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Financial technology, also known as FinTech, is an industry that uses advanced web or mobile application technology to provide effective and efficient financial services for the end-users. Unlike the traditional banking system, they are flexible companies that have the capacity to bring up innovative ideas and solutions in the information and technology space.
Most Nigerian fin-tech companies are experiencing a surge in growth due to rapid technology developments in the financial sector.
The Fintech Industry is majorly categorized into these forms:
- Payments
- Savings and Investment
- Personal Finance
- Cryptocurrency and virtual wallet
- Lending
- Mobile banking e.t.c
Here’s our Top 7 Fintech Companies Currently Leading in the Fintech Market in Nigeria.
Paystack
Paystack has come to be one of the fastest-growing fintech in Nigeria. The company was founded in 2016 by two tech-enthusiast friends, Shola Akinlade and Ezra Olubi. According to Paystack, they help businesses in Africa receive payments from anyone anywhere in the world. Paystack is currently trusted by over 60,000 businesses across Africa. By October 2018, they had collected over 2.9 million payments and paid out over $27.5 million.
Flutterwave
Flutterwave is making waves in Africa as one of the top Fintech startup companies in Nigeria. The company was founded in 2016 by Iyinoluwa Aboyeji, the co-founder of Andela, and Olugbenga Agboola, an ex-banker. With Flutterwave, you can pay bills, make or receive payment in over 150 currencies including Dollar, Euro, Yuan, and Naira. Presently, top brands like Uber, GIGM, Jumia, Hotels.ng, Booking.com, ALAT, and so on.
The startup has been able to establish partnership with over 40 banks across various nations in Africa and has processed as much as 100 million transactions.
Paga
The company was founded by Tayo Oviosu in 2009 and is one of the top FinTech companies in Nigeria. Paga is a mobile payment company that is tested, reliable and quick Even without an internet connection; users can make payment by simply dialling the code, *242#. This FinTech company boasts of over 12 million users, with more than 20,000 agents in different parts of the country.
e-Tranzact
e-Tranzact was founded in 2003. It is one of the premier payments switching and payment processing platforms in Nigeria. With the technology, you can simply, safely and quickly complete payment either online or offline.
In 2018, e-Tranzact processed about 400 million transactions worth N30 trillion. And in July 2020, the company’s total asset stood at N6.7 billion.
Kuda Bank
Kuda Bank is a fully digital bank launched in September 2019. It was co-founded by Babs Ogundeyi. Within a space of one year, the FinTech startup was able to garner over 500,000 users across all devices. With your smartphone and Kuda app you can deposit, withdraw with an ATM card, transfer, and get quick loans all for free without any paperwork. As reported by Tech Crunch in November 2020, Kuda raised $10 million and processes transactions worth $500 million monthly.
Interswitch
It is a commerce company that has integrated digital payments and focuses on businesses in Africa. It is one of the oldest FinTech companies in Nigeria. The company was founded by Mitchell Elegbe and started as an electronic payments processing and transaction switching company in 2002. Interswitch also owns Retailpay, verve debit card, Smartgov and numerous automated teller machines (ATMs) across the country.
PiggyVest
PiggyVest is an online savings platform that enables savers to put away funds that they would prefer not to withdraw effectively. PiggyVest offers different saving plans. One of the interesting features on the Piggybank platform is the feature which enables you to automatically set the amount of money you want to save daily.
The amount will automatically be deducted from your account every day and get saved in PiggyVest until the set time for withdrawal, where you withdraw with the stipulated interest (current 8% p.a).
There are other top Fintech platforms in Nigeria like Remita, Carbon Paylater, Lidya, Vogue Pay and so on which are also currently doing well in the market and providing seamless financial transactions for the public on a daily basis.
