The biggest merit of the fintech sector is its ability to achieve financial inclusion worldwide. Nigeria’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 initiative 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 business 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 interest on loans.
Here are Nigeria’s most influential fintech companies worth looking at.
Flutterwave
Established by Olugbenga Abgoola and Iyin Aboyeji, Flutterwave is a leading fintech company in Nigeria, with its headquarters based in San Francisco. Flutterwave offers payment services to businesses and banks, ensuring seamless transactions with their customers. The company raised $170 million in their latest crowdfunding campaign, 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 payment. 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 payment problems for businesses, Paystack was launched in 2015 by Ezra Olubi and Shola Akinlade. The company makes payment 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 application. 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 Nigeria 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, government 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.
