Top 40 African Fintech CEOs and their Companies

Over the past couple of years, the African FinTech Industry has boomed, with new and innovative leaders across the continent deploying their wits to revolutionize the finance sector with technology.

With this, CEO of African FinTech Companies have become vital in this journey of transformation, by proffering unusual solutions to everyday’s financial problems; their interventions reshape how millions access banking and financial services.

In this article, we will take a look at the CEOs of top African Fintech companies, the number of Fintech Companies present in the continent, and how Fintech is reshaping Africa.

What is the value of Fintech in Africa?

Fintech innovation in Africa is catering for millions of unbanked and underbanked people, closing the financial gap while advancing economic growth.

Quite a great number of people possess mobile phones through which the fintech firms provide services via applications that have reached even the most remote and unserved communities, offering a variety of financial services. Such different services include mobile money, lending, and insurance.

It also helps to further the wheel of economic growth and entrepreneurship, normally the lifeblood of many African economies, and places the population in the best position to take control of their finances.

According to McKinsey, the African FinTech industry will be worth $150 billion by 2025, hence opportune for a market to be eyed by investors and entrepreneurs alike.

How Many Fintech Companies Are in Africa?

Currently, there are over 500 Fintech companies in Africa, with more entering the market annually. The companies operate in categories such as but not limited to: payments, lending, insurance, and digital banking.

As according to a report by Disrupt Africa, most Fintech startups exist in Nigeria, South Africa, and Kenya, where quite a number of them have been raising money from both local and international investors.

This has been propelled by the growing demand for financial inclusion, the adoption of digital technologies, and governments and other regulatory bodies showing support for such initiatives.

What is the First Fintech Company in Africa?

The first Fintech Company in Africa is Interswitch, a Nigeria-based company offering payment processing and switching services for banks, governments, and merchants.

Interswitch was founded in 2002 by Mitchell Elegbe and has grown into arguably one of the most successful fintech companies in Africa, carrying out businesses across several countries including but not limited to Nigeria, Ghana, and Kenya.

These awards are a testament to the innovative services the company has been able to offer. Among them, the Best Fintech Company in Africa won during the 2020 African Fintech Awards.

Read about Fintech License in Nigeria: How to Get a Fintech Company Licensed in Nigeria

How big is Fintech in Africa?

Fintech in Africa has grown into a multi-billion-dollar industry, a representative of the growing interest and investment in technology-driven financial solutions.

Indeed, estimates have shown that the current African fintech industry is valued at over $5 billion in recent times, with considerable further growth forecast over the next decade.

This growth is catalyzed by an extremely rapid penetration rate of smartphones, a need for increased financial inclusion, and an uptick in digital payments.

This accounts for why startup culture and innovation keep sprouting from one country to another on the continent, with cities such as Nairobi, Lagos, and Cape Town fast emerging among the top fintech hubs.

In recent times, legacy banks have increasingly collaborated with FinTechs for better service delivery and furthering FinTech’s place in the financial ecosystem.

Which country is leading in FinTech in Africa?

The Nigerian fintech market leads the African continent, presenting a rather dynamic startup landscape at this point, though bereft of serious investment.

With the rapid development of Nigeria’s financial ecosystem is growing fast, with notable players such as Paystack and Flutterwave, driving innovation and attracting global venture capital into the market.

Aside from the economic factors, the population of Nigeria is mainly made up of young people, and rising demand for more accessible financial products provides an ideal environment for fintech to thrive.

What is the most downloaded Fintech app in Africa?

M-Pesa, Kenyan-owned, is by far the most downloaded fintech app on the entire African continent. This has completely transformed how people on the continent handle or deal with their finances.

It grew so quickly since its launch in 2007 that it attained millions of subscribers, and on this platform, transfers were made, bill payments, and even savings.

This is popular because users are not obligated to operate a bank account to transact money; hence, this makes the financial service more available to the unbanked.

Are there too many Fintech Companies in Africa?

Of course, the African fintech space is teeming, with a couple of thousand startups currently working to satisfy the different financial needs of the continent.

This has, in turn, seen entrepreneurs and investors flood into the space on account of increased mobile smartphone penetration across the continent, added to hopes of financial inclusion.

Since an increased entry of fintech companies would bring reordered competition and fragmentation of services in its wake, the question of sustainability of operations just can’t be anything but moot.

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Top African Fintech CEOs and Their Companies

The African fintech space has grown phenomenally in the last couple of years, with several innovative companies rising up to meet some of the peculiar financial problems across the continent. 

In the driver’s seat of these companies are visionary CEOs leading by example to ensure that companies steamroll toward successful profitability.

Herein, in no particular order of importance, is a list of some of the best African fintech CEOs and the companies they run:

Olugbenga Agboola – Flutterwave

Olugbenga Agboola is one of those names that have been trending in the technology and entrepreneurship world. He is best known for his contribution to the African fintech sector.

Being the co-founder and chief executive officer of the payment technology company Flutterwave, he has played a very important role in changing the way businesses execute online payments in Africa.

Shola Akinlade and Ezra Olubi – Paystack

Founders of Paystack, recently acquired by Stripe back in 2020 for north of 200 million dollars. These gentlemen changed the game, single-handedly making digital payments across the African continent what it is today.

Iyinoluwa Aboyeji – CEO Future Africa

Co-founded Andela, the company responsible for the training of software developers and matching them with global tech companies.

He is also a co-founder of Flutterwave and later Future Africa technology payment company affording ease of e-commerce transactions across the continent. His effort is contributing to the growing reputation of the continent as a tech talent hub.

Ashraf Sabry – Fawry

Fawry is a CEO and a local Egyptian electronic payment service provider who pioneered disruption in the Tunisian payment systems.

He has grown Fawry to expand these services so that cashless transactions become widely available for millions of Egyptians, increasing financial inclusion within the country.

Islam Shawky – Paymob

He is a co-founder of Paymob, a Fintech platform providing microfinance in Egypt. His work bridges the gap between the unbanked and formal systems of banking by enabling such people to have access to basic financial services.

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Mitchell Elegbe – Interswitch

He is the founder and chief executive officer of one of Africa’s leading digital commerce companies, Interswitch. With his strategic insight, he positioned Interswitch to be among those driving the payment systems in the continent for increased connectivity and efficiency.

Chijioke Dozie and Ngozi Dozie – Carbon

Founders of the Fintech firm Carbon are working around the clock to avail credits with easy access to individuals and small businesses in Nigeria as a way of further empowering them financially.

Tosin Eniolorunda – CEO, Moniepoint

Tosin Eniolorunda is the chief executive officer at Moniepoint, a Nigerian fintech platform offering mobile payment services to businesses and individuals.

Based in Nigeria, it has won accolades by facilitating seamless transactions and banking at low costs, hence connecting the needs of under-served communities.

Tomilola Adejana – Bankly

Co-founder, chief executive officer at Bankly. Bankly provides a digital banking platform that empowers its users with easy access to their finances.

By this definition, Bankly works to increase financial inclusion and literacy across Nigeria by making banking more amenable to its customers through technology.

Zhou Yahui- Opay

It is led by Zhou Yahui, a Chinese head based in Nigeria for the company Opay, and from mobile payments to food delivery and bike hailing, financial services will be done in every way possible.

How Opay finds to make it easier to make financial transactions is such that they address the local challenges of the region.

Babs Ogundeyi – Kuda Bank

Co-founder of Kuda Bank disrupted the old systems of banking in Nigeria. This digital-first bank makes it more accessible, convenient, and affordable to millions of Nigerians.

His innovative approach has earned Kuda Bank recognition as one of the fastest-growing digital banks in Africa.

Laurin Hainy – FairMoney

He is the Chief Executive Officer of FairMoney, which has been very instrumental in the delivery of financial services to the under-served in Nigeria and India.

Such financial services have been enabled through an instant loan, savings, and investment advanced platform for financial inclusion and empowerment. 

During his time at the helm of affairs, FairMoney, under the leadership of Hainy, grew to become one of the most popular digital lenders in Africa.

Katlego Maphai – Yoco

Katlego Maphai is the founder of Yoco-an online card payment portal that has completely revolutionized the face of the payment space in South Africa.

The Yoco platform allows merchants to accept card payments, considered an important factor for financial inclusion and economic growth.

Trevor Gosling – Lulalend

He is the CEO at Lulalend and has been among the most significant contributors to South African fintech. This Lulalend online platform provides access to funding for small businesses vital ingredient for ensuring economic growth and job creation.

Under the guidance of Gosling, Lulalend expanded its operations to become one of the most sought-after alternative lenders in Africa.

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Michael Joseph – M-Pesa

At one time, Michael Joseph was the CEO of M-Pesa, the pioneering Kenyan mobile payment system that has transformed the face of financial transactions in the region.

Ken Njoroge – Cellulant

He is a Co-founder of Kenya-based Cellulant, a company seeking to digitize cross-border payments through innovative solutions to make it easier for companies to trade within the continent.

Andrew Takyi-Appiah – Zeepay

Andrew Takyi-Appiah is one of the household names in the African tech ecosystem. He is the chief executive officer at Zeepay, a technology company focused on making payment easy across borders, using mobile wallets. 

Founded in 2010, and headquartered in Accra, Ghana, Zeepay has thus enabled users to send or receive money across borders with ease.

Curtis Vanderpuije – ExpressPay

Curtis Vanderpuije is a dynamic entrepreneur and Chief Executive Officer of ExpressPay – one of the leading payment service providers headquartered in Accra, Ghana.

Founded in 2014, ExpressPay provides seamless solutions for payments for both individuals and businesses. ExpressPay offers utility bills, airtime recharge, and all kinds of bill payments on a very user-friendly mobile application.

Jesse Moore – M-KOPA

Jesse Moore is Co-Founder and Chief Executive Officer at M-KOPA, based in Nairobi, Kenya. M-KOPA has come up with innovative pay-as-you-go solar energy systems, empowering off-grid households.

His vision furthered access to energy through the affordability of the mobile payment system, making it life-changing for millions.

Tosin Osibodu – Chaka

Lagos-based CEO Tosin Osibodu has gone the extra mile to democratize access to investment opportunities. Chaka opens up the rest of the world’s financial markets to the African populace by allowing investments in both local and international stocks. 

Today, Osibodu’s penchant for financial inclusivity has made Chaka one of the go-to destinations for a young generation of investors in Nigeria.

Marcus Swanepoel – Luno

Marcus Swanepoel is the chief executive officer at Luno, a firm operating in a few African nations like South Africa and Nigeria. The company, Luno, deals with digital currencies. 

It easily and speedily allows one to buy and trade cryptocurrencies among the fastest-growing communities of digital assets.

Swanepoel seeks to make all people find cryptocurrencies useful and accessible so they can benefit from blockchain technology.

Benedikt Kramer – Awamo 360

Benedikt Kramer is a co-founder of Ugandan-based Awamo 360 and has innovatively driven technological disruptions in microfinance.

His platform improved financial services for small businesses in emerging markets with advanced digitization of microfinance operations, aiming to improve financial inclusion for the underbanked.

Brad Magrath – Zoona

Brad Magrath is the chief executive officer at Zoona, an innovative leader on the financial frontier of Zambia.

Zoona provides easy-to-handle mobile payment solutions that allow cash transfer and business transactions across a nation normally starved of traditional banking.

Magrath’s work on mobile money services is crucial in spreading financial inclusion and economic opportunities.

Jan Pilbauer – Bankserv

Jan Pilbauer leads Bankserv, a leading participant in driving and developing South Africa’s payment processing.

Under his guidance, Bankserv is committed to the development of efficiency and reliability for the various instruments through which the country’s payments are settled, in pursuit of sound financial infrastructure.

Read about African Fintech Growth Opportunities, Especially in South Africa

FAQs

Conclusion

Indeed, African fintech CEOs and companies are a force to reckon with in their vital changes through their innovations.

All in all, the African fintech industry is one of the fastest-growing, buzzing spaces for innovative companies and their leaders rising to redefine the financial space on the continent.

Much more exciting things are thus expected as this industry continues to grow, restructuring the financial landscape in Africa.

That is where the value of Fintech in Africa comes in a chance to afford financial inclusion to millions of unbanked and underbanked people and bridge the gap in finances and economic growth.

References

• thefinancialtechnologyreport.com/Top African Fintech CEOs
• naijapreneur.com/African Fintech CEOs and Their Companies
• nairametrics.com/African Fintech CEOs

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