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Top 10 Fintech Companies in Nigeria

As people continue to seek affordable payment methods, quick loans, flexible savings, cashless payments, etc., the need for Fintech companies in Nigeria gradually became inevitable.

The Fintech space seeks to improve and automate financial service delivery through the use of mobile applications, blockchain networks, and other technologies. A feat that has led to its tremendous growth in the last years.

In fact, the Fintech industry is now the fastest-growing start-up industry in Nigeria and Africa at large.

Nigeria on the other hand is now Africa’s largest Fintech economy and is now home to an estimated 200–250 Fintech companies, a feat it achieved in just a few years.

With this high number of Fintech companies in Nigeria, knowing the best for your financial transactions can be quite challenging. Hence, the need for a guide such as this.

In this article, we’ll discuss in detail, a list of the top 10 best Fintech companies in Nigeria. However, it is imperative to know that this list is a product of careful and thorough research.


List Of Fintech Companies in Nigeria (2023)



1. Flutterwave


Flutterwave founded in 2016 by Nigerian-born Olugbenga Agboda, is a Nigerian Fintech company and is considered the best Fintech company in Nigeria in this list.

Flutterwave is a safe and secured payment processing platform for global merchants and payment service providers across the continent, allowing one to process credit cards and other local alternatives like mobile money.

The Fintech company has its headquarters in San Francisco but also operates in Lagos, Nigeria. A February 2022 funding round valued the company at $3 billion making it Africa’s most valuable startup, according to Forbes.

Flutterwave has since processed over $23 billion worth of transactions across 35 countries in Africa for companies including Microsoft, Twitter, Nairabox, Max. ng, Accessbet, Uber, etc.

Since its inception, Flutterwave became a great alternative for Nigerians who wish to receive abroad payments following the restrictions of PayPal, Stripe, etc.


Currently, Flutterwave accepts popular cards like Verve, Visa, and MasterCard while also making both local and international transactions possible.

Banks currently supported on Flutterwave include Ecobank, UBA, First Bank, and GT Bank.


2. Paystack


Paystack is another top Fintech company in Nigeria and it comes #2 on this list.

Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack is a Nigerian financial technology company that offers payment processing services to businesses.

However, Paystack was later acquired by Stripe an Irish-American-owned financial services company for about $200M in 2020.

With Paystack you can accept payments from customers using various payment methods including cards, mobile money accounts, and QR codes, directly from their bank account, or USSD.

Paystack is also available in other African countries like Ghana and South Africa. It supports the following cards: Visa, MasterCard, and Verve.

In a bid to make its services more available, Paystack is currently partnering with ALAT by Wema Bank, Guaranty Trust Bank (GT Bank), Sterling Bank, and United Bank for Africa (UBA).


3. Piggyvest


There is no denying the fact that Piggyvest comes first when it comes to online saving platforms as it is highly regarded as the safest and biggest savings and investment platform in Nigeria.

In fact, Piggyvest is the first ever online app for personal savings and investment in West Africa. It was co-founded by Somto Ifezue, Joshua Chibueze, and Odunaya Eweniyi on the 7th of January, 2016.

PiggyVest is a top Fintech company in Nigeria that helps people save money and also invest money in various enterprises and businesses.

With Piggyvest, you can earn up to 25% returns on your investments within a year, while also getting up to 13% interest on your savings.

Piggyvest offers various saving plans that are quite flexible. A feature on the platform, Flex Dollar, allows you to save in dollars and also earn interest in dollars.

Meanwhile, with as little as ₦1,000 you can start investing in Piggyvest!


4. Interswitch


Fourth on this list of the top 10 Fintech companies in Nigeria is Interswitch.

Interswitch is a leading African financial technology company that offers integrated payments and digital commerce services.

Interswitch was founded in 2002 in Lagos, Nigeria by Mitchell Elegbe. The company seeks to enable people to make everyday payments with ease.

Currently, Interswitch has over 11,000 ATMs in a good number of African countries with over 500 million transactions in a month.


5. Cowrywise


Just like Piggyvest, Cowrywise is another amazing savings and investment platform. However, unlike Piggyvest, Cowrywise is a better investment platform while Piggyvest is a better savings platform.

Cowrywise is a registered Fintech company in Nigeria that grants its users access to savings and investment products, through its money market funds and mutual funds features.

The company was co-founded in 2017 by Razaq Ahmed and Edward Popoola and is based in Lagos, Nigeria. It is licensed by the Nigerian Securities and Exchange Commission.

In all, Cowrywise allows you to: Make savings and investments; Diversify your investments; Earn returns on your savings daily; Make flexible withdrawals; as well as have 24-hour support.

Cowrywise also partners with several investment firms such as Meristem, Afrinvest, Lotus Capital, and United Capital.

This partnership offers its users a whole range of options to help them diversify their investment portfolio according to their investment goals.


6. Paga


If you’re looking for the best platforms to receive International payments in Nigeria, Paga will definitely be a part of that list.

Paga was established in a bid to help Nigerians who are abroad to make international money transfers to their families back home.

In truth, it hasn’t fallen short of that mission as it has provided financial services to millions of individuals and businesses.

Paga is a Nigerian-based Fintech company founded in 2009 by Tayo Oviosu but fully launched in 2012.

Paga global transfer companies including TerraPay, TransferTo, Transferwise, MFS Africa,  ZingerPay, SimbaPay, MoneyLineUK, GDM Transfer, WorldRemit, Telcoin, Western Union, Moneytrans, Visa, etc.

However, it is pertinent to know that Paga can only be used to receive international transfers, you cannot use the service to make cross-border payments.


7. Remita


Remita is another leading Fintech company in Nigeria, processing over $30 billion in transactions yearly.

The company has also added some awards to its rank, including the e-payment platform of the year.

In addition, Remita was adopted by the Federal Government for its Treasury Single Account (TSA) policy in 2016.

Remita which was developed by SystemSpecs and officially launched in 2005, is a payment solution that helps individuals and businesses make and receive payments, pay bills, and manage their finances across multiple banks.


8. E-tranzact


Featuring next on this list of Fintech companies in Nigeria is E-tranzact, one of the oldest in the Fintech industry.

E-tranzact is a Nigerian-based Fintech company founded in 2003 by Niyi Toluwalope but became fully operational in 2009.

It grew over the years to become one of the best Fintech companies in Nigeria offering financial services including electronic transactions and payment processing.

E-Tranzact is also operational in other countries such as Ghana, Kenya, Zimbabwe, South Africa, Cote d’Ivoire, and the United Kingdom

The company is currently partnering with educational institutions, government authorities, financial institutions, etc.,

Payment requests are processed through ATMs, POS, and the Web. It also supports networks like VISA, AMEX, and MasterCard.

E-Tranzact is definitely a great option for financial payments.


9. Kuda Bank

Kuda App

Kuda bank shares quite a lot of similarities with conventional banks but unlike conventional banks, it seeks to eliminate the paper process and the incessant charges.

In essence, KUDA bank aims to fill the loopholes applicable to conventional banks. For instance, Kuda bank users enjoy free transferring of funds to other Nigerian banks, free debit cards, as well as simpler and easier loan services to its customers.

This Fintech company is solely online and carries out online financial operations with a legitimate banking license from the CBN.

Kuda bank was founded by Babs Ogundeyi and Musty Mustapha in 2019. It is fully operational in Nigeria and the U.K.


10. Carbon


Carbon is one of the top fintech based in Nigeria that provides affordable and accessible financial services

It offers a range of services, including savings accounts, personal loans, and money transfers.

The platform operates entirely online and through a mobile app, making it easy for people to access its services from the comfort of their phones or computers.

Carbon leverages technology to offer affordable and accessible financial services, helping to promote financial inclusion and support economic growth in Nigeria and other countries in Africa.

In addition, Carbon also provides tools and resources to help customers manage their finances and achieve their financial goals. For example, it offers personalized financial advice, budgeting tools, and alerts to help customers stay on top of their spending and savings.

Overall, Carbon is an innovative fintech company that is helping to transform the financial landscape in Nigeria and beyond by making financial services accessible to everyone.



What Are Fintech Companies And What Do They Do?

Financial technology companies, shortened as Fintech companies, are institutions that use software, mobile applications, Blockchain networks, and other technologies to improve and automate the use of financial services.

Fintech companies offer cashless payments, quick loans, flexible savings, and local and cross-border payments.

In essence, Fintech makes financial transactions faster, easier, and easily accessible to consumers.


What Are The Categories Of Fintech Companies In Nigeria?

Fintech companies fall under one or more of the following different categories:

  1. Savings and investment: Fintech companies in this category help one save money and at the same time, earn returns on the savings daily. Companies such as Piggyvest, Cowrywise, Risevest, Kolopay, etc engage in savings and investment services
  2. Payments: This is by far the most common category of the Fintech industry. Companies such as Flutterwave, Paystack, Opay, e-tranzact, Paga, Remita, etc., fall under this category.
  3. Digital Banking: Fintech companies under the digital banking category provide banking services just like conventional banks, but everything is done online and is usually more simplified. An example is Kuda Bank.
  4. Lending: This is the last category of Fintech companies in Nigeria. This group offers loans to individuals and businesses with a flexible payback plan. Examples include Carbon, Paylater, CreditDirect, etc.


How Importance Are Fintech Companies

There’s no denying the fact Fintech companies have made financial services easier and more easily accessible. One can now send or receive money from anywhere in the world.

In fact, the tremendous growth of Fintech companies and its threat to the existence of local banks made the latter create apps as well, so as to also ease the burden of transferring funds.


Who Regulates Fintech Companies In Nigeria?

Fintech companies in Nigeria are regulated by the Central Bank of Nigeria through the Banks and Other Financial Institutions Act, 2020(BOFIA).

Other regulators include The National Deposit Insurance Corporation, the Securities and Exchange Commission (SEC), and the Nigerian Communications Commission, among others.


Fintech Licensing Requirements And Operations

To fully operate in Nigeria as a Fintech company, such a company must register with the Corporate Affairs Commission (CAC) as a legal entity in Nigeria and it must as well be approved by the Central Bank of Nigeria and other relevant regulatory bodies depending on the category of the Fintech company.

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Fintech companies have revolutionized the ways we transact and carried out online transactions offering innovative, convenient, and cost-effective solutions to consumers and businesses.

By leveraging technology, fintech companies are no doubt helping to make the financial services industry more accessible and efficient, improving the financial health and well-being of individuals and businesses around the world.


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