Our most recent ranking of the top fintech companies in Nigeria, together with their competitive advantages and the financial gaps they are solving, is available to you.

No one would have predicted that fin-tech solutions would be so universally accepted just a few decades ago, but here we are. For example, Nigeria is now home to more than 250 fintech companies and products.

Key players (banks, telecommunications companies, and the government), enablers, and funding partners (universities and research institutes, investors, incubators, technology, and consumers) have all contributed to making this happen.

In 2022, according to Frost & Sullivan, Nigeria’s fintech income is predicted to grow from $153.1 million in 2017 to $543.3 million, an increase of 57 percent.

This is due to the increased use of mobile technology among the general public, and particularly among the unbanked, which has resulted in a move away from traditional banking transactions.

The Meaning of FinTech

Fintech is an abbreviation for Financial Technology.

A fintech company can be defined as “any innovative ideas that improve financial service forms, by proposing technological solutions that could stimulate the development of new business models or even the establishment of entirely new enterprises.”

The purpose of Fin-tech firms in Nigeria, both established and start-up, is to streamline financial procedures and boost automation in the financial services industry.

We may argue that the history of Fintech businesses in Nigeria begins with the use of technology by some of the country’s oldest financial institutions, both at the back-end and front-end of their business operations. Did you know that Carbon app, one of the best loan apps in Nigeria made it to this list?

Throughout this article, you will be guided through the history of Fintech investment companies in Nigeria, the top 10 Fintech companies in Nigeria, and how to start a Fintech company in Nigeria for entrepreneurs who are looking for fresh business ideas.

Nigerian fin-tech companies are seeing a flurry of expansion as a result of technological advancements in the financial services industry.

Top 12 Fintech Companies In Nigeria 2022

Here are some of the top fintech startups in Nigeria that are making financial services accessible to the unbanked population, promoting financial inclusion, and enabling seamless payment.

Below are the top 10 leading fin-tech companies as of the time of writing this article.

1 PayStack

PayStack fin-tech payment solution is arguably the leading and ever-growing fintech company in Nigeria.

You can receive payments via invoices and creating payment pages while utilizing the Paystack online payment gateway.

Paystack is a payments platform that makes the online payments process consistent for both the consumers and the businesses they are attempting to pay.

PayStack is one of the main Fin-tech companies in Nigeria that enables businesses to complete payments from clients utilizing MasterCard, Visa, and Verve cards anywhere on the planet.

2. FlutterWave

Even if you tossed yourself in a hole since birth, you’ve most likely found out about Flutterwave. On the off chance that you haven’t nonetheless, we have you covered.

Flutterwave is a payment startup by Andela co-founder Iyin Aboyeji. Flutter-wave completes payment services from more than 68 online payment gateways in Nigeria.

This includes mobile money and places them under one platform. The service is presently active and can receive and send money in more than 30 African nations.

Flutterwave provides technology, infrastructure and services to allow global merchants, payment service providers, and Pan African banks to acknowledge and process payments on any channel (Web, Mobile, ATM and POS).

They help organizations in Africa go global by smoothening the exchange of funds in 150 monetary standards.

3. Paga

The goal of Paga was to transfer money without charge, regardless if it is a major piece of the business, an ever-increasing number of features are executed in the application.

Presently, you can pay bills, make bank deposits and even pay in certain stores.

Pagatech launched in Nigeria to profit from the buildup of cash money in the financial industry and to execute financial services for all residents in Africa. The Nigerian banking sector can be difficult to access all over Nigeria.

However, with the dawn of mobile phones and telecoms engineering, extraordinary efforts in achieving a sizable piece of the nation’s population have been made through Paga.

4. PiggyVest

PiggyVest is an online savings platform that empowers savers to put away funds that they would prefer not to withdraw effectively.

They can save as small as $1 per day and afterward limit when they withdraw their savings to explicit set dates of choice.

Dissimilar to a normal bank’s savings account, where you can access the money whenever, PiggyVest enables its users to keep up their savings discipline while building their savings culture, as they save towards something important.

5. Interswitch

Interswitch is an Africa-centered integrated digital payments and commerce company.

It encourages the electronic circulation of money just as the exchange of value among individuals and associations on a convenient and steady basis.

The company started operations in 2002 as a transaction switching and electronic payments processing company.

The vision is to fabricate and manage payment infrastructure just as convey inventive payment products and transaction services all through the African continent.

6. E-Transact

eTranzact, launched in 2003, is a multi-application, multi-network and multi-channel electronic payment platform that supports every significant network; including AMEX, VISA and MasterCard.

eTranzact is one of the Fintech companies in Nigeria designed as a credible option in contrast to all transaction which are right now cash or check based.

The platform capacity is with the end goal that any arrangement driven by customer payment can be automated on the platform.

eTranzact as a Switch processes payment requests from various channels – Web, ATM,POS, mobile-utilizing automated procedures.

The switching platform validates transaction requests subsequent to running security checks on the payment cards.

7. Carbon Paylater

Paylater, now Carbon is one of the best loan apps in Nigeria that gives short loans through its mobile app, making the process paperless and quick as could be.

Their services are now accessible in Nigeria. The excellence of the Paylater app is that it is really simple to utilize, quick, well designed and works properly.

PayLater is a Nigerian lending platform owned by One Finance Limited. Pay later started operation around 2016.

It is one of the platforms where anyone can borrow money online instantly in Nigeria. The truth is, this problem-solving company is filling a huge gap.

The beneficial thing about this platform is that; In contrast to banks where you need to visit and fill loads of forms, PayLater gives you a credit without meeting you up close and personal.

8. Remita

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

They help associations (SMEs, Multinationals, State Governments, Government Agencies, NGOs, Schools and Educational Institutions, and Individuals to Receive and Make payments electronically.

Developed by SystemSpecs, Remita is in fact a success story and a pride to Africa. SystemSpecs was established in 1991 by John Obaro.

It was then progressively like a business-to-business company selling software to organizations.

9. Vogue Pay

VoguePay is an online payments processor that has on its own transformed the payments landscape.

Established in 2012, the startup is accessible to lots of local customers, with a simple and minimal effort platform as its principal selling point.

In its first year, VoguePay acquired 17,000 users, the greater part of whom were from its homeland of Nigeria. One of its greatest selling points was free integration for the merchants.

10. Kuda Bank

Kuda Bank has also made this list of top fin-tech platforms in Nigeria. If bank charges gets on your nerves, Kuda bank is for you.

It’s a Completely Online Bank, No paper, your account can be open in minutes. Its meant to be a digital-only bank that runs predominantly on smartphones.

Yes, you get the opportunity to have a customized Verve of Mastercard ATM card, no atm maintenance fees, no transfer fees to other banks, free deposits, and even more.

11. Lidya

Lidya is the future of finance for small businesses in frontier markets.

Their goal is to help extraordinary entrepreneurs access financing and construct a credit score through their instant loan app.

Launched in 2016, the company is set to close a $4 trillion SME credit gap around the world.

Businesses who are searching for $500 USD to $50,000 in working capital can apply on the web or through their mobile phone and get a choice quickly.

To survey credit risk, Lidya utilizes close to 100 data points to evaluate businesses, manufacture a credit score extraordinary to every business, and dispense loans in 24 hours or less.

12. Okash

Okash is one of the virtual loan apps in Nigeria which is a subsidiary service of OPAY and renders short term loans to individuals either for consumption or business.

Okash personal loan has a very fast loan process after which the applicant will receive funds. It is no doubt one of the best fintech companies in Nigeria.

Okash provides financially under-served Nigerians with quick access to short-term loans via their android phones.

Unlike other companies, Okash loan process is approved in minutes once the requirements are met and in such a manner, it fills a huge gap in the financial credit market.

 

Source: owogram.com