Check out some of the Fintech Companies in Nigeria. Also, this article provides a brief description of these companies.

Nigerian fintech firms are at the vanguard of Africa’s fintech revolution. Several of them have emerged as powerful forces.

Fintech companies in Nigeria received the majority of foreign investment into the nation. Digital financial services are likewise used at a steady rate.

For instance, electronic transfers in 2019 reached 256 billion US dollars, up from 48 billion US dollars in 2014.

Also, check out Multinational Companies in Nigeria.

Over 200 fintech businesses are projected to exist in Nigeria by 2020. Furthermore, the nation’s fintech industry is anticipated to generate 543 million US dollars in revenue by 2022.

Leading Fintech Companies in Nigeria

Below are the leading fintech companies in Nigeria.

• Paystack
• OPay
• Interswitch
• PiggyVest
• Carbon
• Remita
• FairMoney
• Kuda
• Flutterwave
• Paga

Paystack

Nigerian company Paystack offers online and offline Payment processing services. It enables merchant clients to interface with different payment methods; mobile money, Apple Pay, Apple Pay for Business, bank transfers, USSD, and Visa QR.

It intends to introduce a POS solution soon. Paystack also provides data and payment APIs.

Over 60,000 businesses have registered as customers of Paystack. Its investors include well-known companies including Stripe, Visa, and Y Combinator.

Ghana and South Africa can also access Paystack’s solutions. Before being purchased by Stripe, Paystack had its headquarters in Lagos, Nigeria.

OPay

OPay’s mobile money service users can pay for services, send money between people, and save money. The business also provides an offline banking solution so that customers without cell phones can still do transactions.

With a funding round of 400 million US, OPay reached a valuation of 2 billion US dollars this year. The business has previously raised Series A and B rounds in 2019, each for 50 million US dollars and 120 million US dollars.

Additionally, it was the only firm from Africa included in CB Insights’ Fintech 250 for 2021.

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Interswitch

The company offers a wide range of digital financial solutions, such as card issues, collection, distribution, and transactions. It has developed blockchain-based infrastructure and recently debuted a digital address verification service through partnerships.

This year, Interswitch also unveiled a platform for managing corporate payments for firms of all sizes. Interswitch has been considering an IPO for some time.

After a minority investment from Visa reportedly valued at US$200 million in 2019, its worth soared to US$1 billion.

PiggyVest

PiggyVest offers savings and investment tools to its three million customers. The organization provides pre-vetted low-medium risk primary and secondary investment channels.

PiggyVest began as the savings-only site piggybank.ng, and in 2019 it added its investment options.

Although PiggyVest hasn’t raised money in a while, the most recent round was a 1.1 million US dollars seed round in 2018. The company did make an acquisition this year. In July, it acquired rival savi.ng in an unknown transaction and made hints about potential future acquisitions.

Carbon

According to its website, Carbon presently has over two million customers. According to a TechCrunch article from earlier this year, there will be 659,000 customers by 2020.

It processed over $241 million worth of transactions in 2018, an increase of 89% from 2019. Investments increased by 365% to reach 32.5 million US dollars, while loans increased by 9.1% to 63 million US dollars.

In addition to the typical elements of digital banking, Carbon is a digital bank licensed by the CBN and offers a loan facility and investment opportunities. P2P payments, bill payments, and cellphone recharge are all permitted for accounts.

Remita

Remita, another of the country’s oldest fintech firms, offers a selection of payment solutions geared toward consumers, companies, and developers.

As a result, consumers, businesses, and even the government can now make payments at one location. Additionally, the Nigerian government’s Treasury Single Account uses Remita as its default payment channel.

The solutions offered by Remita are paying bills, taxes, salaries, and more. Developers can integrate with Remita’s payment solutions through its APIs, SDKs, and plugins.

FairMoney

FairMoney is a digital bank with a lending concentration. The business offers debit cards, bank accounts, and fast loans of up to NAR 1 million. Tenures range from 61 days to 18 months, with interest rates ranging from 2.5% to 30% per month.

According to the business, FairMoney disburses one loan every eight seconds while processing over 10,000 loans each day. It was funded by a Series B round of 42 million US dollars in July of this year and holds a microfinance bank license from the CBN.

The business, which is also present in India, disbursed loans totaling 93 million US dollars in 2018, and it expects to triple that amount in 2021.

Kuda

Kuda is a digital bank licensed by the Central Bank of Nigeria. Despite having its headquarters in London, Kuda is currently concentrating on the Nigerian market. This year, it raised 80 million US dollars through two rounds of fundraising, and it already has 1.4 million registered users.

A free debit card, spending limits, transfers, and savings features are all included with Kuda accounts. For its Android app, Kuda crossed the million-download threshold in February of this year.

Flutterwave

Flutterwave is a payment start-up that was founded in 2016 by a group of African banking and technology industry professionals. The company uses more than 68 online payment channels in Nigeria to make payments.

Since its debut, Flutterwave claims to have handled 25 million transactions totaling close to $2 billion in over 33 African nations where it is currently active.

After receiving a sizeable investment from seasoned FinTech investors, Flutterwave recently joined the unicorn league.

Flutterwave offers technology, infrastructure, and services that enable international retailers, payment service providers, and pan-African banks to accept and process payments over a variety of channels.

Paga

Paga is a mobile money provider. It allows transfers, bill payments, top-ups, and even remittance services. The company boasts 17 million customers, and through a network of mobile money agents, it is also accessible to offline, unbanked people.

Although the startup has only garnered $36.7 million, some well-known figures, including Tim Draper, are among its backers.

Paga planned to launch an SME platform in June of this year. It was also aiming to expand into Ethiopia and even Mexico. Cryptocurrency may also be on the agenda, but not for Nigeria due to CBN opposition.

Other Fintech companies in Nigeria are Chippercash, e-Tranzact, Cred-Pal, V Bank By VFD, Eyowo, Fint, WalletAfrica, Cellulant, Bankly, TeamApt, Lidya, Risevest, Trove App, Bamboo.

Final Notes on Fintech Companies in Nigeria

The largest technology industry in Nigeria is fintech or financial technology. The Nigerian Fintech industry has gotten more funding than any other industry in Nigeria or all of Africa combined.

Nigerian fintech firms are bringing about significant change for both businesses and individuals. The number of fintech businesses in Nigeria is unknown because more are starting up every day.

Before you go, check out How to Increase Your GTB Daily Transfer Limit.

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