Top 21 Leading Tech Startups and Companies in Nigeria | 2024

This article contains the list of top 21 leading tech startups and companies in Nigeria. Launching and sustaining tech startups in Nigeria in 2024 is a significant challenge.

If you’ve been keeping up with Nigeria’s tech news, you’ve probably noticed that the excitement around tech companies is getting bigger and isn’t just hype. Nigeria is quickly becoming a major player in tech, with startups and well-established companies making a name for themselves both locally and globally.

Most of these tech companies are spread across Nigeria, especially in Lagos, and they’re leaders in their fields. They’re driving innovation, creating tons of job opportunities, and solving real-world problems. They’re not only changing the tech space but also making life easier for everyone.

Nigerian tech companies including those in sectors such as fintech, e-commerce, healthtech, and agritech are shaking up different industries. These companies have succeeded in securing investments, expanding their workforce, and increasing their revenues.

Read on as we list the top tech startups and companies in Nigeria and how they’re impacting the economy. The list was compiled using the following criteria: funds raised, employee growth rate, and the company’s mission statement.

Also read – Top 21 Biotech Startups Creating Waves in Africa

What are Tech Startup companies?

Tech startup companies, or tech startups, are newly established businesses focused on developing and bringing innovative technological solutions to the market.

These companies typically operate in sectors like software, hardware, biotechnology, and digital services.

Tech startups in Nigeria are particularly notable for leveraging technology to address local challenges, such as financial inclusion, healthcare, and education.

Examples include fintech firms revolutionizing payment systems and edtech companies enhancing learning experiences.

Nigerian tech startups often attract significant attention from investors and accelerators, fueling their growth and contributing to the country’s burgeoning tech ecosystem.

Top 21 Leading Tech Startups and Companies in Nigeria | 2024

Here is a list of the top 21 tech startups in Nigeria in 2024:

1. Siliconafrica
2. Moove Africa
3. Reliance Health
4.  Flutterwave
5. Umba
6. Omnibiz
7. Vendease
8. TeamApt
9. Interswitch
10. Opay
11. LifeBank
12. Tizeti
13. BuyCoins
14. Max.ng
15. Paga
16. Migo
17. Helium Health
18. Vendease
19. Bundle Africa
20. Termii
21. MedSaf

1. SiliconAfrica

Silicon Africa Technologies was founded by Ajah Excel in 2019 with its operational headquarters in Owerri and is one of the top tech companies in Nigeria. The company works tirelessly to put Africa on the digital innovation global map by training and supporting young and crazy innovators and tech startup companies in Africa.

Additionally, they organize one of the biggest tech events in the southeastern part of Nigeria, which they named “SMFest.” It is a platform that teaches its audience how to leverage the power of technology, social media, and innovation to advance their businesses, brands, and causes, by providing ideas, exposure, and insights that help people and businesses understand how to explore all the advantages of digitalization.

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2. Moove Africa

Moove is another leading tech startup company based in Lagos, with a presence in Ibadan and other parts of Africa. It was founded in 2019 by Ladi Delano and Jide Oduns, officially launching in June 2020.
Moove focuses on providing vehicle financing solutions for mobility entrepreneurs across Africa. They offer affordable loans for drivers who want to buy cars for commercial use, with flexible repayment plans that stretch over four years. Moove also provides revenue-based financing and other financial services for ride-hailing, logistics, mass transit, and delivery platforms.
A major milestone for Moove was securing a $100 million investment from Uber, which raised the company’s valuation to $750 million. Moove aims to make vehicle ownership more accessible across Africa in partnership with Uber.

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Also read – Kenya Announces Plans to Develop National AI Strategy

3. Reliance Health

Reliance Health leverages technology to enhance the affordability and accessibility of healthcare in emerging markets.

This is achieved through a comprehensive approach encompassing affordable health insurance, telemedicine, and a network of partner and proprietary healthcare facilities.

Matthew Mayaki, Opeyemi Olumekun, and Femi Kuti established the startup in 2016.

Since then, the platform has secured $40 million in funding, witnessed an employment growth rate of 9%, and boasts an estimated annual revenue of $48.4 million.

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4.  Flutterwave

Flutterwave is hands down one of the biggest tech startups companies in Lagos. It’s one of the leading fintech companies in Nigeria that makes it super easy for people to send and receive payments both within Africa and internationally. Founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola, Flutterwave has become famous for its smooth payment gateway.

Their standout product, the payment gateway, allows businesses to send and receive payments through bank accounts, credit cards, debit cards, and digital wallets. They also offer various payment methods for both online and offline transactions. The company has seen a 25% increase in employment and boasts an estimated annual revenue of $92.8 million.

What makes Flutterwave even more impressive is that it’s integrated with popular systems like PayPal and supports up to 150 currencies. Plus, they provide software development kits (SDKs) and APIs, so developers can easily add Flutterwave’s payment system into their apps or platforms, customizing it to fit their needs.

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5. Umba

Umba is a digital banking platform providing customers free bank accounts and financial services.

Its mobile application allows customers to pay bills, enjoy free instant peer-to-peer money transfers, and obtain loans.

The mission of Umba is to offer cost-free banking throughout Africa, giving customers the power to manage their financial lives by making financial services affordable, efficient, and accessible.

Founded in 2018 by ex-Munster rugby players Barry O’Mahony and Tiernan Kennedy, Umba has raised $15 million, boasts an employment growth rate of 52%, and generates an estimated annual revenue of $11.8 million.

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6. Omnibiz

Omnibiz bridges the gap between manufacturers of fast-moving consumer goods (FMCGs) and retailers by digitizing supply chain stakeholders.

These e-commerce tech startups in Nigeria offer a unified B2B distribution platform driven by technology.

Established in 2019 by Deepankar Rustagi, Omnibiz serves retailers in Nigeria and Ghana.

In 2022, Omnibiz secured $15 million in funding and saw an 81% growth in employment. The company’s estimated annual revenue stands at $81.4 million.

Omnibiz’s mission is to optimize the return on investment for every retailer using an accessible platform.

Retailers can place orders and receive deliveries directly to their locations without any additional cost.

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7. PiggyVest

PiggyVest is a savings and investment platform that helps Nigerians save and invest money seamlessly.

It offers various saving plans and investment opportunities with attractive interest rates.

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8. TeamApt

TeamApt is a digital banking and payments platform simplifying financial transactions for banks, individuals, and businesses.

It facilitates more efficient money management for both businesses and individuals.

Established in 2015 by Tosin Eniolorunda, TeamApt secured over $50 million in funding in 2022.

The payment platform boasts a team of approximately 589 employees. In 2021, TeamApt reported generating more than $100 million in annualized revenue.

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Also read – Nigeria’s Healthtracka Chosen for Google for Startups Growth Academy: AI for Health Program

9. Interswitch

Interswitch provides integrated digital payment and transaction processing services for individuals, governments, banks, and institutions. Its platform enables the electronic movement of money.

As one of Africa’s oldest and largest payment companies, Interswitch was established in 2002 by Mitchell Elegbe.

In 2022, Interswitch secured $110 million, bringing its total funding to approximately $474.5 million.

With over 1,400 employees, Interswitch’s mission is to develop technological solutions that connect and empower individuals, businesses, and communities.

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10. Opay

Opay, one of the major tech companies based in Lagos, is backed by Sequoia Capital and Softbank. It was launched in 2018 by Opera Software (which is owned by Chinese billionaire Yahui Zhou).
Initially, Opay started with online banking services and quickly expanded to offer savings accounts, airtime purchases, money transfers, and more. It’s become a go-to for financial services for both individuals and businesses.
During Nigeria’s cash crunch in 2023, Opay became the go-to solution for bill payments and money transfers. Now, it’s one of the most popular financial apps in Nigeria. Along with offering solid returns on savings, Opay also provides cashback rewards for certain transactions, making it a top choice for users looking for a reliable financial service.

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11. LifeBank

LifeBank one of the tech startups in Nigeria is a healthtech startup that ensures the timely delivery of critical medical supplies such as blood, oxygen, and vaccines to hospitals.

Using advanced technology, including a digital supply chain management system and a network of delivery methods, LifeBank improves the efficiency of healthcare logistics.

Their innovative approach reduces medical supply shortages and enhances patient outcomes by ensuring that life-saving resources are available when needed.

LifeBank’s commitment to leveraging technology for healthcare logistics has significantly impacted Nigeria and is expanding to other African countries.

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12. Tizeti

Tizeti provides affordable, reliable internet services using solar-powered towers, aiming to bridge the digital divide in Nigeria.

By leveraging solar energy, Tizeti reduces operational costs and environmental impact, making internet access more sustainable and accessible, particularly in underserved and rural areas.

The company offers unlimited internet plans, making connectivity more affordable for individuals and businesses.

Tizeti’s innovative approach to internet service provision is critical in enhancing digital inclusion and economic development in Nigeria.

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13. BuyCoins

BuyCoins is a cryptocurrency exchange platform that allows users to buy, sell, and store digital assets like Bitcoin, Ethereum, and Litecoin.

It offers a secure, user-friendly interface that simplifies cryptocurrency trading for Nigerians.

BuyCoins promotes financial inclusion and innovation in the financial sector by providing a reliable platform for digital asset transactions.

Its features, including instant withdrawals and peer-to-peer trading, make cryptocurrency accessible to a broader audience, fostering the growth of the crypto ecosystem in Nigeria.

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14. Max.ng

Max.ng is a mobility company that addresses transportation challenges in Nigerian cities through bike-hailing and delivery services.

It offers efficient, affordable, and safe transportation solutions, reducing traffic congestion and providing reliable delivery services.

Max.ng uses technology to optimize routes and manage fleets, ensuring timely and cost-effective services.

Its focus on driver safety and customer satisfaction has made it a trusted name in the mobility sector, significantly improving urban transportation in Nigeria.

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15. Paga

Paga one of the tech startups in Nigeria is a mobile payment platform that enables users to transfer money, pay bills, and access other financial services via their mobile phones.

It is crucial in enhancing financial inclusion by providing convenient and secure payment solutions.

Paga’s network of agents and partnerships with banks and businesses make it accessible to many users, including those in remote and underserved areas.

Its comprehensive suite of financial services supports everyday transactions and helps integrate more people into the financial system.

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16. Migo

Migo, formerly known as Mines.io, is a fintech company offering credit solutions to underbanked populations.

By utilizing machine learning and data analytics, Migo provides instant loans and credit facilities to consumers and businesses without the need for traditional credit scores.

This innovative approach allows more people to access financial services, promoting economic inclusion and empowerment.

Migo’s seamless integration with various financial platforms and its ability to assess creditworthiness through alternative data sources make it a vital player in the Nigerian fintech landscape.

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17. Helium Health

Helium Health is transforming healthcare delivery in Nigeria through its digital health records and hospital management systems.

Its electronic medical records (EMR) platform streamlines hospital operations, improves patient data management, and enhances healthcare outcomes.

By digitizing healthcare processes, Helium Health enables better data accuracy, reduces paperwork, and facilitates more efficient patient care.

The company’s solutions are crucial in modernizing healthcare infrastructure and making quality healthcare more accessible and effective in Nigeria and beyond.

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Also read – Airtel Kenya Expands Nationwide 5G Coverage to Boost Digital Inclusion

18. Kuda Bank

Kuda Bank is Nigeria’s first full-service digital-only bank. Offering zero fees on transactions and a seamless banking experience through its mobile app, Kuda one of the tech startups in Nigeria is transforming the banking sector in Nigeria.

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19. ULesson

ULesson, short for “Universal Lesson,” is an ed-tech company based in Abuja, founded by Nigerian entrepreneur Sim Shagaya in 2019. It’s designed to provide educational solutions for students across Africa.

ULesson’s mission is to make high-quality education more affordable and accessible, especially for students in underserved areas. Their app offers interactive, curriculum-based video lessons and practice exercises, helping students grasp tough subjects and improve their academic performance.

One of the coolest features of ULesson is its offline mode, which lets you download lessons and study materials so you can learn without needing internet access.

Fun fact: Sim Shagaya is also the founder of Konga.com, and one of the leading tech entrepreneurs in Nigeria.

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20. Termii

Termii provides business communication tools, helping them engage with customers through SMS, email, and other messaging channels.

Its platform offers features like automated messaging, customer segmentation, and analytics, enabling businesses to improve customer relationship management and marketing strategies.

Termii’s solutions enhance communication efficiency, allowing businesses to reach customers and build stronger relationships effectively.

By facilitating better customer engagement, Termii supports business growth and customer satisfaction in various industries.

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21. MedSaf

MedSaf is a healthtech startup focusing on improving the quality and accessibility of pharmaceutical products in Nigeria.

Its technology-driven platform connects pharmacies and hospitals with safe, reliable medications.

MedSaf ensures the authenticity and quality of drugs by sourcing directly from manufacturers and implementing rigorous quality control processes.

By addressing the issue of counterfeit medications and enhancing the pharmaceutical supply chain, MedSaf significantly contributes to better healthcare delivery and patient safety in Nigeria.

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Also read – MDaaS Global, a Health Tech Company, Raises $3m to Expand Service Across Nigeria

Are tech startups in Nigeria a reliable form of investment?

Tech startups in Nigeria offer a promising investment opportunity, thanks to the nation’s digital economy and a young, tech-savvy population.

These enterprises frequently tackle essential local challenges with innovative approaches, drawing significant attention from investors.

The triumphs of firms such as Paystack and Flutterwave underscore the prospects for substantial returns.

As with any investment, risks are involved, including market fluctuations and regulatory hurdles.

By conducting comprehensive due diligence, understanding the local market, and investing in startups that demonstrate robust growth potential and solid business plans, these risks can be reduced, thereby bolstering the dependability of such investments.

What challenges do tech startups in Nigeria face?

Tech startups in Nigeria face several challenges that hinder their growth and sustainability.

These include inadequate infrastructure, such as unreliable power supply and limited internet access, which hampers operations.

Regulatory hurdles and bureaucratic processes create additional obstacles for tech startups and companies in Nigeria, making it difficult to navigate the business environment.

Access to funding remains a significant issue, with many startups struggling to secure investment from venture capitalists and other funding sources.

Moreover, the sometimes unstable economic environment and currency fluctuations pose risks to business stability and expansion efforts for tech startups in Nigeria.

FAQs

Conclusion

The tech startups in Nigeria are driving significant changes across various sectors, from finance and agriculture to healthcare and transportation.

These 21 leading tech startups and companies in Nigeria exemplify the innovative spirit and potential within Nigeria’s tech ecosystem.

As they continue to grow and expand, they are transforming the local market and positioning Nigeria as a key player in the global tech industry.

With continuous support and investment, these startups will undoubtedly lead the charge in solving critical challenges and creating opportunities in the future.

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References

• startuplist.africa – Top Startups in Nigeria
• f6s.com – 24 top Startups companies and startups in Nigeria in June 2024
• Businessworld.africa – Top 10 Tech Companies in Nigeria

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