Top 10 fintech companies in Nigeria

Our most recent ranking of the top fintech companies in Nigeria, together with their competitive advantages and the financial gaps they are solving, is available to you.

No one would have predicted that fin-tech solutions would be so universally accepted just a few decades ago, but here we are. For example, Nigeria is now home to more than 250 fintech companies and products.

Key players (banks, telecommunications companies, and the government), enablers, and funding partners (universities and research institutes, investors, incubators, technology, and consumers) have all contributed to making this happen.

In 2022, according to Frost & Sullivan, Nigeria’s fintech income is predicted to grow from $153.1 million in 2017 to $543.3 million, an increase of 57 percent.

This is due to the increased use of mobile technology among the general public, and particularly among the unbanked, which has resulted in a move away from traditional banking transactions.

The Meaning of FinTech

Fintech is an abbreviation for Financial Technology.

A fintech company can be defined as “any innovative ideas that improve financial service forms, by proposing technological solutions that could stimulate the development of new business models or even the establishment of entirely new enterprises.”

The purpose of Fin-tech firms in Nigeria, both established and start-up, is to streamline financial procedures and boost automation in the financial services industry.

We may argue that the history of Fintech businesses in Nigeria begins with the use of technology by some of the country’s oldest financial institutions, both at the back-end and front-end of their business operations. Did you know that Carbon app, one of the best loan apps in Nigeria made it to this list?

Throughout this article, you will be guided through the history of Fintech investment companies in Nigeria, the top 10 Fintech companies in Nigeria, and how to start a Fintech company in Nigeria for entrepreneurs who are looking for fresh business ideas.

Nigerian fin-tech companies are seeing a flurry of expansion as a result of technological advancements in the financial services industry.

Top 12 Fintech Companies In Nigeria 2022

List of Fintech Companies In Nigeria 2021
#2Flutter Wave
#4Piggy Vest
#7Carbon Pay later
#9Vogue Pay
#10Kuda Bank
In no order

Here are some of the top fintech startups in Nigeria that are making financial services accessible to the unbanked population, promoting financial inclusion, and enabling seamless payment.

Below are the top 10 leading fin-tech companies as of the time of writing this article.

1 PayStack

PayStack fin-tech payment solution is arguably the leading and ever-growing fintech company in Nigeria.

Fintech companies in Nigeria - Paystack

You can receive payments via invoices and creating payment pages while utilizing the Paystack online payment gateway.

Paystack is a payments platform that makes the online payments process consistent for both the consumers and the businesses they are attempting to pay.

PayStack is one of the main Fin-tech companies in Nigeria that enables businesses to complete payments from clients utilizing MasterCard, Visa, and Verve cards anywhere on the planet.

2. FlutterWave

Even if you tossed yourself in a hole since birth, you’ve most likely found out about Flutterwave. On the off chance that you haven’t nonetheless, we have you covered.

fintech companies in Nigeria - Flutter wave

Flutterwave is a payment startup by Andela co-founder Iyin Aboyeji. Flutter-wave 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 in more than 30 African nations.

Flutterwave provides technology, infrastructure and services to allow global merchants, payment service providers, and Pan African banks to acknowledge and process payments on any channel (Web, Mobile, ATM and POS).

They help organizations in Africa go global by smoothening the exchange of funds in 150 monetary standards.

3. Paga

The goal of Paga was to transfer money without charge, regardless if it is a major piece of the business, an ever-increasing number of features are executed in the application.

Paga payment solutions

Presently, you can pay bills, make bank deposits and even pay in certain stores.

Pagatech launched in Nigeria to profit from the buildup of cash money in the financial industry and to execute financial services for all residents in Africa. The Nigerian banking sector can be difficult to access all over Nigeria.

However, with the dawn of mobile phones and telecoms engineering, extraordinary efforts in achieving a sizable piece of the nation’s population have been made through Paga.

Related: Top 10 Highest Currencies in Africa

4. PiggyVest

PiggyVest is an online savings platform that empowers savers to put away funds that they would prefer not to withdraw effectively.

Piggyvest fintech solutions in Nigeria

They can save as small as $1 per day and afterward limit when they withdraw their savings to explicit set dates of choice.

Dissimilar to a normal bank’s savings account, where you can access the money whenever, PiggyVest enables its users to keep up their savings discipline while building their savings culture, as they save towards something important.

5. Interswitch

Interswitch is an Africa-centered integrated digital payments and commerce company.

Fintech company - Interswitch

It encourages the electronic circulation of money just as the exchange of value among individuals and associations on a convenient and steady basis.

The company started operations in 2002 as a transaction switching and electronic payments processing company.

The vision is to fabricate and manage payment infrastructure just as convey inventive payment products and transaction services all through the African continent.

6. E-Transact

eTranzact, launched in 2003, is a multi-application, multi-network and multi-channel electronic payment platform that supports every significant network; including AMEX, VISA and MasterCard.

eTranzact is one of the Fintech companies in Nigeria designed as a credible option in contrast to all transaction which are right now cash or check based.

The platform capacity is with the end goal that any arrangement driven by customer payment can be automated on the platform.

eTranzact as a Switch processes payment requests from various channels – Web, ATM,POS, mobile-utilizing automated procedures.

The switching platform validates transaction requests subsequent to running security checks on the payment cards.

7. Carbon Paylater

Paylater, now Carbon is one of the best loan apps in Nigeria that gives short loans through its mobile app, making the process paperless and quick as could be.

Carbon fintech companies in Nigeria

Their services are now accessible in Nigeria. The excellence of the Paylater app is that it is really simple to utilize, quick, well designed and works properly.

PayLater is a Nigerian lending platform owned by One Finance Limited. Pay later started operation around 2016.

It is one of the platforms where anyone can borrow money online instantly in Nigeria. The truth is, this problem-solving company is filling a huge gap.

The beneficial thing about this platform is that; In contrast to banks where you need to visit and fill loads of forms, PayLater gives you a credit without meeting you up close and personal.

8. Remita

Voted severally as Nigeria’s Software of the Year, Remita is a pacesetter for Fintech companies in Nigeria.

Remita fin-tech company

They help associations (SMEs, Multinationals, State Governments, Government Agencies, NGOs, Schools and Educational Institutions, and Individuals to Receive and Make payments electronically.

Developed by SystemSpecs, Remita is in fact a success story and a pride to Africa. SystemSpecs was established in 1991 by John Obaro.

It was then progressively like a business-to-business company selling software to organizations.

Related: Top 10 oldest banks in nigeria

9. Vogue Pay

VoguePay is an online payments processor that has on its own transformed the payments landscape.

Vogue pay

Established in 2012, the startup is accessible to lots of local customers, with a simple and minimal effort platform as its principal selling point.

In its first year, VoguePay acquired 17,000 users, the greater part of whom were from its homeland of Nigeria. One of its greatest selling points was free integration for the merchants.

10. Kuda Bank

Kuda Bank has also made this list of top fin-tech platforms in Nigeria. If bank charges gets on your nerves, Kuda bank is for you.

It’s a Completely Online Bank, No paper, your account can be open in minutes. Its meant to be a digital-only bank that runs predominantly on smartphones.

Yes, you get the opportunity to have a customized Verve of Mastercard ATM card, no atm maintenance fees, no transfer fees to other banks, free deposits, and even more.

11. Lidya

Lidya is the future of finance for small businesses in frontier markets.

Lidya fintech companies in Nigeria

Their goal is to help extraordinary entrepreneurs access financing and construct a credit score through their instant loan app.

Launched in 2016, the company is set to close a $4 trillion SME credit gap around the world.

Businesses who are searching for $500 USD to $50,000 in working capital can apply on the web or through their mobile phone and get a choice quickly.

To survey credit risk, Lidya utilizes close to 100 data points to evaluate businesses, manufacture a credit score extraordinary to every business, and dispense loans in 24 hours or less.

12. Okash

Okash is one of the virtual loan apps in Nigeria which is a subsidiary service of OPAY and renders short term loans to individuals either for consumption or business.

Okash personal loan has a very fast loan process after which the applicant will receive funds. It is no doubt one of the best fintech companies in Nigeria.

Okash provides financially under-served Nigerians with quick access to short-term loans via their android phones.

Unlike other companies, Okash loan process is approved in minutes once the requirements are met and in such a manner, it fills a huge gap in the financial credit market.

How to Start a Fintech Company In Nigeria

To start a fin-tech company in Nigeria, here are quick steps to guide you below:

STEP 1: Identify your Niche

 The order of Fintech truly relies upon different conditions.

It might refer to a particular series of start-ups and companies, or it might apply to initiatives empowered by technological innovations that add to the improvement of the financial sector.

There are numerous dimensions in Fintech to consider, here are some of them:

  • Fund Movement, or transactions through giving or receiving payments.
  • Fund Placement, or the financing of planned or unplanned financial regulations.
  • Data Management, to enable improved decision making.

For starting a fintech company in Nigeria, one must be crystal clear of the target market and the problem to be addressed.

Besides choosing a domain, your product should cater for a specific audience, e.g. a country, a state, or a city.

However, it is always better idea to launch your startup in your locality first, then expand to the global market later if required.

STEP 2: Find out the Regulations

Who regulates fintech companies in Nigeria? The banking and finance industries are strictly regulated and for obvious reasons.

The regulations are the reason financial service industries are tough to break into. Numerous laws have been put in place to ensure that these sectors are protected from crime or frauds.

STEP 3: Know Your Edge

The fintech industry is getting populated as the day goes by. Many creative innovations are already underway.

However, a critical entrepreneurial question to ask is if your product/business will be able to offer something unique and solve problems.

STEP 4: Obtain the Required License

The license required relies upon the FinTech industry you plan to concentrate on for example insurance, banking and payment and so on.

The Central Bank of Nigeria as of late presented a licensing regime called Payment Service Providers required by FinTech’s to work in the e-payment space.

Additionally, the Nigerian Communications Commission (NCC) regulates FinTech businesses where the FinTech services being offered by a company includes mobile phones pursuant to the License Framework for Value Added Service (VAS).

STEP 5: Register Your Business

Any individual, local or foreign company wishing to startup a Fintech company in Nigeria must include a separate company with the CAC. The steps for registering a startup company with the CAC is as follows:

  • Check for availability of proposed company name with Corporate Affairs Commission (CAC) and reserve it

The information to be included in an Application form for Registration of a Company (Form CAC 1.1) are:

  • Address of the registered office of the company
  • Authorized Capital of the Company- the regular authorized share capital for a local company is One Million Naira (N1,000,000).
  • Particulars of 2 Directors and Shareholders.
  • Statutory Declaration of Compliance with the requirements of CAMA by a Legal Practitioner

The required documents for second stage and completion of the incorporation with CAC include:

  • Signed and Stamped Copies of the Memorandum and Articles of Association
  • Original documents authorizing the incorporation where applicable.
  • Photocopy of the information page of the passport or the national identity card of each director or shareholder.
Infographic on the fintech companies in Nigeria

The evolution and development of Fintech in Nigeria is separated into three sections – Fintech past, present and future.

Striking technology (telephone and computer) appropriation by banks is traceable to the post-1986 Structural Adjustment Program presentation, which prompted enhanced competition in the banking sector.

At that point in 2007, the Central Bank of Nigeria (CBN) launched the Payment Systems Vision 2020 (PSV 2020).

The CBN’s activity of 2007 can be considered as the birth of another Era. The PSV 2020 was the first time the CBN set forward a reasonable policy for a future cashless society.

Three Fintech companies in Nigeria were prevailing back at that point – Interswitch (established by Mr Mitchell Elegbe), Etranzact (established by Mr Valentine Obi) and Systemspecs (established by Mr John Obaro).

These are by all account not the only companies from that era, however these are (reasonably) the most dominant.

Fintech companies in Nigeria have run from the launch of the PSV until today.

It has been described by the diversification from switching and payments and the unmistakable quality of mobile payments, expanded start-up action and innovation, a push for monetary incorporation and increasing regulation.

Top Fintech Companies In Nigeria (summary)

Note that the Fintech companies in this article are only a little among all FinTech companies in Nigeria grabbing the opportunity given by technological advances in the financial service industry.

Technology advancement in Nigeria today has made a lot of things possible. With the introduction of online banking, fin-tech solutions are on the rise and making life easier.

Did you find this post informative and helpful? I’d love to have your comments, questions, opinions, in the box provided below.

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I am a dedicated and creative writer. Also a Student of University of Uyo with a B. Eng in view, I love writing about People, lifestyle, business and Culture.


  1. Good write up but the article doesn’t give the data used to come up with the list. Is this list according the writer’s opinion?


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