10 Leading FinTech Companies in Nigeria (September 2021)

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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.

FinTech 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.

Leading-FinTech-Companies-in-Nigeria-2021-banknaija-remita-card

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 2021. Below are the current leading 10 FinTech companies in Nigeria.

Leading 10 FinTech Companies in Nigeria (2021)

FinTech CompanyNicheChannels UsedFoundedFounders/CEOsSolutions OfferedTop PartnersWebsite
PayStack

Leading-FinTech-Companies-in-Nigeria-2021-banknaija-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 cardsAir Peace, Kuda, Ariiya, Piggyvest, Bolt, Carbon, GIGM, Cowrywise, Dominoes, IrokoTV, Smile, Betway, Ibom Air, LIRS, Axa Mansard, ASU, MTN, Filmhouse Cinemaspaystack.com
FlutterWave

Leading-FinTech-Companies-in-Nigeria-2021-banknaija-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 AfricaUber, Hygeia HMO, Wakanow, Max.ng, Fruits2go, RoundBob, Nairabox, Fibre, RSA Madeflutterwave.com
Piggyvest

Leading-FinTech-Companies-in-Nigeria-2021-banknaija-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 onlineuduX, Landwey, Recyclanpiggyvest.com
OPay

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Payment and collection processing, Logistics, Lending, Agency banking Visa card, Verve card, Mastercard, Web, USSD, POS, IVR, Visa QR 2018Zhou YahuiOne-stop mobile-based platform for transfer, savings, transportation, food & grocery delivery, bills payment, and lendingWorldRemitoperapay.com
eTransact

Leading-FinTech-Companies-in-Nigeria-2021-banknaija-etransact
Payment, switching and collection processing, merchant acquiring, lending, advisory services Visa card, Verve card, Mastercard, Web, USSD, POS, Visa QR 2003Niyi ToluwalopeProvides e-payment and bills processing services.70 Nigerian universities, Govt parastatals, banks, ICT, Aviation brandsetransact.com
Interswitch

Leading-FinTech-Companies-in-Nigeria-2021-banknaija-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), Finastrainterswitchgroup.com
Remita (SystemSpecs)

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Accounting, Payment and collection processing, Human resources Visa card, Verve card, Mastercard, Web 1992John Obaro Provides Human Capital, software infrastructure, and payment collection software solutions to private and the government Cellulant, MTN, Federal Government of Nigeria, Pagaremita.net
Paga

Leading-FinTech-Companies-in-Nigeria-2021-banknaija-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 solutionsRemita, Flutterwave, mypaga.com
Kuda Bank

Leading-FinTech-Companies-in-Nigeria-2021-banknaija-kuda-bank
Core banking services, transfers processing, Investments and Savings Visa card, Verve card, Mastercard, Web, USSD, POS, Visa QR2018Babs Ogundeyi, Musty MustaphaProvides all virtual core banking services, online savings and investment via their various platformsEnd clientelekudabank.com
Cellulant

Leading-FinTech-Companies-in-Nigeria-2021-banknaija-cellulant-3
Payment, switching and collection processing Visa card, Verve card, Mastercard, Web 2004Bolaji Akinboro, Ken NjorogeProvides a platform to digitize payments for Africa's largest economiesBanks, mobile network operators, businesses, governments, NGOscellulant.com
4 Comments
  1. Dammymat says

    Great article, I sure will need this sometime in the future.

    1. Gbenga says

      Thank you, Dammymat. This article will also be updated from time to time to reflect current realities.

  2. Yinka says

    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.

    1. Gbenga says

      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,

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