Top 5 Fintech Startups Operating in Nigeria

Fintech Startups Operating in Nigeria; FinTech, is a sector of the economy made up of several businesses that use cutting-edge technology to improve the effectiveness and efficiency of financial services. It is merely a technical tool that supports financial services and streamlines their delivery.

Fintech Startups Operating in Nigeria are businesses that use software to offer financial services to the general population. These businesses are not constrained by things like outdated operating systems, unlike the traditional banking system.

FinTech companies are quick and adaptable, capable of coming up with novel ideas, and able to collaborate with information and technology industry professionals.

Top 5 Fintech Startups Operating in Nigeria

Here is the list of top 5 fintech startups operating in Nigeria that are leading the way and revolutionising the financial sector in Nigeria and across Africa.

1. Flutterwave

Flutterwave is the leading Fintech Startups Operating in Nigeria that provides payment processing and infrastructure solutions for African businesses. Olugbenga Agboola and Iyinoluwa Aboyeji launched the African FinTech startup in 2006, and it has slowly grown in reputation over time.

As one of Nigeria’s top FinTech companies, this software startup enables clients to send, receive, and pay invoices. It has collaborated with more than 40 banks in different African countries and handled 100 million transactions. With the help of strong connections, this leading Nigerian fintech company plans to link African businesses with those on other continents. To introduce the consumer payment services Alipay and GetBarter in 2019, Flutterwave partnered with Visa.

Additionally, this Nigerian FinTech business established a collaboration with Binance to enable Nigerians to purchase Bitcoins using the naira. Flutterwave was praised for raising up to $170 million, valuing it at more than $1 billion. The Nigerian payment startup has raised at least $225 million and obtained funds totaling more than $200 million.

The company followed up on the news that it was valued at over $1 billion by making an announcement indicating that Flutterwave is working with PayPal to make it possible for businesses in Nigeria and other African countries to accept payments. “This removes the barrier for African merchants to use PayPal as their only payment gateway because once you have @theflutterwave for business, PayPal becomes one of your payment methods,” said Flutterwave CEO Olugbenga Agboola on Twitter.

2. Paystack

The firm was established in 2015 by Ezra Olubi, the CTO, and Shola Akinlade, the CEO, with the belief that while starting a business is challenging, receiving payment shouldn’t be.

For both organizations and consumers, Paystack improves consistency and ease of use for online payments. Users can create payment pages and accept payments using invoices thanks to the Paystack online payment gateway. Your company may accept payments from customers using Visa, Verve, or Mastercard from anywhere in the world by using Paystack. As a result, it ranks among Nigeria’s best Fintech firms.

Paystack has not fewer than 17,000 commercial clients, including Betway, MTN, IrokoTV, Domino, and Taxify, making it one of the top FinTech businesses in Nigeria. Along with two other Nigerian businesses, it has been included among the top 250 FinTech firms worldwide. This Nigerian payment processing company enables businesses to accept and process payments online, via mobile money, or with a card.

3. Interswitch

One of the well-known big brands in Nigeria’s FinTech sector is Interswitch. The proprietor of Quickteller offers solutions and online payment gateways. Their services have greatly benefited online shoppers. In 2002, Mitchell Elegbe launched the business, which initially operated as a processing and switching firm for electronic payments.

The financial services provided by Interswitch include point-of-sale systems, Verve and its ATM card, as well as online consumer payment platforms. It is a business that specializes in doing business in Africa and has integrated digital payments. It is among Nigeria’s oldest FinTech businesses.

Interswitch reported that as of May 2019, it was handling more than 500 million transactions per month. In the same year, the business bought a 60 percent stake in the health technology firm eClat. In addition, Retailpay, verve debit card, Smartgov, and a large number of ATMs are owned by Interswitch.

4. Kuda Bank

Kuda Bank is a Nigerian digital bank that offers zero-fee banking products and services to small businesses and individuals. This startup is one of Nigeria’s top 10 FinTech firms for 2023. You won’t have to bother with the fees that regular banks impose when you use Kuda Bank.

The normal paper process is eliminated by Kuda Bank because everything is done online. Users can quickly open accounts online with this bank that only accepts digital transactions. This leading FinTech firm in Nigeria additionally provides personalized Mastercard ATM cards without transfer or maintenance costs. Also cost-free are deposits.

5. PiggyVest

PiggyVest is a Nigerian saving and investment platform that helps users save money, invest, and earn interest on their savings. You can save money with PiggyVest at an interest rate that is higher than what conventional banks provide. It ranks among Nigeria’s leading FinTech startups.

PiggyVest provides a variety of savings options. You can choose to use the platform’s PiggyBank feature, which lets you automatically choose the amount of money you want to save each day. Every day, an automated withdrawal will be made from your account and stored in PiggyVest until the designated withdrawal time, at which point you can withdraw it with the specified interest.

With the Safelock feature, you can fix your money and lock it away for a set amount of time. Once the funds have reached maturity, you can withdraw them. It is comparable to the fixed deposit account offered by Nigeria’s traditional banks, with the exception that you can set the tenor yourself and earn up to 13% interest (upfront). Additional features on PiggyVest include the Flex Dollar, which lets you save money in dollars, earn interest, and send dollars to anyone using the platform.


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