Coined from two words – ‘Finance’ and ‘Technology’, FinTech is used to describe new technology that is built to automate the delivery of financial services. FinTech Companies are the ‘stop-gap’ institutions that fill in the space between basic good financial service delivery and excellent, efficient, and convenient financial services delivery.
History of the Fintech Industry in Nigeria
FinTech companies stepped into Nigeria at the same time that the internet also began to gain steady prominence. This is no coincidence as top FinTech products and services are enabled by the internet and smartphones.
Pre-2005, financial services in Nigeria were just basically left to banks, and trust me, true customer convenience and seamlessness in delivering financial services was not a priority.
Rather, banks just focused on profit maximization in delivering their financial services, no one really deeply cared about how it was being delivered. Banking was rigorous and rigid, but efficient.
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They are widely accepted because of the solutions they have brought to payments, collections, transfers, cash withdrawals, lending, and so on.
With a growth expectancy of over $543.3 million in 2022 (Frost and Sullivan), FinTech companies in Nigeria are set to be on a constant roll. They have brought banking closer to the grassroots and made financial services accessible to the unbanked.
FinTech companies are filled with mostly young people, flexible with ideas, tenacious with ambitions, equipped with the technical capability to break into the financial sphere in Nigeria.
Their products are geared, not only towards giving financial services, but also towards convenience, seamlessness, security, and efficiency.
Looking at the table of the top 10 FinTech companies in Nigeria, we will discover that many of the companies were founded less than 2 decades ago, yet they have become unicorns in their spaces.
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In this article, we would give brief but precise bios on the current top and leading FinTech companies in Nigeria as of 2023. Below are the current leading 10 FinTech companies in Nigeria.
Leading 10 FinTech Companies in Nigeria (February 2023)
| FinTech Company | Niche | Channels Used | Founded | Founders/CEOs | Solutions Offered | Top Partners | Website |
|---|---|---|---|---|---|---|---|
PayStack | Payment and collection processing, Invoicing | Visa card, Verve card, Mastercard, Web, Bank account, POS, USSD, Visa QR | 2015 | Shola Akinlade (CEO), Ezra Olubi (CTO) | Automates payments online via debit and credit cards | Air Peace, Kuda, Ariiya, Piggyvest, Bolt, Carbon, GIGM, Cowrywise, Dominoes, IrokoTV, Smile, Betway, Ibom Air, LIRS, Axa Mansard, ASU, MTN, Filmhouse Cinemas | paystack.com |
FlutterWave | Payment and collection processing, Foreign exchange, invoice, Card issuing | Visa card, Verve card, Mastercard, Web | 2016 | Iyin Aboyeji, Olugbenga Agboola | Provides a payment infrastructure for global merchants and payment service providers across Africa | Uber, Hygeia HMO, Wakanow, Max.ng, Fruits2go, RoundBob, Nairabox, Fibre, RSA Made | flutterwave.com |
Piggyvest | Investments and Savings | Visa card, Verve card, Mastercard, Web | 2016 | Odunayo Eweniyi, Somto Ifezue, Joshua Chibueze | Enables debit and credit card holders to save and invest online | uduX, Landwey, Recyclan | piggyvest.com |
OPay | Payment and collection processing, Logistics, Lending, Agency banking | Visa card, Verve card, Mastercard, Web, USSD, POS, IVR, Visa QR | 2018 | Zhou Yahui | One-stop mobile-based platform for transfer, savings, transportation, food & grocery delivery, bills payment, and lending | WorldRemit | operapay.com |
eTransact | Payment, switching and collection processing, merchant acquiring, lending, advisory services | Visa card, Verve card, Mastercard, Web, USSD, POS, Visa QR | 2003 | Niyi Toluwalope | Provides e-payment and bills processing services. | 70 Nigerian universities, Govt parastatals, banks, ICT, Aviation brands | etransact.com |
Interswitch | Payment, switching and collection processing, merchant acquiring, lending, advisory services | Visa card, Verve card, Mastercard, Web | 2002 | Charles Ifedi, Mitchell Elegbe | Provides switching and electronic payments processing services throughout the African continent. | Credit Bank, FIRS (Tax ProMax), Finastra | interswitchgroup.com |
Remita (SystemSpecs) | Accounting, Payment and collection processing, Human resources | Visa card, Verve card, Mastercard, Web | 1992 | John Obaro | Provides Human Capital, software infrastructure, and payment collection software solutions to private and the government | Cellulant, MTN, Federal Government of Nigeria, Paga | remita.net |
Paga | Payment and collection processing, Agency banking | Visa card, Verve card, Mastercard, Web, USSD, POS, IVR, Visa QR | 2009 | Jay Alabraba, Tayo Oviosu | Partners with commercial and microfinance banks, mobile and service providers to provide retail payments, airtime, bill payments solutions | Remita, Flutterwave, | mypaga.com |
Kuda Bank | Core banking services, transfers processing, Investments and Savings | Visa card, Verve card, Mastercard, Web, USSD, POS, Visa QR | 2018 | Babs Ogundeyi, Musty Mustapha | Provides all virtual core banking services, online savings and investment via their various platforms | End clientele | kudabank.com |
Cellulant | Payment, switching and collection processing | Visa card, Verve card, Mastercard, Web | 2004 | Bolaji Akinboro, Ken Njoroge | Provides a platform to digitize payments for Africa's largest economies | Banks, mobile network operators, businesses, governments, NGOs | cellulant.com |
Great article, I sure will need this sometime in the future.
Thank you, Dammymat. This article will also be updated from time to time to reflect current realities.
Thanks for the info – very useful & helpful. We recognize your need to get funds, but, the ads on the right of the screen blocks some of the information on the page, especially the listed websites on https://www.banknaija.com/leading-fintech-companies-in-nigeria-2021/.
I have zoomed-out, but the Ads keep blocking information.
Hello Yinka,
Thank you for the feedback and kind words.
On the screen/ads issue, horizontal scrolling has now been added to the table for easy viewing.
You just helped us get better, thanks a lot.
Regards,