Top fintech companies in nigeria

Top 10+ Fintech Companies In Nigeria 2024

Fintech companies is the term used to describe Financial Technology Companies whose business objectives centre on providing automated service through the use of technology, innovation, internet, mobile, and pc devices.

These fintech companies provide creative support to people and help make financial service better through technological solutions which could also prompt fresh businesses or business models. The ultimate aim of these companies is to improve financial operations within the industry.


Nigerians have witnessed a rise in financial services from various companies over the past years. Financial technology innovations are coming through in addressing unemployment and a wide range of global issues.

There was a record of funding that ran into about 13 trillion Naira in 2019 on Fintech companies around the globe. Fintech companies in Nigeria are making an effort to channel their growth towards foreign investors providing fresh financial services and products while making use of technology at the front-end and back-end of their operations.

nigerian fintech companies

So, considering various financial aspects which include, currency, banking, payments, financial management, and insurance among others, we have enlisted in this article the top Fintech companies in Nigeria that you should consider.


1. PiggyVest

PiggyVest is a platform that helps individuals and businesses achieve their savings goals online. You’ll be able to save as little as NGN100 every day and can make withdrawals at clearly defined dates of your choice.

This method is quite different from the regular bank savings account where you can save money and withdraw it at any time you wish. On this saving app, you will need to have saved at least N3,000 before you are allowed to withdraw your funds.

Savers on PiggyVest are expected to be financially disciplined while developing their savings culture. They can make savings towards a specific goal and automate it through the platform.

The platform can also be used to invest and make passive income. You can invest as little as N5,000 and get up to 25% returns on your investment for a 6-12 month duration. Every investment opportunity has been thoroughly vetted, therefore making money on your investment could be very easy with this financial technology company in Nigeria.

2. Flutterwave

Flutterwave came into existence in 2016 through the collaborative efforts of a team of entrepreneurs, ex-engineers, and bankers with unified understanding and common financial concepts. The company was created to make free payment options available to merchants, banks, and clients in various sectors across Africa.

Flutterwave is not just taking over in Nigeria and is also currently acclaimed as one of the best payment solutions for businesses in Africa. The company is headquartered in San Francisco USA and has offices in diverse cities which include Johannesburg South Africa, Accra Ghana, and Lagos Nigeria.

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They connect economies and proffer financial solutions by providing speedy methods of payments of services to individuals across diverse countries of the world, and also help organizations become global enterprises by helping them make exchange of funds easy in over 150 monetary standards. Flutterwave is founded by Iyin Aboyeji who is also a co-founder of Andela.

On Flutterwave, you will be able to create an individual or business account. However, there are applicable fees for each transaction. For local transactions involving Mastercard, Bank Transfer, USSD, POS, Bank Account, and Visa QR, there is a 1.4% processing fee with the maximum service fee of NGN 2,000. A 3.8% service fee is charged on international transactions.

So far, it has been able to process over $2 billion in payments and 25 million transactions in over 30 African countries. For their dedication and professionalism, the financial technology company, Flutterwave was labeled Africa’s best fintech company at the Apps Africa Innovation Awards in 2017.

3. e-Tranzact

e-Tranzact is a top Fintech company in Nigeria that was established in 2003 as a multi-network, multi-application, and multi-channel electronic payment that proffers support for leading networks such as MasterCard, AMEX, and VISA. The company is one of the foremost payment processing and switching companies in Nigeria, and today, they have functioning branches in different areas of the globe. This includes Côte d’Ivoire, Kenya, Ghana, Zimbabwe, United Kingdom, and South Africa.

On the platform, you can easily finalize a safe and secure payment process using the eTranzact portal mobile and internet banking. It is exactly what it is, a multi-purpose payment app that could facilitate smooth transactions between merchants and buyers, transfer funds, and also for bill payments.

E-Tranzact boasts of about thirty trillion Naira (N30,000,000,000,000) worth of transactions in 2018, in July 2020, they have built assets worth about N6.7 billion.

4. PayStack

PayStack makes payment processes possible for individuals through the creation of payment pages and invoices while also harnessing Paystack online payment gateway. Businesses and their customers have a secured system on the platform that can be taken advantage of to finalize a transaction. They allow customers to make use of Visa cards, Verve, and MasterCard anywhere in the world for payments.

The company is proudly a leading and fast-growing Fintech company in Nigeria. It was established in 2016 by Ezra Olubi and Shola Akinlade who were tech-inclined friends. Shola describes Paystack as the Stripe of Africa. And in October 2020, the company was purchased by Stripe for a whopping $200 million! Paystack claims to be trusted by over 60,000 businesses in countries across Africa.

5. Paga

Paga is another household name in the Nigerian Fintech industry. Users are able to make electronic transfers and payments through their mobile phones. It doesn’t even have to be smartphones – virtually all phones can be used in carrying out Paga services.

As a leading payment mobile money business, Paga is focusing on making access and usage of money easy. They want individuals and businesses to be able to transfer money without fees. Currently, the platform allows users to make bank deposits, pay bills, and even make payments for goods in some stores.

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Even though it was founded in 2009 by Tayo Oviosu, however, it didn’t become available for public use until 2011. Ever since the company has steadily experienced progress in its expansion through the Paga agent system. According to its founder, Paga recorded over $2 billion in transactions in 2019 and currently, they have about 30,000 agents and 17 million customers in Nigeria. The company is also undergoing a major expansion in areas like Mexico and Ethiopia.

6. Remita

Remita is another top-level Fintech company to look out for in Nigeria. The app is an e-payment technology that has been severally voted as Nigeria’s software of the year. It helps businesses and private individuals engage in successful transactions without stress.

The developer – SystemSpecs – a firm that is motivated towards taking the financial software solutions and human capital management to a much higher grade. The app can be integrated into other platforms such as your personal website or app to receive payments.

Users can also pay their utility bills such as cable TV subscriptions, electricity, water, and many more with the app. Nigerian government agencies, SMEs, universities, and NGOs already integrate the app into their payments for receiving payments. CBN recently reported that over 48 million transactions were recorded by the company which is worth over N20.7 billion.

7. Interswitch

Interswitch was established by Mitchell Elegbe and it kicked off operations in 2002. The innovation helped to digitize payment process within the banking system in Nigeria. The company experienced a speedy rise in value after Visa purchased 20% of the company’s shares in 2019. The value of the company hit $1billion!

The company has partnered with various companies around the world. It also created Verve payment solution which is currently Africa’s biggest domestic card scheme being totally embraced in Nigeria and about 185 countries globally.

8. Kuda Bank

Kuda Bank is a total online bank. It runs majorly on smartphones without the need for papers, and you can open your account in just minutes. As a user, you will be given access to a customized Verve of Mastercard ATM without ATM maintenance fees. You will also not be charged when you make transfers, deposits, and many more.

The company was established in September 2019. And within a period of 12 months, the platform had already pulled together 500,000 users across various devices. The app can be used to access all financial services of your choice.

They also provide loans to users without undergoing any paperwork. In addition, you can earn up to 15% interest on all your savings every year. In November 2020, Tech Crunch reported that Kuda Bank processed transactions of about $500million each month and garnered $10million in funds.

9. OPay

OPay, otherwise known as OperaPay allows users to withdraw cash, sort their utility bills, fund e-wallet, transfer and make deposits, and also pay for other regular expenses such as food, transportation, and groceries.

The company has been effectively active in Nigeria since 2010 as PayCom Nigeria Ltd., but the Opera Group purchased the company in 2018 and it became more popular. The OPay app aims at making financial services accessible to the African populace, including the unbanked areas.

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The company is reported in 2021 to have garnered about 350,000 agents across the Nigerian society with over 5 million customers. This is a tremendous rise in the 2019 figure of 140,000 agents and a daily transaction of $10 million.

10. Okash

Okash is a Micro-lending product by Blue Ridge Microfinance bank. individuals and businesses with short-term loan opportunities. The company is undoubtedly one of the best fintech companies that provide applicants with a speedy loan process.

Hence under-served Nigerians are provided with quick access to loans through their smartphones. So, once you are able to satisfy the loan requirements, you’ll be provided with your expected cash loan within minutes of being approved. This helps to fill in a magnanimous gap within the financial credit market.

11. Carbon Paylater

Carbon is a top company that provides Nigerians with financial technology solutions through great loan offers and encouraging paperless processes in their services. The app works nicely on virtually all major mobile devices and is simple and easy to use.

It was established in 2016, and has consistently helped Nigerians to receive quick loans for their personal plans and business goals without the need to be physically present at a bank or fill paper forms.

12. Cowrywise

Cowrywise provides Nigerians with saving and investing tools just as PiggyVest. The fintech firm invests in low-risk securities such as mutual funds, government bonds, and treasury bills. The app kicked-off in 2017 and it currently has over 200,000 users.

Users can save as little as N100 every day and receive an interest of up to 15% every year. The app helps you incorporate a disciplined attitude into achieving your financial goals. You can also take advantage of the investment opportunity via Systematic Investment Plan (SIP) which is available on the platform.

13. VoguePay

VoguePay is one of the leading fintech companies in Nigeria that helps businesses succeed, thanks to their robust and efficient payment process. The company was founded in 2012 with the main purpose of offering digital wallets and payment accounts to merchants and buyers from around the world.

Just like Cash App, users will be able to send and receive funds from other VoguePay accounts. You can open an account for free on their platform, but you are charged when you carry out local and international transactions.

As a merchant, you will find some useful tools on VoguePay to help you manage your account efficiently. The tools include inventory management, sales and store reports, and third-party plugins.

14. Chipper cash

Chipper Cash is a payment app that ensures easy sending and receiving of money, it allows cross border transactions between Nigeria, Ghana, Kenya, Rwanda, South Africa, Tanzania, and Uganda. This app makes transactions easier and users can also enjoy zero fees when they transact.

The Nigerian fintech company was co-founded by Serunjogi (Uganda) and Maijid Moujaled (Ghana). Since its establishment, it has become one of the most popular payment apps in Africa and now has over 80,000 active users. This fintech Startup has been featured on Forbes, evidence suggesting that it has been profiled and now acclaimed to be one of the biggest P2P cross-border mobile-money payments product.

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