Nigeria’s financial technology (fintech) sector has witnessed explosive growth in recent years, driven by a young, tech-savvy population, increasing mobile penetration, and a need for accessible financial services. Fintech companies in Nigeria are revolutionizing the financial sector by providing innovative solutions that cater to the unbanked, simplify transactions, and offer new financial products. This article explores the top 20 fintech companies in Nigeria, their capital share, and the unique features of their services.

1. Flutterwave

Capital Share: Estimated at $3 billion (2021 valuation) Flutterwave is a payment technology company that provides seamless and secure payment solutions across Africa. Founded in 2016, it allows businesses to accept payments in over 150 currencies and through various methods, including cards, mobile wallets, and bank transfers. With a robust API, Flutterwave enables businesses to scale quickly, making it a favorite for e-commerce platforms and international businesses looking to expand in Africa.

2. Paystack

Capital Share: Acquired by Stripe for $200 million in 2020 Paystack simplifies payments for businesses by offering a suite of payment tools that support multiple payment methods. Known for its easy integration and reliable service, Paystack is popular among SMEs, startups, and large enterprises in Nigeria. Its acquisition by Stripe marked a significant milestone in the Nigerian fintech landscape, highlighting the country’s potential in the global fintech market.

3. Opay

Capital Share: Raised $570 million in Series C funding in 2021 Opay is a comprehensive mobile payment platform that offers services such as money transfers, bill payments, and ride-hailing. Backed by Chinese investors, Opay has rapidly grown its user base, focusing on providing financial services to Nigeria’s underbanked population. The platform’s low transaction fees and user-friendly interface have made it a popular choice for many Nigerians.

4. Interswitch

Capital Share: Valued at $1 billion (2020) Interswitch is a pioneer in Nigeria’s fintech industry, providing integrated payment processing and transaction services. Established in 2002, Interswitch has expanded its offerings to include a variety of digital payment products, including Quickteller, Verve cards, and an extensive ATM network. Its services are widely used across Nigeria’s banking sector, making it a backbone of the country’s digital payments ecosystem.

5. Carbon (formerly Paylater)

Capital Share: Raised $10.4 million in 2019 Carbon is a digital financial services platform that offers quick loans, investment opportunities, and payment solutions. With a focus on providing credit to underbanked Nigerians, Carbon has gained significant traction by offering unsecured loans through its mobile app, making it easier for individuals and small businesses to access credit.

6. Paga

Capital Share: Raised $34.7 million to date Paga is a mobile payments company that enables users to transfer money, pay bills, and buy airtime using their mobile phones. Paga’s extensive agent network across Nigeria has made it a critical player in driving financial inclusion, especially in rural areas where traditional banking infrastructure is lacking.

7. Kuda Bank

Capital Share: Raised $90 million in Series B funding in 2021 Kuda Bank is a digital-only bank offering free banking services, including savings and spending accounts with no maintenance fees. Kuda’s mobile app provides users with a seamless banking experience, allowing them to manage their finances, save automatically, and access overdrafts. Its customer-centric approach has earned it a rapidly growing user base in Nigeria.

8. Remita

Capital Share: Owned by SystemSpecs, valued at $300 million Remita is an e-payment platform that facilitates payments and collections for businesses, government agencies, and individuals. It is widely used by the Nigerian government for salary payments and revenue collections. Remita’s versatility in handling both online and offline transactions has made it a key player in Nigeria’s financial ecosystem.

9. TeamApt

Capital Share: Raised $50 million in Series B funding in 2021 TeamApt provides digital banking solutions for financial institutions in Nigeria, including mobile apps, payment gateways, and agency banking platforms. Its products are designed to enhance the efficiency and accessibility of banking services, particularly for the unbanked population. TeamApt’s services are crucial in bridging the gap between traditional banking and digital finance.

10. PiggyVest

Capital Share: Raised $1.1 million in seed funding PiggyVest is a savings and investment platform that allows users to save money automatically and earn interest. The platform offers various savings plans tailored to different financial goals, such as emergency funds, target savings, and investment opportunities in agriculture and real estate. PiggyVest’s user-friendly interface and attractive returns have made it popular among young Nigerians.

11. Lidya

Capital Share: Raised $8.2 million in Series A funding Lidya provides small businesses with access to credit by leveraging technology to assess creditworthiness and disburse loans quickly. Lidya’s focus on SMEs is vital in a market where traditional banks often hesitate to lend to small businesses due to the perceived risk. By using data-driven models, Lidya offers an innovative approach to SME financing.

12. Chipper Cash

Capital Share: Raised $150 million in Series C funding in 2021 Chipper Cash is a cross-border payments platform that allows users to send and receive money across Africa. The platform offers zero-fee transactions and has expanded its services to include cryptocurrency trading and mobile phone credit purchases. Chipper Cash’s rapid growth highlights the demand for affordable and accessible cross-border financial services in Africa.

13. Paylink by SystemSpecs

Capital Share: Owned by SystemSpecs, with a valuation of $300 million Paylink is a payment solution that allows businesses and individuals to receive payments online. It offers a simple and secure way to create payment links that can be shared with customers via social media, email, or SMS. Paylink is especially useful for small businesses and entrepreneurs looking to streamline their payment processes without needing a full-fledged e-commerce platform.

14. FairMoney

Capital Share: Raised $42 million in Series B funding in 2021 FairMoney is a digital lending platform that offers quick loans to individuals and small businesses. The platform uses alternative data to assess credit risk and disburse loans in minutes. FairMoney’s focus on providing accessible credit has made it a popular choice among Nigerians who need fast financial solutions.

15. Moniepoint by TeamApt

Capital Share: Part of TeamApt’s portfolio, valued at $50 million Moniepoint is an agency banking platform that provides financial services to underserved communities through a network of agents. Moniepoint allows users to deposit and withdraw cash, pay bills, and transfer money. Its widespread agent network has significantly contributed to financial inclusion in Nigeria, particularly in rural areas.

16. Riby

Capital Share: Undisclosed Riby is a cooperative management platform that provides tools for savings groups, cooperatives, and microfinance institutions. Riby’s platform enables these groups to manage their finances, track contributions, and disburse loans. By digitizing cooperative management, Riby is helping to formalize and scale savings groups in Nigeria.

17. Branch

Capital Share: Raised $170 million in total funding Branch is a digital financial services company that offers personal loans, savings accounts, and investment opportunities. The platform uses machine learning algorithms to analyze users’ data and provide personalized financial products. Branch’s focus on user experience and accessibility has made it a popular choice for Nigerians seeking alternative financial services.

18. OnePipe

Capital Share: Raised $3.5 million in seed funding in 2021 OnePipe is an API infrastructure company that enables businesses to embed financial services into their platforms. By offering seamless integration with various financial services, OnePipe allows companies to create new revenue streams and enhance customer engagement. Its innovative approach to financial services integration is helping to drive the growth of embedded finance in Nigeria.

19. Cowrywise

Capital Share: Raised $3 million in seed funding Cowrywise is a digital wealth management platform that offers automated savings and investment products. The platform provides users with access to mutual funds, allowing them to grow their wealth over time. Cowrywise’s focus on financial literacy and long-term wealth creation has made it a valuable tool for Nigerians looking to achieve financial stability.

20. PalmPay

Capital Share: Raised $100 million in Series A funding in 2019 PalmPay is a mobile payment platform that offers a range of financial services, including money transfers, bill payments, and airtime purchases. The platform’s rewards program and user-friendly interface have made it popular among Nigerians looking for convenient and cost-effective financial services.

Conclusion

Nigeria’s fintech sector is a dynamic and rapidly evolving industry that is reshaping the financial landscape. These top 20 fintech companies are at the forefront of this transformation, offering innovative solutions that address the unique challenges of the Nigerian market. From mobile payments and digital lending to wealth management and embedded finance, these companies are driving financial inclusion, enhancing accessibility, and providing Nigerians with the tools they need to achieve financial empowerment. As these fintech companies continue to grow and expand their services, they will play a crucial role in shaping the future of finance in Nigeria and beyond.