Nigeria’s booming Fintech space and its top players



The biggest merit of the fintech sector is its ability to achieve financial inclusion worldwide. ’s fintech space has become quite lucrative and competitive in the economy, with around 250 companies present in the subsector. The fintech sector is growing alongside other industries, with businesses like Betway using this technology and popularizing the market due to the need to transfer money fast and seamlessly.

Fintech is an that strives to deliver financial services to consumers using technological tools like mobile phones, the internet, apps and other devices. These companies give customers services like depositing cheques online, money transfer, raising funds and applying for credits. However, the companies have little to no physical presence since all the transactions happen online. Even better, some of them use the thrift (ajo) scheme method and charge no on loans.

Here are ’s most influential fintech companies worth looking at.

Flutterwave

Established by Olugbenga Abgoola and Iyin Aboyeji, Flutterwave is a leading fintech company in , with its headquarters based in San Francisco. Flutterwave offers services to businesses and banks, ensuring seamless transactions with their customers. The company raised $170 million in their latest crowdfunding , helping them expand their customer base worldwide.

Flutterwave initiated Batar, allowing users to create virtual USD debit cards with a few clicks for regular or one-time use. Unlike other services, the platform only requests the customer’s working phone number and email address and relies on the details provided by the user’s bank.

Interswitch

Headquartered in Lagos, Interswitch integrates digital . Mitchell Elegbe brought the company to life in 2002, with Visa investing about $200 million in 2009, and they expect to recoup every penny from the billion-dollar company. Visa has been highly successful in the fintech market, facilitating payments between businesses and consumers. For instance, punters and casino players can deposit money at the Betway online casino and other leading bookmakers using the Visa card. 

Paystack

A technology company striving to solve problems for businesses, Paystack was launched in 2015 by Ezra Olubi and Shola Akinlade. The company makes processes consistent for businesses and their consumers.

Carbon

Formerly known as Paylater, Carbon is a financial technology company owned by One Finance and launched in 2016. Carbon was created as a loan app, giving short-term loans via a mobile . The use of mobile phones to access loans makes the process easier and faster.

Paga

Founded by Tayo Oviosu in 2009, Paga was launched as a fintech company in in 2011. The company allows you to pay bills, pay for goods in specific stores and make bank deposits. It also works as a mobile wallet where users can perform transactions using their mobile devices.

Remita

Remita was created by John Obaro in 1991, setting the stage for Nigeria’s fintech market. The company assists SMEs, state governments, NGOs, multinationals, agencies, educational institutions, individual and state governments in electronically making payments.

PiggyVest

Originally known as PiggyBank.org, this company allows cardholders to save small amounts of cash with minimal effort frequently. PiggyVest automates the saving process in tiny amounts monthly or daily, making everything easy. The company was launched by Ayo Akinola, Nonso Eagle, Joshua Chibueze, Somtob Ifezue and Odunayo Eweniyi in 2016.

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