The rise of technology-driven solutions has transformed how individuals and businesses manage their finances, paving the way for a diverse range of startups to flourish. Nigerian fintech companies are changing the financial landscape from seamless payment processing to automated savings and investment platforms.
In this article, we’ll explore the top ten fintech companies in Nigeria, what they offer, and their impact on the market. Whether you’re an entrepreneur, investor, or simply curious about the fintech space, these companies represent the future of finance in Nigeria.
Top Fintech Companies in Nigeria.
- Piggyvest
- Kuda
- Cowrywise
- Moniepoint
- Opay
- Remita
- Paystack
- Flutterwave
- Carbon
- myStash
1. PiggyVest
Description: Originally launched as Piggybank.ng as a savings-only platform, PiggyVest was designed to help Nigerians save and invest their money more effectively. Its automated savings feature allows users to set savings goals and automatically transfer funds from their accounts.
PiggyVest offers savings, investments in various asset classes, and a financial education platform, making it easier for users to grow their wealth.
Office Location: Lagos, Nigeria
Year founded: 2016
Team Size: 50 -100 employees
Key Services: Savings, investments in various asset classes, financial education.
2. Kuda
Description: Kuda was founded to provide a digital banking solution tailored to the needs of Nigerians, especially the youth. It operates as a fully digital bank with no physical branches, offering a seamless banking experience through its app.
As a top Fintech company in Nigeria, Kuda offers free bank accounts, minimal, almost negligible transaction fees, savings tools, budgeting features, and instant transfers, promoting a cashless society. It is also famous for its efficient customer service.
Office Location: Lagos, Nigeria.
Year founded: 2019
Team Size: 100 -500 employees
Key Services: Savings, Budgeting, Payment platform
3. Cowrywise
Description: Cowrywise was created to simplify investment for everyday Nigerians, empowering them to build wealth through pooled investments. The platform allows users to invest in mutual funds without requiring significant capital, democratizing access to investment opportunities.: Cowrywise provides investment options, personal finance management tools, and educational resources to help users understand investing.
Office Location: Lagos, Nigeria
Year founded: 2017
Team Size: 51 – 200 employees
Key Services: Investment, Finance Management, Financial Education
4. Moniepoint
Description: Moniepoint is a product of TeamApt, which aims to improve access to financial services for businesses and individuals in Nigeria. Its focus on providing a comprehensive suite of services for merchants sets it apart in the fintech space and has revolutionized the way entrepreneurs and small businesses receive and send payments.
Moniepoint offers payment processing, banking services for merchants, and tools for managing sales and inventory, making it ideal for small businesses.
Office Location: Lagos
Year founded: 2021
Team Size: 51- 100 employees
Key Services: Payment Processing, Inventory Management, Banking.
5. Opay
Description: Launched by Opera Software, OPay started as a payment platform to provide financial services to the unbanked population in Nigeria.
OPay integrates multiple services, including payments, food delivery, and transportation, creating a super app for everyday needs. The platform offers payment processing, mobile money transfers, and a range of merchant services, making transactions seamless for users.
Office Location: Ikeja, Nigeria
Year founded: 2013
Team Size: 10 -50 Employees
Key Services: Loans, Savings, Point of Sale Services.
6. Remita
Description: Developed by SystemSpecs, Remita started as a payment platform for government agencies and has expanded to serve businesses and individuals. Its ability to facilitate payments across multiple channels and work with various financial institutions sets it apart.
Remita provides payment processing, payroll management, and invoicing solutions, making it a comprehensive tool for businesses and government bodies.
Office Location: Lagos, Nigeria
Year founded: 2005
Team Size: 11 – 50 employees
Key Services: Payment Processing, Payroll Management
7. Paystack
Description: Founded by Shola Akinlade and Ezra Olubi, Paystack was born from a desire to simplify online payments in Nigeria. Its user-friendly interface and robust API enable businesses to integrate payment processing seamlessly.
It offers online payment solutions, fraud protection, and analytics tools, helping businesses manage their transactions effectively.
Year founded: 2015
Office Location: Lagos, Nigeria
Team Size: 11-200 employees
Key Services: Fraud Protection, Analytics, Payment Processing
8. Flutterwave
Description: Flutterwave was co-founded by Iyinoluwa Aboyeji, Olugbenga Agboola, and others, with the goal of simplifying cross-border payments in Africa. The company was born out of a desire to create a seamless payment infrastructure for businesses across the continent.
Flutterwave’s platform allows businesses to accept payments in multiple currencies from customers around the world, making it a powerful tool for e-commerce.
Office Location: Ikoyi, Lagos, Nigeria
Year founded: 2008
Team Size: 50 – 100 employees
Key Services: Payment Processing, Payment Solutions, Invoicing.
9. Carbon
Description: Carbon started as a digital lending platform aimed at providing easy access to credit for Nigerians, especially the underserved population. Its quick loan approval process and credit scoring system based on alternative data make borrowing accessible and efficient.
Carbon provides personal loans, payment solutions, and investment opportunities, enhancing financial inclusivity.
Office Location: Lagos, Nigeria
Year founded: 2012
Team Size: 6 – 50 employees
Key Services: Personal Loans, Investment Opportunities.
10. myStash
myStash emerged from a need for better personal finance management tools in Nigeria, particularly for younger generations. It provides users with personalized financial advice and tools tailored to their spending habits.
myStash offers budgeting tools, savings plans, and insights into user spending patterns to encourage better financial decision-making.
Office Location: Ikeja, Lagos
Team Size: 6 -10 Employees
Year founded: 2021
Key Services: Saving plans, Budgeting tool, Payment platform for both domestic and International brands, automated savings
FAQs About Fintech Companies in Nigeria
How do I Find a Good Fintech Company in Nigeria?
When searching for a Fintech Company, there are several steps you can follow to ensure you find the right one for your needs.
Step 1: Define Your Goals and Needs
Clearly define your goals and requirements. Decide what part of your finances are most in need of help and look for fintech companies that fit that role.
Step 2: Initiate Your Search
Begin your search by going through the list we prepared. Explore Company websites, pay attention to conversations centered around Finance, and read through the websites of interesting companies.
Step 3: Assess Their Online Presence
Pay rapt attention to the quality of their online presence and reputation. Look for a clear information structure, easy navigation, and relevant services. Check their presence on social networks like LinkedIn and Facebook for more insights and reviews.
Step 4: Get in Touch
Download the apps of the shortlisted companies or contact them via email, highlighting your interests.
Step 5: The Final Decision
After test running the apps, decide on which one best serves your needs and proceed with them.
