Top 10 fintech companies in Nigeria in 2024

Nigeria’s hottest trend is shining in the digital industry . We’re talking fintech, the ultimate force revolutionizing how Nigerians manage their money.

For years, traditional financial systems haven’t fully catered to the needs of the vibrant Nigerian economy. But now, a wave of innovative companies is disrupting the financial industry, bringing financial inclusion and empowerment to millions. These are the fintech pioneers, the digital trailblazers redefining how Nigerians manage their money.

In this blog post, we delve into the top 10 fintech companies shaping Nigeria’s financial future. We’ll explore their groundbreaking solutions, from mobile money apps to investment apps for everyone, and shed light on how these companies are transforming the way Nigerians save, spend, and grow their wealth.

Top 10 Fintech Companies in Nigeria

Nigeria, Africa’s economic powerhouse, is witnessing a thrilling revolution in the financial sector, driven by innovative Fintech companies. These game-changers are reshaping how Nigerians manage their money, making financial services accessible, affordable, and convenient for all.

1. Flutterwave

Top 10 fintech companies in Nigeria in 2024

Downloads: 500k+

Rating: 4.1

Reviews: 3000+

Location: Headquartered in San Francisco, California with operations in Nigeria, Kenya, Uganda, Ghana, South Africa, and seven other African countries.

Company type: private

Founded: 2016

Key people: Olugbenga Agboola (CEO), Iyinoluwa Aboyeji

A payment processing giant, Flutterwave simplifies online and offline transactions for businesses, individuals, and government agencies. Think secure payments, instant bank transfers, and cross-border transactions – all seamlessly handled.

Brief history:

Flutterwave’s journey began in 2016, founded by a trio of visionary entrepreneurs: Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya. With headquarters in San Francisco and a strong presence in Nigeria, Kenya, Uganda, Ghana, South Africa, and seven other African countries, Flutterwave set its sights on revolutionizing the continent’s financial industry.

In 2021, Flutterwave achieved a historic feat, securing a record-breaking US$170 million Series C funding round. This not only propelled it to unicorn status (a tech startup valued at over US$1 billion) but also cemented its position as a frontrunner in African fintech. Renowned investors like Y-Combinator, Visa Ventures, Mastercard, Avenir Growth Capital, and Tiger Global Management recognized the potential in Flutterwave’s innovative approach.

The momentum didn’t stop there. In 2022, Flutterwave raised an even more impressive US$250 million Series D funding round, tripling its valuation to over US$3 billion. This remarkable growth trajectory is a testament to the company’s ability to adapt and thrive in the ever-evolving African tech ecosystem.

Demonstrating its commitment to the African community, Flutterwave partnered with AfroSport Network in January 2022 to broadcast the 2021 Africa Cup of Nations free-to-air. This initiative made the prestigious football tournament accessible to millions of viewers, fostering a sense of unity and pride across the continent.

2. Paga

Downloads: 1M+

Rating: 4.2

Reviews: 16k+

Location: 176 HerbertMacaulay Road, Yaba,Lagos, Nigeria.

Company type: Private

Founded: 2009

Key people: Tayo Oviosu is a Nigerian-American businessman who is the founder and group CEO of Paga, a mobile payments company

A household name in mobile money, Paga has made sending and receiving cash, paying bills, and even saving accessible even for those without traditional bank accounts. Their agent network makes financial services truly reach the corners of Nigeria.

Brief history:

Paga, founded in 2009 by visionary leader Tayo Oviosu, embarked on a bold mission: empower one billion people with the freedom and ease of accessing and using their money. Recognizing the double burden of cash-dependent economies and limited financial services, Paga sought to revolutionize the landscape.

More than just a payment solution, Paga has evolved into a comprehensive financial services ecosystem for Africa. They cater to both consumers and businesses, facilitating seamless payments, secure transactions, and convenient access to a range of financial tools. Paga operates through two key channels:

  • Direct Services: Offering a user-friendly platform for individuals to send and receive money, pay bills, and access financial products directly.
  • Platform-as-a-Service: Partnering with established players like Visa and pioneering untapped markets, Paga empowers other businesses to leverage their robust infrastructure and technological expertise for innovative financial solutions.
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Paga’s impact is most evident in its home market, Nigeria. With over 20 million unique users, they have become a formidable force in driving financial inclusion and digital transformation. Their success paves the way for further expansion across Africa, shaping a future where financial services are readily accessible and empowering for all.

3. PiggyVest

Screenshot 20240130 111646

Downloads: 1M+

Rating: 3.6

Reviews: 42k

Location: Tesmot house, Abdulrahman Okene close, Victoria Island, Lagos, Nigeria.

Company type: private

Founded: 2016

Key people: Odunayo Eweniyi

Saving just got smarter with PiggyVest. This platform helps you automate savings goals, invest in various instruments, and track your progress with ease. It’s perfect for building financial security, one naira at a time.

Brief history:

PiggyVest, established in 2016, holds the distinction as the first online platform in West Africa dedicated to both savings and investments. Initially launched as “Piggybank.ng,” it focused solely on empowering users to cultivate strong saving habits. This commitment continued for three years, laying a solid foundation for their future expansion.

In 2019, a pivotal shift occurred. Recognizing the evolving needs of their user base, Piggybank.ng underwent a strategic rebranding to become PiggyVest, reflecting its broadened scope to encompass direct investment opportunities. This move solidified PiggyVest’s position as a comprehensive financial management solution, catering to both short-term savings goals and long-term wealth creation aspirations.

Today, with over 4 million active users, PiggyVest remains dedicated to its mission of empowering individuals through financial transparency and simplicity. Their intuitive platform enables users to manage their finances with ease, whether it’s saving for a specific goal or investing for future prosperity. This trust has resulted in billions of Naira saved and invested every month, a testament to the platform’s effectiveness in helping individuals achieve their financial objectives.

PiggyVest’s vision is ambitious: to become the undisputed leader in empowering West Africans to manage and grow their finances. With a relentless focus on innovation, user-centric design, and exceptional customer service, PiggyVest is poised to continuously redefine the financial landscape in the region.

4. Paystack

Screenshot 20240130 113846

Downloads: 100k+

Rating: 3.6

Reviews: 589

Company type: private

Location: Lagos, Nigeria

Founded: 2015

Key people: Shola Akinlade, Ezra Olubi

Paystack simplifies online payments, allowing businesses of all sizes to accept payments securely and effortlessly. Their integration with popular platforms and robust fraud prevention make them a trusted partner for Nigerian entrepreneurs.

Brief history:

Paystack, a leading Nigerian fintech company, empowers businesses across Africa to accept payments seamlessly and securely. Founded in 2015 by Shola Akinlade and Ezra Olubi, two enterprising minds honed in banking and IT, Paystack’s journey began at Babcock University and quickly propelled them onto the global stage. In a landmark achievement for Nigeria’s tech scene, Paystack became the first Nigerian company accepted into the prestigious Y Combinator startup accelerator in November 2015.

Fuelled by this early validation and their unwavering commitment to simplifying financial transactions, Paystack rapidly expanded its reach. By 2018, Ghanaian businesses could leverage its robust payment processing platform, followed by South Africa in 2021 and most recently, Kenya in 2023. Today, Paystack boasts over 60,000 businesses across these four African nations, empowering them to tap into the burgeoning online and offline commerce landscapes.

In 2020, Paystack’s impressive trajectory attracted the attention of Stripe, a global leader in online payment processing. Recognizing Paystack’s deep understanding of the African market and its potential to unlock immense growth, Stripe acquired Paystack for a reported $200 million. This strategic move solidified Paystack’s position as a key player in Africa’s digital transformation, backed by the resources and expertise of a global financial powerhouse.

With its headquarters in Lagos, Nigeria, Paystack continues to innovate and evolve, constantly seeking new ways to streamline and secure financial transactions for African businesses. Its dedication to building a thriving ecosystem for African commerce resonates with entrepreneurs and investors alike, making Paystack a force to be reckoned with in the continent’s digital future.

5. PalmPay

Screenshot 20240130 115540

Downloads: 10M+

Rating: 4.5

Reviews: 662k

Company type: private

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Location:

Founded: 2018

Key people: Chika Nwosu

With a focus on micro-loans and financial literacy, PalmPay is making responsible borrowing accessible to everyone. Their easy-to-use app and flexible repayment options are helping Nigerians unlock their financial potential.

Brief history:

Screenshot 20240130 115818

Since launched in 2018, PalmPay quickly emerged as Africa’s leading Fintech, making a tangible impact on the continent’s financial industry.

Palmpay achievement

  • In 2023, palmpay recorded over 30 million users
  • In 2022, they launched in Ghana.
  • In 2021, palmpay closed Series A funding.
  • In 2020, they rolled out financial services in Nigeria.
  • In 2019, they were licensed as an MMO by the Central Bank of Nigeria
  • In 2018, palmpay was founded and launched in Nigeria in Ghana.

6. OPay

Screenshot 20240130 121946

Downloads: 10M+

Rating: 4.4

Reviews: 458k

Company type: Private

Location: 9 Otunba Jobifele way Ikeja, Lagos

Founded: 2018

Key people: Daudu Gotring

This super app goes beyond payments. OPay offers airtime recharge, bill payments, motorcycle-hailing services, and even food delivery. Their commitment to financial inclusion and empowering small businesses is making a real impact.

OPay transcends a simple payment solution, offering a one-stop shop for financial management. From seamless transfers and secure loans to convenient savings options and essential services, OPay empowers millions across Nigeria with the tools they need to navigate their financial lives confidently. Over 35 million registered users and 500,000 dedicated agents stand testament to the platform’s impact, facilitating everyday transactions like money transfers, bill payments, and more.

A global fintech leader, rooted in emerging markets: OPay Digital Services Limited, a subsidiary of Opera Norway AS Group, is a pioneer in democratizing financial access. Its reach extends far beyond Nigeria, with a robust presence in promising markets across Asia, Africa, and Latin America. Countries like Mexico, Egypt, and Pakistan benefit from OPay’s innovative solutions, bridging the financial inclusion gap and empowering individuals to unlock their full potential.

7. Remita

Screenshot 20240131 125638

Downloads: 100k+

Rating: 3.1

Reviews: 1k

Company type: Private

Location: Lagos, Nigeria

Founded: 2003

key people: Deremi Atanda (Managing director)

Simplify your financial management with Remita’s comprehensive suite of solutions. From payroll processing and tax payments to invoice management and vendor payments, Remita takes the hassle out of financial operations.

Brief history:

Remita stands as a pivotal player in Nigeria’s financial ecosystem, acting as the exclusive gateway for the government’s Treasury Single Account (TSA) since 2012.

This entrusted position has placed Remita at the forefront of driving financial transparency and accountability within the public sector.

Developed and operated by SystemSpecs, a leading Nigerian financial services company, Remita leverages its robust technology and deep industry knowledge to facilitate seamless and secure transactions between citizens, businesses, and the government.

This partnership has significantly streamlined government revenue collection and disbursement, fostering greater fiscal responsibility and resource allocation.

Remita’s innovative platform has revolutionized government financial operations in Nigeria. Since its inception, it has processed billions of dollars in transactions, enhancing efficiency, transparency, and accountability. This impactful contribution has positioned Remita as a model for secure and reliable electronic payment systems across Africa.

8. Interswitch

Screenshot 20240131 131053

Downloads: 1M+

Rating: 3.8

Reviews: 6k

Company type: private

Location: Lagos, Nigeria

Founded: 2002

Key people: Mitchell Elegbe (Group Managing Director & Chief Executive Officer)

A veteran in the financial technology space, Interswitch provides payment processing infrastructure for banks, businesses, and individuals. Their Verve card scheme and Quickteller network are widely used across Nigeria, facilitating millions of transactions daily.

Brief history:

Founded in 2002, Interswitch has emerged as a leading integrated payments and digital commerce platform company, headquartered in Lagos, Nigeria. Its journey began with a simple vision: to revolutionize the African financial landscape by facilitating secure and convenient electronic transactions.

Driven by the ingenuity of its founder, Mitchell Elegbe, Interswitch transformed from a transaction switching company into a comprehensive payments ecosystem. Initiatives like Quickteller, a retail payments platform linking merchants and consumers, and Verve, a homegrown payment card scheme, solidified this vision.

Interswitch’s growth has been marked by strategic partnerships and acquisitions. Key milestones include:

  • 2010: A two-thirds acquisition by Helios Investment Partners, propelling international expansion.
  • 2011: Acquisition of a majority stake in Bankom, Uganda, expanding reach into East Africa.
  • 2013: Partnerships with Discover Financial Services, showcasing global recognition.
  • 2014: Acquisition of Paynet Group, further strengthening East African presence.
  • 2015: Launching a $10 million investment fund, nurturing African fintech innovation.
  • 2018: Unveiling the SPAK National Science Competition, fostering STEM education in Nigeria.
  • 2023: Receiving a Payments Service Holding Company (PSHC) license from the Central Bank of Nigeria, cementing its role as a pioneer in the evolving Nigerian financial landscape.
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Today, Interswitch stands as a testament to the power of innovation and commitment. It has empowered millions of Africans with seamless payment solutions, while simultaneously fostering a thriving fintech ecosystem. As it celebrates its 20th anniversary, Interswitch remains poised to continue shaping the future of digital payments in Africa, driving economic growth and financial inclusion across the continent.

9. Moniepoint

Screenshot 20240131 132715

Downloads: 1M+

Rating: 4.1

Reviews: 6k+

Company type: private

Location: Lago’s Nigeria

Founded: June 2015; 8 years ago in Lagos, Nigeria

Key people: Tosin Eniolorunda (CEO)Felix Ike (CTO)

Moniepoint Inc., a Nigerian fintech company founded in 2015. It was originally called TeamApt and focused on providing back-end services to Nigerian banks. In 2019, it received a switching license in Nigeria, and in 2022, it received a banking license from the Central Bank of Nigeria and began offering business banking services. Moniepoint Inc. now provides an all-in-one payments, banking, and operations platform for businesses and their customers.

Brief history:

Formerly known as TeamApt, Moniepoint Inc. was established in 2015 by Tosin Eniolorunda and Felix Ike, two visionary entrepreneurs who met while working at Interswitch. Recognizing the need for robust and accessible financial solutions for businesses in emerging markets, they set out to build a comprehensive platform that would empower growth and success.

Initially, Moniepoint Inc. focused on providing back-end services to Nigerian banks, operating under the name “TeamApt.” This strategic foundation laid the groundwork for their future expansion. In 2019, a significant milestone was achieved with the acquisition of a switching license in Nigeria, solidifying their position as a key player in the payments landscape.

The company’s commitment to innovation and impact culminated in 2022 with the momentous acquisition of a banking license from the Central Bank of Nigeria. This pivotal achievement marked Moniepoint’s transformation into a fully-fledged financial institution, empowering them to offer a wider range of services to merchants, including business banking solutions.

Today, Moniepoint Inc. stands as a leading fintech company in emerging markets, providing an all-in-one platform that simplifies financial operations for businesses. Their offerings encompass payments processing, banking, credit, and business management tools, all designed to streamline operations, unlock growth potential, and drive financial inclusion.

10. PayU

Screenshot 20240131 134120

Downloads: 5k+

Rating: 4.1

Reviews: 38

Company type: private

Location: Hoofddorp

Founded: 2002

Key people: Anirban Mukherjee (CEO)

This global payments giant has entered the Nigerian market, offering businesses a variety of payment processing solutions, including online and mobile payments, subscriptions, and fraud prevention tools.

Brief history:

PayU, founded in 2002 and headquartered in Hoofddorp, Netherlands, is a leading global provider of online payment solutions for merchants. Since its inception, PayU has empowered businesses to seamlessly accept and process payments through various methods, readily integrable with web and mobile applications.

With a footprint spanning over 17 countries as of 2018, PayU boasts a deep understanding of diverse regional payment preferences and regulatory environments. This expertise, coupled with its robust platform and comprehensive payment method portfolio, enables merchants to tap into new markets and maximize e-commerce revenue.

PayU’s journey reflects a commitment to continuous growth and adaptation. In 2014, Naspers Group, a global internet and media leader, consolidated its online payment companies under the PayU brand, signifying a unified and strategically powerful presence in the industry.

In 2023, PayU underwent a strategic shift, divesting its global payments business (excluding core markets of India, Southeast Asia, and Turkey) to Rapyd for $610 million. This move allows PayU to focus its resources on further strengthening its market leadership in these high-growth regions.

Richard okechukwu Chinedu

FinTech enthusiast with a passion for making financial technology accessible and understandable. I break down complex concepts into actionable insights to empower readers to navigate the ever-evolving world of FinTech.

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