Top 10 FinTech Companies In Nigeria (2022)

Nigeria is now home to more than 250 fintech companies, brewing one of the biggest financial technology industries in the World. Many of these companies have attained the unicorn status offering services such as money transfer, depositing a check with your mobile phone, applying for credits, raising funds for business, e.t.c. In celebration of these milestones, we have compiled the top 10 FinTech companies in Nigeria in 2022.

Top 10 FinTech Companies In Nigeria (2022)

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1. Flutterwave

Flutterwave is a Payment gateway and one of the top Nigerian fintech companies, founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya.

The company provides a payment infrastructure for global merchants and payment service providers across the continent. It is headquartered in California, United States with operations in Nigeria, Kenya, Ghana, South Africa, and seven other African countries

The platform completes payment services from more than 68 online payment gateways in Nigeria. This includes mobile money and places them under one platform. The service is presently active and can receive and send money to more than 30 African nations.

Flutterwave became a Unicorn in 2021 after it raised a US$170 million Series C funding round. At that time, this was the largest amount ever secured by an African tech startup and gave it a valuation of over US$1 billion. Recently the company raised a US$250 million Series D funding round putting its valuation at US$3 billion.

2. Paystack

Paystack is a Nigerian Gateway platform and one of the top FinTech companies in the country. The Company was founded by founded in 2015 by Shola Akinlade and Ezra Olubi, allowing businesses to accept payment from clients in any part of the World.

The platform accepts payments from multiple local and global payment channels and provides tools to help traders retain existing customers and acquire new ones. It also provides reliable support and business solutions to measure and improve your growth.

With not less than 17,000 business clients such as Betway, MTN, IrokoTV, Domino and Taxify, Paystack was enlisted in the world’s top 250 FinTech companies in 2020. The company was acquired by Stripe in 2020 for $200 Million, to expand its services into the African Continent

3. Opay

Opay is a mobile money platform that allows users the pay for utilities, make P2P transfers, and save money. It also offers an offline banking service through which users that don’t have smartphones can still carry out transactions.

OPay hit a valuation of US$2 billion in 2021, with a funding round of US$400 million led by Japanese conglomerate SoftBank’s Vision Fund 2. Prior to this, the company had raised Series A and B rounds for US$50 million and US$120 million respectively, both in 2019.

It was also the only African startup to be listed in CB Insights Fintech 250 2021.

4. Interswitch.

Interswitch is a digital payment platform and one of the top Fintech companies in Nigeria in 2022. It was founded by Mitchell Elegbe and started as an electronic payments processing and transaction switching company in 2002.

As of May 2019, Interswitch revealed that it was processing over 500 million transactions in a month. The same year, the company acquired a 60% stake in eClat, a health technology company.

The company also offers a variety of services and products such as Quickteller,  Retailpay, verve debit card, Smartgov, point-of-sale terminals and numerous automated teller machines (ATMs) across the country.

Interswitch  was  valued at $1 billion after Visa invested $200 million in November 2019 for a 20 per cent stake in the company

5. Paga

Paga is a mobile payment company building an ecosystem to enable people digitally send and receive money, creating simple financial access.

The company was founded in 2009 by Tayo Oviosu but launched in 2011. The platform acts as a mobile wallet where customers perform transactions on their mobile devices.

The initial goal of Paga was to enable users to transfer money without charges regardless of the amount. However, with time, the company brought in other features that will allow bank deposits, bill payments, and pay in certain stores.

In 2020, the company began to expand their services into other countries asides from Nigeria. It acquired the Ethiopian software development company, Apposit in January 2020 and opened an office in Mexico.

This top Nigerian FinTech company boasts over 12 million users, with more than 20,000 agents in different parts of the country.

6. Kuda

Kuda is a licensed digital bank that offers free full-service banking services to Africans. It is one of the top FinTech companies in Nigeria with a valuation of $500 Million.

This digital  Bank eliminates the typical paper process as everything is carried out online. This digital-only bank enables users to open accounts online within minutes. It also offers customized Mastercard ATM cards with no transfer fees or ATM maintenance fees.

7. Piggyvest

Piggyvest is an online saving & investing platform and one of the leading fintech companies in Nigeria in 2022. The platform helps individuals and businesses manage their finances effectively.

They offer different saving plans and a higher interest rate on saving than that of traditional banks. They also offer features that automatically deduct your savings from your traditional bank until the set time for withdrawal, where you withdraw with the stipulated interest (current 8% p.a).

The Safelock feature lets you fix your funds and lock them up for a specified period. You can only withdraw the money when it has matured. It is similar to the fixed deposit account in the traditional banks in Nigeria, except you get to fix the tenor yourself and get up to 13% interest (upfront).

There are also other features on PiggyVest, such as the Flex Dollar which enables you to save in dollars, earn interest and transfer dollars to anyone on PiggyVest.

8. Remita

Remita is one of the top fintech companies in Nigeria, The company provides a range of customer, business and developer-focused payments solutions.

The platform was developed by SystemSpecs, which John Obaro established in 1991. They help organisations (schools, NGOs, government agencies, multinational companies, SMEs and individuals) make and receive payments electronically.

Remita was launched in 2005 and has been voted a couple of times as Nigeria’s Software of the Year. It has indeed set the pace for many Nigerian FinTech companies.

The platform serves over 1,000 merchants, SMEs, and organisations and is used by over 500 microfinance banks. It processes over $30 billion in transactions yearly.

9. E- transact

E- transact is one the leading payment technology provider in Nigeria, The platform with founded in 2003 by Niyi Toluwalope to provide secured, convenient and effective means to make and receive payments.

eTranzact  today has evolved into a brand with global reach, extending its innovate services to include products which cut across virtually all aspects of the e-payment space; ATM, Internet, POS and Mobile.

10. Chipper cash

Chipper Cash is a venture-capital-backed Financial technology company that builds software to enable free and instant Peer-to-peer Cross-border payments in Africa and Europe.

The platform was founded in 2017 by Ham Serunjogi and Maijid Moujaled and it is headquartered in San Francisco, California. It also offers other services like: discounted airtime purchase, data bundle purchase, zero charges on bill payments, virtual Cards and U.S. Stocks Trading.

Conclusion

Here is a recap of the top 10 fintech companies in Nigeria.

• Flutterwave
• Paystack
• OPay
• Interswitch.
• Paga
• Kuda
• Piggyvest
• Remita
• E-transact
• Chipper Cash