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The fintech industry in Nigeria has grown over the years as many companies have sprouted to take over core functions of financial services in Nigeria.
Innovative companies have made financial services more accessible and open new vistas for individuals and businesses alike. This has been made possible by several Fintech Companies in Nigeria that are Making Waves
Lately, Fintech has gained wide popularity, and are reinventing the way people save, spend, and invest money in Nigeria.
In this writing, we will explore the top Fintech Companies in Nigeria that are Making Waves and the impact of Fintech on the Nigerian economy, and the way businesses are done in Nigeria.
The growth of fintech in Nigeria has been rapid within the last couple of years. With a young population, increased internet penetration, and other related factors, Nigeria represents one of the most extensive fintech markets in Africa.
Fintech firms have bridged the gap between conventional banking and modern technology in Nigeria and provided innovative solutions to some really old financial problems.
Finances have been made more accessible, quicker, and available for the masses with the introduction of fintech firms offering mobile payments, online lending, and digital banking.
Some of the leading fintech companies are coming up with innovative solutions to financial problems concerning governments and investors.
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Arguably, Interswitch may be Nigeria’s very first Fintech Company. It was founded in 2002 and began as a payment processor that developed a network connecting banks and businesses for safe electronic transactions.
Today, Interswitch offers various types of payment solutions, issuance of cards, and digital wallets that have been paving the road for other innovations within the fintech in Nigeria.
Recently, the biggest fintech company in Nigeria is Flutterwave. Flutterwave was established in 2016 and is based in San Francisco in the United States.
This is a one-stop shop where several kinds of payments can be made and received anywhere in the world. This has made it one of the go-to choices for many merchants given its impressive growth and ability to innovate service provision.
Consequently, this company, Flutterwave, enjoys a critical player status within the fintech space and hence essentially represents the opportunity for growth in Nigeria’s Fintech.
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Currently, OPay is arguably the most downloaded Fintech app in Nigeria. Having gained much popularity, the application has due to the different services it provides, accounting for the needs even of a simple user: mobile payments, money transfers, bill payments, and many other services.
Its user-friendly interface and heavy marketing highly contributed to its spread among young professionals and business people who wouldn’t miss an opportunity to manage their money with their fingers.
Other very well-recognized competitors within the Fintech space include Paystack and Flutterwave; these two companies deal with online payment processing specifically.
While these platforms place heavy emphasis on business transactions, OPay is far more useful and wide-ranging in what it offers to the individual consumer.
This is further emphasized by the addition of ride-sharing and food delivery services on the app, and just how seamless it would be for consumers to access a wide array of services from one place.
Fintech firms are changing the financial outlook in Nigeria through landmark offerings to the large population base.
Each company, in its unique way, is contributing variously to the growth and development of the Nigerian economy, from digital banking and lending to payment processing and investments.
Let’s take a deeper look at the Top Fintech Companies in Nigeria
Flutterwave, cofounded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji, is the leading provider of payments technology. It enables companies all over the world to carry out and accept payments across Africa via its platform.
Its flagship product is Rave, comprising a suite of payment solutions: online, mobile money, and bank transfers.
It collaborated with numerous international companies, among them Visa and Alipay, to expand its reach and further expand its capabilities.
Having offices in Lagos, Nairobi, and San Francisco, Flutterwave is now one of the most successful fintech companies in Africa, doing more than $1 billion in transactions every year.
Paystack, a Nigerian payment processing company, was founded in 2015 by Shola Akinlade and Ezra Olubi. The platform allows businesses to accept online payments; this includes but is not limited to payment links, invoices, and subscription management.
It has grown in popularity among Nigerian businesses, having over 60,000 registered merchants on its platform.
In the year 2020, it was acquired by Stripe, a United States-based online payment processing company, in a deal worth well over $200 million. This has further solidified its position as one of the foremost fintech companies in Nigeria.
Interswitch was founded in 2002 by Mitchell Elegbe to provide a range of financial services that range from processing of payments, card transactions to digital payment solutions, hence positioning the company as one of the oldest, more established fintech companies in Nigeria.
In these numerous years of service provisions, it has been able to partner with a whole lot of banks and other financial outlets across the country.
Among the popular cards provided in the country is called Verve by Interswitch. The company has undergone over 20 years of experience within this industry. With its hard-earned reputation, it was able to gain a household name in Nigeria, processing more than 500 million transactions annually.
ETranzact was founded in 2003 by Niyi Toluwalope, a digital payment platform that involves online payments, mobile payments, card transactions, and many other related products.
The company has partnered with many Nigerian banks and financial institutions, offering among others some leading-edge electronic payment platforms-the popular WebPay platform.
Over a decade and a half into the fintech space, ETranzact is now reckoned to be one of the big players in Nigeria’s digital payment space.
Remita is a fintech company founded in 2005 by John Obaro. Among the services it offers are e-payment processing, bulk salary payments, and consolidated bill payments.
In such an arrangement, it has therefore partnered with many Nigerian banks and other financial institutions to provide such services among them is the very popular Remita Payment Gateway.
Having been one of those pioneering fintech companies in Nigeria for better part of the last one and half decades, Remita has grown through the years to become one of the leading players in Nigeria’s financial technology space.
Paga is a mobile payment company founded in 2009 by Tayo Oviosu. It offers other financial services such as mobile money, online payments, and bill payments, amongst others. Paga is among the most utilized mobile payment platforms in the country.
It reportedly boasts more than 10 million customers signing onto the platform.
The company, cooperating with a variety of banks and other financial institutions in Nigeria, provided its services for the offering. The popular Paga Wallet is among the services it has.
OPay is a fintech firm majority-owned by Chinese billionaire Yahui Zhou through his web browser firm Opera. The firm is offering a raft of financial services in the country including mobile money, online payment, bill payments. Opay has become
OPay is one of the fastest-growing Fintech companies in Nigeria, boasting over 5 million registered users. In this regard, it has partnered with a number of Nigerian banks and financial institutions to offer its services, among them the popular transportation platform ORide.
Chipper Cash is a Fintech company founded in 2018, established by its chief executives, Ham Serunjogi and Maijid Moujaled. It offers such a wide variety of financial services, ranging from cross-border payment, online payment, bill payment.
The Chipper Cash company has grown to be one of the most utilized fintech companies in Nigeria, with a record of over 2 million registered users. This integration is with several banks and other financial institutions in Nigeria. It offers services that include the popular Chipper Wallet.
Vbank is an e-bank rewriting the dynamics of digital banking with such ease and security. Launched in 2019, Vbank was created to bridge gaps in financial inclusion in Nigeria through seamless account opening, transfer operations, and bill payments.
With friendly usability and high interest rates that rival, Vbank has quickly become an instant love among Nigerians.
Accelerex is a leading payment solutions provider in Nigeria, incorporated in 2008. These have been involved with numerous services concerning payment gateways, point-of-sale terminals, and even online platforms where payments are to be made.
It has equally paired with a number of banks and financial institutions with the view to ensuring secure and efficient processing of payments for merchants and individuals. Carbon
Carbon is a digital lender that provides access to credit facilities both for individuals and small businesses alike. Carbon utilizes a machine learning algorithm that accurately determines the creditworthiness of borrowers and offers the customer tailored loan options.
Its intuitive app houses flexible repayment terms, and Carbon quickly gained popularity among those who needed access to quick, easy credit.
Branch is a mobile-only banking platform for saving money, borrowing money, and investing in a host of instruments. Founded in 2015, it has spread its operations into many countries in Africa, including Nigeria.
Its approach has been mobile-first, innovating on its products, and thus amassing a huge customer base to itself in Nigeria.
PalmPay is a mobile payment platform that allows the client to make purchases, pay bills, and perform money transfers with the use of their mobile phones.
Starting its operations in 2019, PalmPay teamed up with different banks and financial institutions that would offer a safe and easy way of paying for goods and services. Equipped with rewards and relatively fair fees, in no time, PalmPay had gained popularity among Nigerians.
Lidya is an online lending platform that extends credit facilities to small businesses. Founded in 2016, Lidya uses data analytics to determine creditworthiness and make customized loan options available to its customers.
Equipped with flexible repayment terms and competitive interest rates, Lidya has emerged as a favorite among the small businesses in need of funds.
Kuda is an online bank that enables users to create savings accounts, loans, and investments. Founded in 2019, Kuda has risen to become among the popular means within its market, Nigeria, due to its user ease and attractive interest rates.
It is revolutionizing the Nigerians’ notion of banking: mobile-first with innovative products.
Aella Credit is a provider of digital credit facilities that offer instant credit facilities to individuals and small businesses. The reason for the popularity of Aella Credits may be explained by their flexible repayment options and competitive interest rates that come with the urgent need for cheap loans.
Zikora represents the digitalized way of bill payments and money transfers, using one’s mobile phone. It started its operation this year, 2020, and since then has cooperated with different banks and other financial platforms for offering safe and easy ways of making payments.
FairMoney is an online credit company issuing loans both to individuals and businesses. With flexible terms of repayments, and interest rates included, FairMoney quickly won favor among the people with urgent needs of cheaper loans.
Jumia Pay is an e-financial portal for transaction and bill settlements, including mobile transfers. Since its establishment in 2019, Jumia Pay has been in partnership with a number of banks and financial systems for safe and hassle-free means of making and receiving transactions.
It rewards its clientele in the form of cashback on transactions, with lesser charges compared to others. Hence, more and more people in Nigeria are shifting toward this platform.
Cowrywise is an investment platform that allows one to invest in a host of asset classes, including stocks, bonds, and mutual funds. Due to the intuitiveness of the interface provided, coupled with competitive returns, Cowrywise has grown in leaps and bounds in popularity amongst Nigerians since the company’s founding in 2017.
Innovative products, flexibility in investment options, and changing the frontier of investing in Nigeria is what Cowrywise has done.
Alat is a fully digital bank operating an extensive network of financial services on behalf of its users: from savings accounts to loans and investments.
Alat was founded in 2017 by several ambitious business executives looking to bring ease and efficiency into banking.
Without wasting any time, due to the ease of use and impressive rates of interest, Alat gained popularity with Nigerians.
Operating on the ideology of mobile-first, Alat is introducing innovative products that may change the face of banking in Nigeria.
The next big trend in this evolving space of fintech is the rise of DeFi platforms. DeFi, using the underlying blockchain technology, achieves a kind of democratization of financial services users with exponentially more control over monetary transactions and even financial data.
Free from the interference of any intermediary or central authority, DeFi enables faster, cheaper, and highly secure financial services in comparison to traditional banking systems.
Others that can also join include Artificial Intelligence in boosting fraud detection and algorithms for machine learning in service delivery to customers.
With harnessing technology, demand in these areas is going to grow more in electronic financial service delivery among consumers; hence, innovations in these markets are bound to occur; therefore, Fintech is an area to look at both within Nigeria and beyond.
Read about African Fintech Growth Opportunities, Especially in South Africa
NGN 8.5M–NGN 9.2M per year
revenue growth of 26.50% in 2025
fourth biggest nation in Africa in terms of fintech investment
Thus, the fintech ecosystem in Nigeria is buoyant and dynamic. Major Fintech companies such as Interswitch and Flutterwave have been highly instrumental in developing better financial services for millions of Nigerians.
With technology getting more advanced with each passing day, no doubt the future holds several other leading Fintech companies in Nigeria which would further shape up the financial ecosystem in the country.