank) are being forced to innovate to ensure their survival amidst the onslaught of fintech startups or digital banks.

The fintech area in Nigeria has become survival of the fittest, and it’s simply going to get more aggressive. That is the reason why investors and enterprise capital are pouring a lot of money into fintech.

List of approved fintech companies in Nigeria

The 15 FinTech companies in Nigeria composed in this article are some among many, and they weren’t curated in order of importance or fame.

Below are a few of the highest fintech startups in Nigeria, which are creating financial services readily accessible to the people, thus promoting financial inclusion and allowing seamless payments across numerous programs.

Visit PayStack


Paystack fintech payment alternative is arguably the top and most growing fintech business in Nigeria.

It is possible to receive payments through invoices and to generate payment webpages while using Paystack online payment gateway.

Paystack is a platform that produces the online payments procedure consistent for both the customers and the companies they’re trying to pay.

PayStack is arguably one of the best Fintech companies in Nigeria to finish customer payments using MasterCard, Visa, and Verve cards everywhere on Earth.

Visit Piggyvest


Previously, PiggyVest allows Nigerian banking cardholders to save small sums of cash frequently with minimal work.

They automate the procedure of conserving small sums daily, weekly, or monthly, then letting you draw for free on just set withdrawal dates, consequently making saving more straightforward for you by eliminating the desire to withdraw.

The startup has been based on Feb 15, 2016, by Ayo Akinola, Joshua Chibueze, Nonso Eagle, Odunayo Eweniyi, and Somto Ifezue.

Visit Tanadi


Tanadi Digital Cooperative (Tanadi) is a Nigerian pioneer Non-Interest Fintech company duly filed with the Corporate Affairs Commissions and a documented Cooperative.

The Nigerian Cooperatives Societies forces the financial inclusion of those who don’t have access to financial services, providing interest-free credit facilities to members, boosting savings civilization, and encouraging moral investment.

Tanadi is only available for citizens of Nigeria, but their solutions could be obtained from anywhere around the globe.

They’re partners with Taj Bank and Lotus Capital Limited, both professionally registered and accredited by the Central Bank of Nigeria (CBN) and the Security Exchange Commission (SEC).

Taj Bank holds all capital domicile in their clients’ accounts, and if chosen by clients, such funds are spent in finance portfolios, authorities-backed securities, and other low-risk investments.

Visit Flutterwave


Flutterwave supplies payment support for international retailers and payment service providers.
It gives infrastructure, tech assists organizations in Africa international retailers, payment service providers, also assists banks and companies construct safe and seamless payment solutions for their clients by smoothening the trade of capital.

The business was founded in 2016 by Andela co-founder Iyin Aboyeji and Olugbenga Agboola and is headquartered in San Francisco, California.

A number of its investors comprise Andela, Grey Croft & eVentures, and Visa, etc. The startup raised $35m.

Flutterwave is one of the primary Fintech companies in Nigeria that assists organizations in Africa worldwide by smoothening the payment capital from 150+ financial criteria.

Visit Interswitch


Interswitch’s broad community and total payments platform are instrumental to the evolution of the Nigerian obligations ecosystem and supply Interswitch with authenticity to enlarge across Africa.

Now, Interswitch is a top participant with significant mass in Africa’s rapidly growing financial ecosystem and can be busy across the payments value chain, offering a complete package of omnichannel payment solutions.

Interswitch is an Africa-centered incorporated digital payment and trade company headquartered in Lagos. Interswitch was set in 2002 by Mitchell Elegbe.

Interswitch utilizes a ‘shifting’ infrastructure to join different banks in Nigeria and supplies technology for ATM cards. Interswitch promotes the digital cash flow as the market of value among people and institutions on a handy and stable basis.

The vision would be to fabricate and handle payment infrastructure as communicating inventive payment goods and trade services throughout the African continent.

In November 2019, Visa spent $200 million in return for a 20 percent bet which valued the business at no less than $1 billion, cementing its unicorn standing from the procedure.

With this accomplishment, Interswitch creates the record of 15 top fintech companies in Nigeria.

Visit eTranzact


ETranzact, established in 2003, is a multi-application, multi-network, and electronic payment system which supports each substantial network, such as AMEX, VISA, and MasterCard.

ETranzact is just one of those Fintech companies in Nigeria made as a credible choice compared to all trade that is now money or checks established.

The platform ability uses the end aim which any arrangement driven by client payment could be automatic on the stage.

ETranzact as a Change procedures payment requests from several channels — Internet, ATM, POS, mobile-utilizing automated processes.

The shifting platform supports trade requests by conducting security checks on the payment cards.

Visit Kuda


Previously Called Kudi Money, it rebranded to Kuda Bank after being awarded a Central Bank of Nigeria permit. Babatunde Ogundeyi set the startup at 2017.

Kuda Bank is intended for your smartphone, free of absurd charges, and good at assisting you to budget, spend strategically and conserve more. The startup increased by $1.6m, Directed by Haresh Aswani in 2019.

Visit Fairmoney


FairMoney is a portable banking system for personal and business borrowers.

It’s an application that uses smartphone information to construct an immediate credit rating and provide loans.

Backed by both European and American shareholders, a group of 45 individuals between Paris, France, Lagos, Nigeria, and more than 350,000 loans was disbursed. FairMoney was set in 2017.

Visit Terrapay


TerraPay assembles payments infrastructure internationally, giving a B2B real-time cross-border payments support for mobile pockets and bank accounts and trade processing, clearing, and settlement solutions for domestic and regional quicker payment methods.
TerraPay increases $9.6 million in Prime Ventures, IFC, and Partech.

Visit Lidya


Lidya is a mobile-first technology with robust customer expertise and proprietary credit scoring calculations to assist small & medium companies in opening an account online in 15 minutes, handling funds and accessibility charges required to grow their companies, and planning their futures.

Launched in 2016, the business is set to close a $4 trillion SME credit gap around the entire world. It was founded in November 2016 by Ercin Eksin and Tunde Kehinde.

They intend to assist exceptional entrepreneurs with accessibility financing and develop a credit rating through their immediate loan program.

Firms browsing for $500 to $50,000 in working funds can employ online or via their cell phone and quickly find a decision.

To examine credit risk, Lidya uses near 100 data points to rate companies, produce a credit rating outstanding to each organization, and distribute loans in one day or less.

Visit Opay


Opay entered the fintech market after acquiring a controlling stake in PayCom, a Nigerian fintech based by Telnet Nigeria, in August 2018.

It’s a one-stop mobile-based platform for payment, transport, food and grocery delivery, and other significant services in regular life.

Visit Remita


Voted severally as Nigeria’s Software of the Year, Remita is a pacesetter for Fintech companies in Nigeria.

They assist institutions (SMEs, Multinationals, State Authorities, Government Agencies, NGOs, Schools, and Educational Institutions, and People to Obtain and Make payments electronically.

Produced by SystemSpecs, Remita is a success story and a pride to Africa. SystemSpecs was created in 1991 by John Obaro.
It progressively enjoyed a business-to-business company selling applications to enterprises.

Visit Voguepay


VoguePay is an internet payments chip that’s on its unique changed the obligations landscape.

Launched in 2012, the startup is available to plenty of local clients, using a straightforward and minimal effort platform because of its principal selling point.

In its very first year, VoguePay gained 17,000 users, the more significant portion of whom was out of its homeland of Nigeria. Among its bestselling points was free integration for those retailers.

Visit CarbonPaylater

carbon paylater

Today Carbon is just one of those loan programs in Nigeria that provide quick loans via its cellular program, making the procedure paperless and fast. Their solutions are now available in Nigeria.

The excellence of this later Pay program is it is straightforward to use, fast, well designed, and functions correctly. CarbonPayLater is a Nigerian lending system possessed by One Finance Limited.

CarbonPaylater started functioning around 2016. It’s among those platforms where anybody can borrow cash online immediately in Nigeria. The reality is, this complex organization is filling a massive gap.

The valuable thing about this platform is that; compared to banks in which you have to see and fill many types, CarbonPayLater provides you a charge without meeting you up close and personal.

Visit Paga


Paga’s mission is to make it easy for individuals to get and utilize money by supplying an easy and worry-free free cash transport experience. Paga is a principal payment and cellular money enterprise.

Paga’s first marketplace in Nigeria in which it’s the central mobile payment business. In the year 2009, the founders are Tayo Oviosu and Jay Alabraba.

Currently, it is possible to pay bills, make bank deposits and also pay in certain shops. Pagatech started in Nigeria to gain in the buildup of money in the financial sector and implement financial services for many African residents.

The Nigerian banking industry can be hard to get around Nigeria. But, with the advent of cellular phones and telecom technology, outstanding efforts in attaining a sizable part of the country’s inhabitants are produced through Paga.

With over 9 million clients and 17,000 brokers, Paga creates the record of 15 leading fintech companies in Nigeria.

Hope you found this write up helpful? Which of the companies have you had an experience with or your looking forward to using there services? I’d love to have your comments, questions, opinions, in the section below.

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