Top 10 Fintech Startups in Nigeria
Innovative technology is being employed in every aspect of our life including the financial sector. Gone are the days when online transactions were never possible. With the help of fintech companies, that problem has become a thing of the past.
Fintech is a combination gotten from the two words: “financial” and “technology”. It is a new type of technology used to improve and automate the delivery of financial services. It is used by businesses, companies and consumers manage financial operations and processes with the help of algorithms and specialized software.
Unlike the traditional banking systems, these companies are not hindered by operating systems. They have also succeeded in filling the gaps left by banks and other financial institutions. Through their quality services and secured payment methods, individuals and businesses can save money, make payments for purchase online, receive money, collect quick loans amongst many other services
Top Ten Fintech Startups in Nigeria
In recent times, Fintech startups have become the biggest forms of technology in Nigeria. Their services involve finances and they have been doing a great work satisfying their users. There are currently over 200 fintech startups in Nigeria, here is a list of the top ten:
10. Carbon (Formerly Paylater)
Formerly known as Paylater, Carbon is a popular and reliable loan app in Nigeria. The company provides quick loans without collaterals or guarantors to its customers unlike Nigerian banks and other money lending institutions. It began operations in 2016 and has become renowned for its hassle-free loans. The company also has a platform that enables its users to save money.
FairMoney is another fintech company that provides services in money lending. It started out in the fintech sector by offering quick loans without collaterals, guarantors or paperwork to its customers. It has since graduated to a digital bank in Nigeria. It also has a microfinance bank license to operate in the banking field.
Opay is a cashback wallet that enables customers to make payments conveniently anywhere in Nigeria through electronic means. It was founded in 2018 by Yahui Zhou. Its users can send and receive money, pay electricity bills, cable TV subscriptions, pay for transportation. It also allows them to order food and groceries.
7. Kuda Bank
Kuda is a London-based digital bank and startup formerly known as Kudi Money. It began operations in Nigeria in 2017 and changed its name to Kuda bank in 2019. It was the first bank in Nigeria to operate mobile only services. The bank is known for not charging bank fees unlike most commercial banks in Nigeria. Their customers are also excused from paper process since everything is done online.
Etranzact is a multi-application and multichannel platform that allows its users to perform financial operations involving payments on the internet using electronic means. It was founded in 2003 and currently operates in several African countries including Nigeria, Ghana, Kenya, Cote d’Ivoire. It also operates in the United Kingdom. The fintech company is a top partner with many universities, financial institution, government authorities, aviation companies and so on. Their payments methods are known to be very secure and reliable.
Interswitch is a digital commerce and payment integrated platform founded in 2002 by Mitchell Elegbe and has its headquarters in Lagos. The company started as a fund switching and processing company. It has since grown into a consumer financial services provider. The company also owns different payments system, such as Quickteller, Retailpay, Smartgov and Verve.
Paga is a leading fintech company that specializes in mobile payment services. It was founded in 2009 by Tayo Oviosu. The platform allows users to transfer money and make payments through electronic means with their mobile devices. It serves as a mobile wallet that allow people send and receive money from anybody in any part of the world with only a phone number or email address. The fintech company also offers services like payment of electricity bills, purchase of wartime and data, cable TV subscription and the likes.
Remita is a well-known fintech company that brings customers into a world of easy payments. It also allows individuals and business owners to send and receive money. Their payment methods are supported by all banks and mobile wallets at every period of time including public holidays and weekends. With the Remita app, customers can also buy data and airtime, pay electricity bills, cable TV subscriptions and manage their finances. The fintech company is licensed by the federal government and currently serves as the backbone of the federal government treasury single account.
Paystack is another popular fintech startup in Nigeria. It was founded by Shola Akinlade and Ezra Olubi in 2016. It is designed to solve payment problems for all businesses and online marketers in Africa. Their technology secures payments for businesses from different payment channels, such as bank cards, QR codes, mobile money accounts and so on through customers USSD or bank account
Flutterwave is a renowned company that provides financial services through advanced technology. It was founded in 2016 and has its headquarters in San Fransisco, California and operates fully in eleven African countries including Nigeria. They have a payment infrastructure that serves clients across the African continent. This fintech startup partners with banks and other services providers to bring convenience of digital payments to clients across Africa.