Fintech Companies in Nigeria

USAGLOBALINFO.COM Fintech Companies In Nigerian

The Fintech Companies in Nigeria is experiencing rapid growth, which comes as no surprise, considering the country’s substantial population and the increasing demand for financial services. From online payment platforms to digital banking, loan services, and investment options, Fintech firms in Nigeria are reshaping how individuals access and manage their finances.

In this blog post, we will delve into the top Fintech companies in Nigeria and highlight the factors that set them apart in this competitive industry. Whether you’re an investor, an entrepreneur, or simply intrigued by the future of finance, this list is a must-read. So, take a moment to unwind, and let’s explore the realm of Fintech in Nigeria together.

The Top 50 Fintech Companies In Nigeria Are Listed Below

1. MONIEPOINT

Moniepoint, a financial technology company, was established with the primary objective of simplifying financial transactions and enhancing access to credit for Nigerians. While Moniepoint is prominently recognized for its distribution of POS machines, it extends its services to include a wide spectrum of financial offerings.

These offerings encompass mobile and online money transfers, bill payments, and loan disbursements. Furthermore, Moniepoint has developed a mobile app that empowers users to efficiently monitor their spending and manage their financial matters with greater effectiveness.

2. FLUTTERWAVE 

Flutterwave is undeniably among the Fintech Companies in Nigeria. Established in 2016, the company has been providing an array of financial services to individuals, not just within Nigeria but globally as well.

This platform serves as a versatile tool for sending and receiving payments from any corner of the world, making it a valuable resource for financial transactions on a global scale.

3. PAGA

Since its inception, Paga has made the process of sending and receiving money incredibly convenient for Nigerians, establishing itself as a highly dependable platform in the Nigerian Fintech landscape.

Paga extends its services to over 10 million Nigerians, and its commitment to excellence has earned it numerous prestigious awards. You can readily download the app and discover the diverse range of outstanding financial services it provides.

4. REMITA

Remita stands as yet another award-winning Fintech company in Nigeria.

This platform finds extensive use among a wide spectrum of organizations, including schools, NGOs, government agencies, multinational corporations, SMEs, and individuals, for efficiently processing and receiving payments.

5. INTERSWITCH

When discussing the leading Fintech companies in Nigeria, Interswitch certainly deserves a prominent mention, being one of the major players in the industry.

Established in 2002, Interswitch has established itself as a trustworthy electronic payments processing and transaction switching firm in Nigeria. While its primary operations are centered in Nigeria, the company also extends its services to several other African nations.

Additionally, Interswitch has ownership stakes in various other entities, including Retailpay, Verve debit card, Smartgov, and a substantial network of automated teller machines (ATMs) across the country. Notably, it acquired a 60% stake in eClat, a health technology company, further diversifying its portfolio.

6. OPAY

Opay has emerged as one of Nigeria’s most prominent finance apps, renowned for its diverse range of financial services. These services encompass online banking functionalities like money transfers, savings options, airtime purchases, and a host of other features.

Moreover, the company provides cashback incentives for select transactions, and you can also enjoy attractive returns on your savings through their platform. Opay, founded in 2018, has made significant strides in the fintech sector, marking its impactful presence in the industry since its inception.

7. PAYSTACK

Paystack stands as a widely recognized Fintech company in Nigeria, primarily functioning as a payment gateway.

Entrepreneurs can leverage Paystack to accept payments for the services they provide, whether it be through online or offline channels.

8. CARBON

Carbon, formerly known as Paylater, is a well-recognized fintech app in Nigeria, primarily renowned for its collateral-free loan offerings. Carbon provides a versatile array of fintech solutions, ranging from convenient online banking to loan services and savings options with attractive returns.

Notably, the Carbon team comprises proficient individuals who consistently excel in delivering top-notch services and support, positioning the company as a leading player in the Nigerian fintech industry.

9. TROVE

Trove plays a pivotal role in advancing financial inclusion in Nigeria and bolstering the country’s economic development by providing a convenient and accessible avenue for individuals to enhance their wealth. The company simplifies the process of wealth growth and assists users in achieving their financial objectives.

Trove’s platform offers a diverse array of investment opportunities, encompassing fixed-income products and equity investments. Through the integration of technology and innovation, Trove ensures that investment becomes easily accessible and convenient for its user base.

In line with the trend of fintech platforms in Nigeria, Trove also offers a mobile app, enabling users to seamlessly access its services, manage investments, monitor their portfolios, and conduct transactions while on the go.

10. RISEVEST

Risevest, a Nigerian fintech firm, serves as a platform that facilitates investments in real estate, stocks, and various other assets. The company’s primary objective is to simplify and enhance the accessibility of asset investments for Nigerians.

Risevest offers an array of services, encompassing wealth management, financial planning, and investment guidance. Its platform is thoughtfully designed to be user-friendly and readily accessible, enabling users to oversee their investments, monitor portfolio performance, and receive regular updates on their investment activities.

Leveraging technology as a fintech enterprise, Risevest strives to streamline the investment process, making it more accessible and convenient. Through the utilization of mobile and online tools, the company aims to extend its reach to a broader audience, offering them convenient and cost-effective investment options.

11. KUDA

Kuda is a digital-only bank operating in Nigeria, providing online banking services accessible through its mobile app and website. With Kuda, users can seamlessly conduct transactions, transfer funds, settle bills, and access various financial services without the need to visit a physical bank branch.

As a licensed microfinance bank in Nigeria, Kuda has obtained authorization from the central bank of Nigeria to offer financial services to both individuals and businesses. The bank has gained a reputation for its speedy, user-friendly, and convenient banking solutions, with a strong emphasis on leveraging technology to enhance the overall banking experience for its customers.

12. CHIPPERCASH

ChipperCash has swiftly emerged as one of the most rapidly expanding companies within the Nigerian fintech sector. Its reach extends to multiple African countries, as well as the United Kingdom (UK).

The platform facilitates the seamless transfer of funds for users, allowing them to send and receive money across various African nations, including South Africa, Kenya, Ghana, Tanzania, Rwanda, and Uganda. Additionally, ChipperCash offers the convenience of receiving money from the UK.

Beyond its core money transfer services, ChipperCash provides an array of other financial offerings, such as airtime purchases, investment services, and the issuance of virtual cards in both dollars and Naira.

13. ETRANZACT

eTranzact has indeed left an indelible mark on the fintech landscape since its inception in 2003, securing its position as the first award-winning multi-application and multi-channel electronic transaction switching and payment processing platform in Nigeria.

Remarkably, the company has cultivated relationships and partnerships with more than 50 commercial banks and microfinance institutions across Africa. Additionally, eTranzact boasts integration with some of the most prominent international payment companies globally, including PayPal, Western Union, MoneyGram, and TransferWise, further enhancing its reach and influence in the industry.

14. PIGGYVEST

Piggyvest unquestionably stands out as one of the premier savings and investment platforms in Nigeria’s fintech industry. The company’s primary mission revolves around assisting users in automating their savings, directing funds towards specific financial goals.

In addition to its savings automation feature, Piggyvest boasts an investment marketplace that simplifies the investment process, making it accessible to anyone. Within this marketplace, users can purchase shares in companies and explore investment opportunities with promising returns, ranging from agriculture to healthcare and more.

15. PALMPAY 

Much like Opay, Palmpay stands as one of the prominent fintech companies in Nigeria, leveraging its platform to provide an array of online banking services encompassing savings, money transfers, and even loan disbursements.

The Palmpay app, with over 5 million downloads on the Play Store, enjoys widespread popularity, particularly among Nigerian students. This can be attributed to its robust reward programs, featuring referral incentives, cashback rewards, and promotional offers.

Additionally, Palmpay extends its services to include payment solutions such as point-of-sale (POS) terminals and mobile money, further solidifying its presence and offerings in the fintech landscape.

16. BRANCH

Branch has established itself among the notable fintech companies in Nigeria, primarily acclaimed for its provision of low-interest loans without requiring collateral.

Additionally, Branch’s platform extends its reach to offer a range of digital banking services, including funds transfers, savings and investment options, and the convenience of bill payments.

17. BANKLY

Bankly has emerged as a dependable player in Nigeria’s fintech sector, offering vital digital infrastructure to facilitate the storage and movement of cash for the financially underserved population in Africa. The company’s mission centers on enhancing accessibility and convenience in banking for people not only in Nigeria but also beyond its borders, accomplished through a mobile app that offers a wide spectrum of financial services.

These services encompass essential banking functionalities, including financing, deposits, savings, and bill payments, along with the added convenience of point-of-sale (POS) services. Bankly plays a pivotal role in advancing financial inclusion and accessibility in the region.

18. BAMBOO 

Bamboo is unquestionably one of Nigeria’s fastest-growing fintech enterprises, specializing in providing investment services to its customers. The company boasts a diverse array of offerings, which include savings accounts and investment portfolios, enabling users to invest in both local and international stocks with ease through their user-friendly mobile app.

The rapid growth of Bamboo in Nigeria reflects the increasing trend among Nigerians to invest and save money online, driven by the desire for favorable returns on their investments.

19. LIDYA

Lidya, a fintech company founded in Nigeria in 2016 by Co-Founder & CEO Tunde Kehinde and headquartered in the US, focuses on providing financial services to small and medium-sized businesses across emerging markets, notably Nigeria and Ghana.

The core mission of Lidya revolves around assisting businesses in gaining access to the essential capital required for growth and success. The company offers a diverse suite of services, including loans, business lines of credit, and invoice financing, all accessible through a user-friendly online platform.

Lidya’s ability to deliver swift, affordable, and accessible financing to businesses hinges on the innovative utilization of technology and data analysis. In doing so, the company contributes to economic growth and advances financial inclusion in emerging markets.

20. FAIRMONEY

FairMoney, is Among the fintech companies in Nigeria, that specializes in offering digital financial services to consumers with a strong emphasis on enhancing accessibility and convenience for people in Nigeria.

Their suite of services encompasses personal loans, bill payments, and money transfers, all accessible through a user-friendly mobile app. By harnessing technology, FairMoney streamlines the banking experience, providing a swifter, more convenient, and cost-effective alternative to traditional banks. In doing so, the company plays a pivotal role in advancing financial inclusion within Nigeria.

21. V BANK

V Bank undoubtedly stands as one of the premier fintech companies in Nigeria, renowned for delivering exceptional digital banking services to its customers. Through its mobile app, V Bank provides a seamless avenue for banking and financial management.

Remarkably, despite its microfinance bank status, V Bank simplifies the account creation process by not requiring extensive documentation. Users can leverage V Bank’s platform for a wide array of basic banking services, including savings accounts, bill payments, money transfers, and much more, all with the ease and convenience of their mobile device.

22. CREDPAL

Credpal, founded in 2018 by Fehintolu Olaogun and Olorunfemi Jegede, operates with its headquarters in Lagos. It distinguishes itself as one of the relatively few fintech companies in Nigeria that provide a “Buy Now and Pay Later” service.

Credpal’s primary mission centers around delivering convenient access to credit for individuals in Nigeria. This includes the issuance of credit cards featuring remarkably low interest rates and substantial credit limits for a 30-day period. Additionally, the company empowers customers to save and earn attractive returns on their savings.

23. VOGUEPAY

VoguePay is a notable player in Nigeria’s fintech sector with a primary focus on payment processing. The company plays a pivotal role in enabling businesses to operate smoothly by offering a user-friendly platform for collecting payments from local customers, whether for one-time transactions or variable amounts.

This facilitates a seamless payment experience for businesses and their customers alike.

24. P2VEST

P2Vest is a noteworthy financial technology platform in Nigeria dedicated to serving the underserved population. The company specializes in offering peer-to-peer (P2P) lending services to both individuals and small businesses.

Operating through an online platform, P2Vest serves as a connecting bridge, linking borrowers with investors who are inclined to lend money at mutually agreed interest rates. This approach provides an expedient and effective means for borrowers to access credit while allowing investors to generate returns on their investments.

25. WALLET AFRICA

Wallet Africa stands out among  fintech companies in Nigeria by providing physical VISA cards that enable global payments—a service relatively rare in the Nigerian market. In addition to this, the company operates a mobile platform offering a wide spectrum of services, including digital payments, airtime top-ups, bill payments, and savings options.

Wallet Africa has earned recognition in Nigeria for its dedication to promoting financial inclusion and contributing to the country’s economic growth through the provision of innovative financial solutions.

26. NOWNOW

NowNow, a Nigerian fintech platform, plays a crucial role in delivering financial services to its customers. It facilitates quick access to loans, bill payments, airtime and data purchases, as well as fund transfers to friends and family.

Designed with the objective of reaching individuals who may lack access to traditional banking services in Nigeria, NowNow extends its support to those seeking convenient and accessible financial solutions.

27. FINT

Fint emerges as a fresh face in the Nigerian fintech landscape, offering accessible credit solutions to the underserved through a dependable peer-to-peer (P2P) lending service.

Fint’s platform is designed to bridge the gap between borrowers and lenders, enabling borrowers to access low-interest loans while providing lenders with attractive returns on their investments. This approach contributes to financial inclusion and creates beneficial opportunities for both borrowers and investors in Nigeria.

Accelerex plays a pivotal role in streamlining payment processes and ensuring a smooth payment experience for its clientele. The company offers a diverse portfolio of payment solutions, encompassing point-of-sale (POS) terminals, online payment gateways, and mobile payment options.

28. ACCELEREX

Accelerex’s technology is thoughtfully crafted to assist businesses in enhancing their operational efficiency while simultaneously reducing the expenses associated with payment processing.

Moreover, the company extends its support to businesses by providing essential financial services, including cash management and working capital financing, aimed at fostering their growth and success.

29. KUDA

Kuda is a digital-only bank operating in Nigeria, providing online banking services accessible through its mobile app and website. With Kuda, users can seamlessly conduct transactions, transfer funds, settle bills, and access various financial services without the need to visit a physical bank branch.

As a licensed microfinance bank in Nigeria, Kuda has obtained authorization from the central bank of Nigeria to offer financial services to both individuals and businesses. The bank has gained a reputation for its speedy, user-friendly, and convenient banking solutions, with a strong emphasis on leveraging technology to enhance the overall banking experience for its customers.

30. ALLCREDIT

Allcredit is indeed recognized as one of the top fintech companies in Nigeria, known for its provision of various financial services. It has been serving individuals not only in Nigeria but also across the world.

Through the Allcredit platform, users have the capability to send and receive payments globally, making it a valuable resource for international financial transactions.

31. SPARKLE

Sparkle is a Nigerian fintech platform that offers financial services to its users. This platform facilitates access to quick loans, bill payments, and fund transfers to friends and family.

Sparkle’s design aims to provide financial services to individuals who might not have access to traditional banking services in Nigeria, thereby broadening financial inclusion and accessibility for a wider population.

32. TRIBAPAY

TribaPay is a notable Nigerian financial technology company known for issuing virtual dollar cards that enable online dollar payments.

In addition to this service, the company provides a range of other digital banking services, aligning itself with the offerings of numerous other apps within the Nigerian fintech industry. This diverse suite of services caters to the evolving financial needs of its users.

33. EVERSEND

Eversend is one notable fintech companies in Nigeria that primarily offers digital payment services, featuring a multi-currency e-wallet. This e-wallet empowers users to exchange, spend, and send money at favorable rates, both domestically and internationally.

In addition to its core digital payment services, Eversend extends access to several other financial offerings, including stock trading, the issuance of virtual dollar cards, currency exchange, and more. Since its inception in 2017, the company has left an indelible mark in the Nigerian fintech sector, contributing to the evolving landscape of financial technology in the country.

34. KASHCASH

Kashcash is a  Nigerian fintech platform dedicated to providing financial services to its customers. It facilitates easy access to quick loans, bill payments, airtime and data purchases, as well as fund transfers to friends and family.

Designed with the goal of reaching individuals who may lack access to traditional banking services in Nigeria, Kashcash serves as a convenient and accessible financial solution for a broader segment of the population.

35. NEWCREDIT

Newcredit is among the Nigerian fintech companies that offering financial services to its customers. Through this platform, users can conveniently access quick loans, make bill payments, purchase airtime and data, and initiate fund transfers to friends and family.

Newcredit’s core objective is to cater to individuals who may not have access to traditional or virtual banking services in Nigeria, furthering the cause of financial inclusion and accessibility in the country.

36. M-NAIRA

M-NAIRA serves as a value-sharing and money transfer services platform with the goal of connecting all Nigerian bank accounts, mobile wallets, and billing systems. Its primary aim is to provide instant remittance services to Nigerians worldwide.

This platform empowers customers to conduct real-time money transfers from debit or credit cards to Nigerian bank accounts and mobile money wallets, offering a convenient and efficient way to send and receive funds across borders.

37. KUDI

Kudi is an AI-powered chatbot that serves as a personal finance assistant. It engages with users using a conversational style and assists with various financial tasks.

This includes facilitating money transfers, providing account information, enabling the purchase of airtime, and handling payments for recurring bills like GOTV, DSTV, and PHCN. Additionally, Kudi offers bill due date reminders, making it a valuable tool for managing personal finances efficiently.

38. NAIRABOX

NAIRABOX is a versatile social e-wallet application that empowers users to perform various financial transactions, including purchasing airtime, settling bills, making charitable donations, and buying movie or event tickets, all from the convenience of their homes or workplaces.

NAIRABOX, on the other hand, operates as a Nigerian Bitcoin exchange, providing users with the capability to buy and sell Bitcoin and other e-currencies using Naira through the company’s trading platform. This platform facilitates cryptocurrency transactions, making it accessible for users to engage in the digital currency market.

39. MICROCASH

microCASH (mCASH) offers payment solutions that facilitate quick and convenient transactions between sellers and buyers using their mobile phones. To initiate payments, sellers are typically assigned a unique 8-digit seller code by a financial institution.

This code serves as an identifier, allowing buyers to send payments to sellers with ease and speed using the mCASH platform. This approach simplifies the payment process and enhances financial transactions for both sellers and buyers.

40. READYCASH

ReadyCash is a mobile payment service designed in compliance with the Central Bank of Nigeria’s (CBN) regulatory framework for mobile payment services. Operating under the NON-BANK LED model, ReadyCash empowers end users, particularly those without traditional bank accounts, who own GSM phones. It achieves this by enabling these users to create virtual accounts, commonly referred to as “wallets,” through a wide network of agents, including banks and individuals. These agents facilitate activities such as enrollment, cash deposits, and withdrawals.

In addition to basic transactions, ReadyCash allows end users to perform various tasks, including checking account balances, making bill payments, transferring funds, and making purchases for goods and services, all through their mobile phones. It’s important to note that the ReadyCash system operates on a pre-paid basis, enhancing accessibility and convenience for users.

41. QUICKCHECK

QuickCheck is an app-based lending platform that leverages technology to provide financial services to both individuals and small businesses.

This platform aims to streamline the lending process and make it more accessible to its target audience, offering a convenient and efficient way to access financial support.

42. EYOWO

Eyowo serves as a comprehensive platform that consolidates various payment services into one convenient umbrella.

This versatile platform caters to both personal and business transactions, simplifying financial management for its users. Whether it’s sending money or paying bills, Eyowo provides a seamless and user-friendly solution for handling various financial tasks.

43. PAYUP

PayUp is a financial technology startup dedicated to providing a cost-effective and highly scalable alternative to traditional banking systems. This alternative is designed to offer enhanced convenience and innovative services for both consumers and merchants.

PayUp’s flagship feature is its integrated card payment and point-of-sale (POS) system, enabling small and medium-sized enterprises (SMEs) to securely accept card payments, whether in-store or on the move. The company offers a free point-of-sale app that, when used in conjunction with a mobile card reader connected to a phone or tablet, transforms the device into a functional card acceptance terminal. This innovation simplifies payment processing for businesses and enhances the overall customer experience.

44. MIGO

Migo, formerly known as KwikMoney, is a cloud-based platform primarily known for providing loans. More recently, the company has expanded its offerings into areas such as payment gateways and has focused on establishing partnerships with banks and telecommunication companies.

In 2019, Migo secured a substantial investment of $20 million from both existing and new investors. This financial boost accompanied the company’s rebranding effort, transitioning from KwikMoney to Migo. The rebranding aimed to position the company as a more internationally appealing fintech player, indicating their ambitions to expand beyond the borders of Nigeria.

45. SURECREDIT 

SureCredit operates as a voucher financing platform designed for employees of specific companies. This platform allows employees to acquire vouchers that can be used to purchase various assets or services from a range of merchants in Nigeria. What sets SureCredit apart is its unique pay-later model, where employees can pay for these purchases in installments directly from their salaries.

Employees of participating companies are pre-approved for these vouchers, enabling them to acquire items such as holiday trips, high-end home appliances, electronic gadgets, medications, luxury goods, consumer products, and other essential items. The borrowed amount is then deducted gradually from their salaries over a predefined period, offering a convenient and flexible financing solution for employees.

46. SCRAPAYS

Scrapays is an innovative fusion of recycling, technology, and finance. The company leverages technology to enhance the collection of recyclable waste in developing nations. Scrapays achieves this by establishing a software-based recovery network accessible through USSD, web, and mobile app platforms.

This network encompasses all four key categories within the recycling value chain, which are independent businesses and producers. Scrapays provides these participants with essential infrastructure and tools to streamline the recovery of recyclable materials. This approach not only facilitates the recycling process but also empowers these entities to manage their recycling efforts more effectively.

47. OKASH

OKASH operates as an app-based lending platform that harnesses technology to provide financial services to both individuals and small businesses.

This platform simplifies access to financial support, making it more convenient and efficient for its users.

48. SHARPCREDIT

Sharpcredit is an online payment platform designed to facilitate instant payments from buyers to sellers using their mobile phones.

This platform streamlines payment processing, offering a convenient and efficient solution for both buyers and sellers to complete transactions seamlessly.

49. EASYCASH

Easycash operates within the Nigerian fintech industry with a primary focus on payment processing.

The company plays a pivotal role in enabling businesses to operate smoothly by offering a user-friendly platform for collecting payments from local customers, whether for one-time transactions or variable amounts. This simplifies the payment process and enhances the overall customer experience for businesses in Nigeria.

50. XCROSSCASH

Xcrosscash is a notable player in Nigeria’s fintech industry, specializing in online payment processing. The company’s core mission is to support businesses in Nigeria by offering an accessible platform for receiving and making payments from local customers, whether for one-time transactions or variable amounts.

This solution simplifies payment management for businesses, enhancing their operational efficiency and customer interactions.

 

CONCLUSION
The fintech landscape in Nigeria is thriving with a diverse array of companies and platforms offering innovative financial solutions. These companies range from lending platforms to payment processors, savings and investment platforms, and even recycling-focused ventures. The common thread among them is their use of technology to make financial services more accessible, efficient, and convenient for individuals and businesses in Nigeria. As the fintech industry continues to evolve and expand, it plays a crucial role in driving financial inclusion and economic growth in the country.

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