The Best Fintech Companies in Nigeria that you need to Know | Top 10. Do you want to know the best Fintech companies in Nigeria? If yes, you are in the right place. This article will help you to discover the best Fintech companies in Nigeria 2023 and choose those that you wish to do business with.
Fintech is gradually disrupting the world. Just a few years ago, there was a huge gap between financial service delivery and technologies, but now almost every entrepreneur is talking about fintech.
These companies make transactions in Nigeria very easy, satisfying, and reliable. Before proceeding, let’s have a look at what a Fintech Company means in general.
These companies are arranged in no particular order. It doesn’t mean that the one at no 1 is better than the one at no 7. They are all good and reliable.
So what is FinTech?
Fintech is short for Financial Technology. A Fintech can be an industry or a standalone company. In general, a financial Technology (FINTECH) company uses cutting-edge technology to render financial services and make transactions easier. These days, you don’t need to visit a bank before you can have a bank account. Fintech Companies have made digital banking apps possible in Nigeria and will allow you to register a bank account anywhere without entering a banking hall.
Ten Top Fintech Companies in Nigeria
The Fintech Companies in Nigeria have generated over $600 Million in funding since 2019. Without much ado, below are listed the best and top Fintech Companies in Nigeria in 2023.
1. Flutterwave.
Flutterwave is very popular. It is an African Fintech giant it was founded in 2006 by Olugbenga Agboola and Iyinoluwa Aboyeji and has steadily gained recognition over the years.
They have received numerous awards and recognitions. shortly after their announcement that the company was valued at over $1 billion, they followed up with the big announcement that flutterwave was partnering with PayPal to enable merchants to receive payment in Nigeria. Once you have flutterwave business, you should be able to get paid with PayPal because PayPal is one of the integrated payment platforms there.
2. Paystack
Paystatck was founded in 2015 by Shola Akinlade and Ezra Olubi. It is a very popular payment gateway in Nigeria and is known to be associated with top eCommerce malls like Jumia, Konga, bet9ja, Taxify, Dimino, etc as their payment gateway.
Paystatck head office is in Lagos with a lot of employees. With paystack, you can easily integrate their payment API on your website to enable online transactions and receive payment. Paystack Payments Limited Head Office is located at 126 Joel Ogunnaike St, Ikeja GRA 101233, Lagos Nigeria.
3. Remita
On a number of occasions, Remita has won the award of Nigeria’s software of the year. Many Fintechs have been inspired by remita.
Remita was created by system spec which was founded in 1991 by John Obaro. The Federal Government of Nigeria has licensed Remita to serve as the Treasury Single Account (TSA) backbone. When it comes to software sales, this organization has evolved over time. Over 500 microfinance institutions utilize Remita to send money to over 1,000 businesses, SMEs, and other organizations. It handles more than $30 billion worth of transactions each year. The mobile App was released in 2017.
4. Aceelerex
Accelerated set up in 2013 has continued to make giant strides. The company has consistently ranked as the number one Payment Terminal Service Provider in Nigeria regarding the value of transactions processed since 2019. It supports 95% of Nigerian banks, with over 90,000 Merchants across the 36 states in the country.
Accelerex birth the expansion of brand operations to major places in Africa such as Ghana, Kenya, DR Congo with plans going underway to other countries.
Products and services which make eCommerce an easy experience are being offered by Accelerex such as the ANP i.e Accelerex Agent Network Platform which is a platform designed by Accelerex to make the Agency Banking Business operationally easier and simple.
There have been several recognition and awards given to Accelerex most especially the prestigious CBN Cashless Driver Award. Accelerex has been recognized as a good place to work by the Great Place to Work, the worldwide authority on workplace culture, employee experience, and leadership behaviors.
RexRetail which is prioritized around speed and security in creating goods and solutions was created as an SME-tailored rounded solution for all retail business requirements.
In 2020 Accelerex Holdings got $20 million in investment to propel growth and new product development via the firm.
With the establishment of various centers, Accelerex can better serve its clients, in different geopolitical zone.
5. Piggyvest
Piggyvest helps you save and invest money via their app. Piggyvest was founded in 2016 and is located in Lagos. With Piggyvest you can set up automatic saving plans, track your spending, and access loans. So far, Piggyvest has over a million users and helped them save over $40 million. Piggyvest has been featured in Forbes, CNBN Africa, and TechCrunch.
6. Chipper Cash
Chipper Cash is relatively new to the platform. Founded in Lagos, Nigeria 2016, Chipper Cash is A mobile-first fintech startup rendering financial services. The company was founded by Hamse Warfa and Toby Schistad with the sole mission of providing accessible financial services to all.
With the Chipper Cash Mobile App, users can send and receive money, make payments and also access credit products. Notable investors such as Andreessen Horowitz, The Fund, GV, and Precursor Ventures, has helped raise funding of over $3 million dollars for the company so far. Forbes name them among the top 50 fintech companies in Africa in 2019.
7. Paga
Paga has been there since 2009. It was created by Tayo Oviosu in 2009. It was mentioned alongside paystack among the top 250 Fintech companies in the world.
Paga has more than 12 million customers and has employed over 20000 people across the country,
By simply dialing *242#, you can easily make transactions with paga as it is a secure and reliable way of financial transactions.
Initially, paga’s goal was to enable users to transfer money without charges regardless of the amount but with time they extended the tentacles to other services.
Since 2020, Paga has made great moves to expand beyond Nigeria. In the same year, they acquired the Ethiopian software company, Apposit and opened an office in Mexico.
8. Interswitch
Interswitch is a big player in the Fintech Industry industry in the country. Interswitch has been serving as a great payment gateway on many platforms including university websites using them to effect the payment of school fees of students in Nigeria.
The Financial Company was started by Mitchell Elegbe in 2002 and was founded as an electronic payments processing and transaction switching company.
Interswitch for some time now has been offering financial products such as online payment platforms, point-of-sale terminals, and its ATM card.
According to official reports, Interswitch processes over 500million transactions in a month.
9. Kuda Bank
Kuda Bank is making giant strides into the financial technology company in Nigeria. With Kuda bank, the outrageous fees associated with traditional banks is eliminated.
Kuda Bank offers an all-digital method of processing transactions. Account setup can be done in just minutes.
The creation of a personalized Mastercard ATM with no transaction fees or ongoing maintenance is one of the leading services offered by Kuda.
10. E-tranzact
E-tranzact stands as one of the oldest Fintech companies in Nigeria. It is also one of the best and top fintech companies in Nigeria.
E-trazanct was founded by Niyi Toluwalope who also happens to be the CEO. They are other financial services providers owned by the company which includes Mobile Topup, PocketMoni, CorporatePay, BankIT, and ATM CardlexCash.
E-tranzact is based in Lagos, Nigeria, and offers different services ranging from online payments, money transfers, and even online shopping.
Their website is user-friendly and easily accessible.
Wrapping Up
The financial technology industry is disrupting the financial services space in Nigeria. Almost a few years back, the space between technology and financial services was very wide but the gap has been closed thanks to some bright minds spearheading the fintech revolution in Nigeria. The above article has selected the best 10 amongst the top and best fintech companies in Nigeria. Choose any you love and patronize their service.
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