20 Best Fintech Companies in Nigeria

Best Fintech Companies In Nigeria
Best Fintech Companies in Nigeria

Nigeria has quickly become a hub for fintech innovation, with various innovative businesses transforming the financial sector. 

Nigeria, the country with the biggest economy in Africa, is home to a thriving fintech industry that is revolutionizing conventional banking and financial services. 

The nation’s fintech sector is flourishing and varied, with a stellar group of businesses spearheading the shift to digital.

The top 19 fintech companies in Nigeria that are promoting financial inclusion, accelerating innovation, and revolutionizing how people and businesses handle their money will be discussed in this article. 

Nigeria’s financial future is shaped by these companies leading the way in payment solutions and lending platforms. 

Explore each company’s distinctive products, industry impact, and ambition for a Nigerian financial landscape that is more accessible and inclusive.

What is Fintech in Nigeria?

Financial technology, or fintech, transforms how we handle money and execute financial transactions. Fintech, the nexus of technology and finance, includes a broad spectrum of technological advancements intended to improve and automate financial services. 

Fintech is a broad category that includes digital tools changing the traditional banking sector, such as cryptocurrencies and mobile banking apps.

Fintech’s ability to increase financial inclusion by reaching underbanked communities with restricted access to traditional banking services is among its most alluring features.

 Fintech companies facilitate formal financial system participation for individuals in emerging nations by utilizing cutting-edge payment systems and mobile technologies. 

These developments can empower communities and individuals and accelerate economic growth by giving people access to previously unattainable resources.

Because Fintech is always changing, it will continue to upend traditional finance and offer investors and entrepreneurs fascinating new prospects. 

Financial services are about to undergo a significant transformation due to the incorporation of big data analytics, blockchain technology, and artificial intelligence.

What Does Fintechs Do?

Fintech includes a broad range of technologies and functionalities meant to enhance financial services:

1. Improving Accessibility

By providing digital and mobile solutions, fintech increases the accessibility of financial services to a wider audience, particularly those underserved by traditional banking institutions.

2. Streamlining Transactions

Using digital payments speeds up and simplifies transactions, saving time and effort compared to more traditional approaches like paper-based transactions.

3. Enhancing Efficiency

FinTech helps financial institutions cut operating expenses and human error while enhancing overall efficiency by automating procedures.

4. Enabling Financial Inclusion 

By providing services like mobile banking, microfinance, and alternative credit evaluation, fintech projects aim to include underbanked or unbanked groups.

5. Securing Transactions

Fintech uses technology such as blockchain to improve the security and transparency of financial transactions, lowering the possibility of fraud and guaranteeing data accuracy.

Fintech opens up new investment opportunities by introducing platforms like fractional ownership, robo-advisors, and crowdfunding, which provide accessibility to investing for a larger group of people.

6. Simplifying Regulatory Compliance 

By automating compliance procedures, regtech solutions help financial firms comply with intricate regulatory regulations.

Read Also: 15 Best Investment Banks In Nigeria

The Landscape of Fintech Companies in Nigeria

The fintech industry in Nigeria was expanding and innovating significantly. Several significant trends and companies defined the scene:

Payment Methods

Fintech businesses in Nigeria were mostly concentrated on payment solutions; Paystack, Flutterwave, and Interswitch were at the forefront of the industry. These firms provided organizations with APIs, mobile payment solutions, and payment gateways to enable transactions.

Online Banking

Fintechs were using digital-only banking solutions to upend traditional banking. Platforms that provided banking services only through mobile apps, such as Kuda, ALAT by Wema Bank, and Carbon (previously Paylater), were becoming increasingly popular.

Credit and Lending 

Fintech companies provide financial facilities and alternative funding to small enterprises and consumers. Technology was being used by platforms like Lidya, FairMoney, and Renmoney to evaluate creditworthiness and expedite loan disbursements.

Blockchain and Cryptocurrency 

While regulations surrounding cryptocurrencies and blockchain technology were still being clarified, a few fintech companies in Nigeria were investigating these concepts.

Developments in Regulation

The Nigerian Central Bank (CBN) took a proactive role in fintech regulation to guarantee stability, security, and consumer welfare. The regulatory environment was changing to manage risks and make room for innovations.

Inclusion of Finances

By utilizing digital financial services and mobile money to reach previously disadvantaged communities, fintechs in Nigeria have been instrumental in advancing financial inclusion.

Investments and Partnerships

Fintech businesses and traditional financial institutions have often partnered to promote innovation and broaden their service offerings.

Read Also:  10 Best Payment Gateways in Nigeria

Why are Fintech Companies in Nigeria Important?

Fintech is very important for several reasons.

Financial Inclusion

By filling in the gaps in established financial institutions, Fintech helps underprivileged groups receive services. It gives people and companies who didn’t have access to banking, payments, or credit facilities before this chance.

Efficiency and Innovation

Fintech offers creative ways to simplify financial procedures. Financial services become more efficient for everyone when technology enhances transaction speed, convenience, and cost-effectiveness.


People in remote or rural locations can get financial services without the need for actual bank branches, thanks to the prevalence of fintech services that can be accessed online and through smartphones.

Lower expenses

Fintech lowers costs for consumers and businesses by upending established financial arrangements. By doing away with many overhead costs connected with physical banks, it can provide services for less money.

Financial Empowerment

Fintech gives people access to finance, investment opportunities, and tools for better money management. It empowers individuals to take charge of their money and make wise choices.

Innovation in Lending

Fintech companies extend credit availability to individuals and small enterprises that traditional banks might pass over using sophisticated algorithms and other data sources for credit evaluation.

Global Connectivity

Fintech crosses national boundaries to make international payments and transfers easier and less expensive than conventional techniques.

Economic Growth

Fintech supports economic growth and development by encouraging entrepreneurship, making finance more accessible, and enabling seamless financial transactions.

19 Best Fintech Companies in Nigeria

Here are the best fintech companies in Nigeria:

1. Flutterwave

Address: 8 Providence Street, Lekki Phase 1, Lagos, Nigeria.

Flutterwave CEO: Olugbenga Agboola, also known as GB

Funds Raised: Over $225 million raised in various funding rounds.

First on our list of best fintech companies in Nigeria is Flutterwave. Flutterwave specializes in offering African companies cutting-edge infrastructure and payment technologies. 

They provide businesses with various tools and services to manage sending and receiving money throughout Africa easily. 

Their platform facilitates transactions for customers, businesses, and other entities by supporting many payment methods. Flutterwave wants to simplify business operations and trade across several African marketplaces by streamlining the intricacies of payments.

Check out Flutterwave

Read Also: Legit Online Investment Platforms That Pay Daily

2. Paystack

Address: 3a Ladoke Akintola Street, GRA, Ikeja, Lagos, Nigeria.

Paystack CEO: Shola Akinlade

Funds Raised: Acquired by Stripe for approximately $200 million.

Next on our list of best fintech companies in Nigeria is Paystack. This Nigeria fintech is one well-known online payment processing option created especially for companies: Paystack. It provides tools and services that let companies take payments online via various channels. 

Businesses could easily incorporate payment features into their websites or applications thanks to Paystack’s safe and smooth platform, which accepts payments via cards, bank transfers, and other online payment methods. 

To increase Stripe’s visibility and product offerings in the African market, the multinational technology business purchased Paystack in 2020. Stripe is primarily focused on online payment processing.

Check out Paystack

3. Interswitch

Address: Interswitch Plaza, Plot 1648C, Oko-Awo Close, Victoria Island, Lagos, Nigeria.

Interswitch CEO: Mitchell Elegbe

Funds Raised: Raised over $1 billion in its initial public offering (IPO)

Prominent in the payment processing industry, Interswitch offers a wide range of digital commerce and electronic payment solutions. 

This fintech company in Nigeria enables various electronic transactions, such as card processing, internet payments, and other digital financial services. 

The goals of Interswitch’s resolutions, which are geared toward individuals, financial institutions, and businesses, are to promote digital commerce throughout the economy and streamline and secure electronic payments. 

Check out Interswitch

4. Carbon

Address: 3 Hughes Avenue, Alagomeji, Yaba, Lagos, Nigeria.

CEO of Carbon (formerly Paylater): Chijioke Dozie

Fund Raised: Raised $10 million

Renamed Paylater, Carbon is among the best fintech companies in Nigeria providing digital financial services to people and companies. 

With an emphasis on offering rapid and easy access to finance, Carbon uses technology to expedite the loan application process and make it available to a broad spectrum of clients. 

Their cutting-edge methodology uses artificial intelligence and data-driven algorithms to evaluate creditworthiness, allowing them to offer quick loans without collateral.

Carbon now provides bill payment, fund transfers, and investment options through its platform and lending services. Their dedication to becoming a one-stop shop for financial requirements in Nigeria and beyond is reflected in this diversification. 

The company’s focus on customer-centric solutions designed exclusively for the African market and its tech-driven strategy is largely responsible for its success.

Check out Carbon

5. Kuda Bank

Address: 3, Obafemi Awolowo Way, Ikeja, Lagos, Nigeria.

CEO of Kuda Bank: Babs Ogundeyi

Funds Raised: Raised $10 million

Nigerian fintech startup Kuda Bank has been causing a stir in the financial sector with its cutting-edge take on digital banking. 

The Nigerian fintech company has distinguished itself in a crowded industry by concentrating on offering its clients convenient, reachable, and reasonably priced financial services. 

Kuda Bank, which aims to improve African banking, provides several services via its intuitive mobile app, such as savings accounts, lending possibilities, and budgeting tools.

A distinguishing feature of Kuda Bank is its dedication to providing solutions that prioritize the needs of its customers. The company tailors its products to users’ requirements through technology and data analytics. This is why we listed it as one of the best fintech companies in Nigeria.

Furthermore, Kuda Bank’s clear price schedule and lack of additional costs have contributed to developing confidence among its expanding clientele.

Kuda Bank’s prominence as a trailblazing player in the fintech space heralds a change toward more accessible and inclusive financial services in Nigeria and elsewhere. 

Through its commitment to openness and customer-centric approach, Kuda Bank is redefining traditional banking standards and laying the groundwork for a new era of digital finance in Africa.

Check out Kuda Bank

6. PiggyVest 

Address: Tesmot House, 3 Abdulrahman Okene Close, off Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria.

PiggyVest CEO: Somto Ifezue (formerly of PiggyBank)

Fund Raised: Over $1.1 million

Among the top fintech businesses in Nigeria worth checking out is PiggyVest. Formerly known as PiggyBank, PiggyVest has revolutionized investment and savings possibilities for consumers in Nigeria. 

By allocating money for particular objectives and uses, users can develop a disciplined savings culture with the help of this cutting-edge software. 

Through automated savings strategies and investment options, PiggyVest promotes responsible financial decisions instead of giving in to the lure of hasty spending.

The company’s transition from PiggyBank to PiggyVest is not merely a rebranding initiative but a calculated move into a wider range of financial services. 

For users looking for strong financial management tools, PiggyVest now offers a comprehensive fintech solution, ranging from flexible lending facilities to high-yielding investments. 

Check out PiggyVest

7. Cowrywise

Address: 30 Norman Williams Street, South West, Ikoyi, Lagos, Nigeria.

CEO of Cowrywise: Razaq Ahmed

Funds Raised: $3 million

Cowrywise is a fintech company headquartered in Nigeria that provides financial planning and digital asset management services. 

Since its founding in 2017, the business has been well-known for its creative strategy of enhancing accessibility to savings and investing for people all around Africa. 

By utilizing technology, Cowrywise enables customers to easily invest in mutual funds, treasury bills, and other financial products.

Cowrywise is distinct in that it emphasizes financial education and literacy. The company’s platform allows consumers to invest their money and access tools and resources to make wise financial decisions. 

Furthermore, Cowrywise’s easy-to-use interface and affordable minimum investment criteria have significantly removed obstacles that once prevented many people from taking advantage of traditional investing options.

Check Out Cowrywise

8. Opay

Address: 18B, Idowu Martins Street, Victoria Island, Lagos, Nigeria.

CEO of Opay: Yahui Zhou

Funds Raised: About $170 million

We can’t fail to include Opay in our list of top fintech companies in Nigeria considering its mode of operation. OPay is a financial technology platform that provides various services, such as online and mobile banking, ride-hailing, food delivery, and mobile payments. 

Its primary operating regions are Nigeria and other African nations to offer easily navigable and convenient digital solutions for daily services and financial activities. 

Through its mobile app, OPay enables customers to access various services, make payments, and transfer money, thereby advancing financial inclusion in the area and helping to digitize financial services.

Check out Opay

9. Paga

Address: 2nd Floor, Freedom Park, 1 Hospital Road, Old Prison Ground, Lagos Island, Lagos, Nigeria.

CEO of Paga: Tayo Oviosu

Funds Raised: $34 million

Leading fintech firm Paga has transformed digital payment services in Nigeria and other countries. 

Since its 2009 launch, Paga—which provides a range of financial solutions to both individuals and businesses—has grown to become well-known. 

Paga’s broad accessibility, even in isolated locations with little access to traditional financial services, is one of its primary differentiators. 

This strategic strategy has facilitated its quick development and market penetration, making it an essential participant in the global fintech ecosystem.

Paga’s broad range of products, which includes merchant services, bill payments, and mobile money transfers, is one of its most notable attributes. 

The company’s ties with other large organizations demonstrate its dedication to innovation, allowing for smooth interaction with multiple platforms and providing consumers with enhanced financial management tools. 

Check out Paga

10. FINT

Address: 294 Herbert Macaulay Way, Sabo, Yaba, Lagos, Nigeria.

CEO of FINT: Chioma Ugo

Funds Raised: Not be publicly disclosed

The next company that made it to our list of best fintech companies in Nigeria is FINT. This company is a major participant in the market that serves the interests of individuals and businesses have arisen with an emphasis on democratizing access to financial products and services. 

The fintech company has simplified procedures like lending, payments, and investing with its state-of-the-art technology and intuitive user interfaces, making them more efficient and accessible for individuals and businesses.

FINT’s emphasis on using machine learning and data analytics to evaluate creditworthiness is one of its main differentiators. 

By utilizing sophisticated algorithms and non-conventional data sources, FINT can provide loans to populations previously unreached by conventional financial institutions.

Check out FINT

Read Also: 11 Best Microfinance Banks In Nigeria

11. TeamApt

Address: 11, Olufemi Ogunsola Street, Gbagada Phase 1, Lagos, Nigeria.

CEO of TeamApt is Tosin Eniolorunda.

Funds Raised: Not be publicly disclosed

TeamApt is an expert in offering infrastructure and financial services solutions to various organizations, including banks, companies, and private citizens.

Their primary focus is on creating and providing cutting-edge financial technology solutions. By offering the required technical infrastructure and solutions to improve banking services, streamline business operations, and improve individual financial experiences, their services seek to improve and streamline financial processes. 

The objective of TeamApt is to use technology to develop practical and efficient solutions that maximize financial services for their clientele.

Check out TeamApt

12. One Finance (OneFi) 

Address: 5th Floor, The Wing, 29 Mobolaji Bank Anthony Way, Ikeja, Lagos, Nigeria.

One Finance (OneFi) CEO: Chijioke Dozie

Funds Raised: Over 10 million

One Finance also referred to as OneFi, is a financial services company that offers a variety of financial goods and services. Through platforms like Carbon, they give investment options, credit facilities, and loans. 

OneFi uses technology to make financial services easily accessible and simple for customers. Users can easily obtain credit alternatives, investment opportunities, and fast loans through digital channels. 

The company aims to provide creative financial solutions to meet the various financial demands of people and enterprises.

Check OneFi

13. Lidya

Address: 295 Herbert Macaulay Way, Sabo, Yaba, Lagos, Nigeria.

CEO of Lidya: Tunde Kehinde

Fund Raised: $6.9 million

As a fintech business, Lidya specializes in giving small and medium-sized businesses (SMEs) digital lending access to capital. 

Through a digital lending platform, the company provides SMEs with specialized lending solutions that enable them to obtain credit and finance. 

Lidya’s goal is to help expand and improve small and medium-sized enterprises by streamlining the loan application process for SMEs through technology, data analysis, and an intuitive interface.

Check out Lidya

14. Social Lender

Social Lender CEO: Faith Adesemowo

Fund Raised: Not be publicly disclosed

As a fintech business, Social Lender offers personal loans and microcredit services. The way Social Lender determines creditworthiness is what sets it apart. 

Social Lender uses a person’s network and social reputation and typical credit scoring techniques like credit history to assess a person’s eligibility for microcredit.

The organization evaluates a person’s creditworthiness by looking at their reputation, behavior, and social ties on social media sites. 

By using this creative strategy, people who might not have a strong credit history or collateral can nonetheless be eligible for microcredit and lending services based on their reputation and social connections.

Check out Social Lender

15. Termii

Address:  3rd Floor, 294 Herbert Macaulay Way, Sabo, Yaba, Lagos, Nigeria.

CEO of Termii: Gbolade Emmanuel

Termii is a business-specific communication platform catering to fintech companies. This platform facilitates efficient communication for organizations by integrating many modes of communication, including SMS, email, and messaging services. 

Termii is a tool fintech businesses, and other organizations use to simplify communication strategies and facilitate smooth and effective interactions with stakeholders and customers.

Check out Termii

16. PiggyTech Global Limited

Address: Tesmot House, 3 Abdulrahman Okene Close, off Ligali Ayorinde Street, Victoria Island, Lagos, Nigeria.

PiggyTech Global Limited CEO: Olayinka David-West

Funds Raised: Not be publicly available 

One business that provides platforms and solutions for financial technology is PiggyTech Global Limited. 

PiggyVest is a noteworthy product that offers a range of financial services. One of PiggyTech Global Limited’s main platforms, PiggyVest, allows consumers to save money and invest in chances. 

The company develops and offers technological solutions targeted at improving financial experiences.

Check out PiggyTech Global Limited

17. Wallets Africa

Address: 16, Boyle Street, Onikan, Lagos Island, Lagos, Nigeria.

CEO of Wallets Africa: John Oke

Next on our list of best fintech companies in Nigeria. Wallets Africa is a company that offers payment methods and digital wallets. The business provides a platform that allows customers to make digital wallets, which makes payments and transactions easy. 

With this fintech company option, you can manage various financial transactions through their digital wallets, such as money transfers, prices for goods and services, and other transactions. 

Aside from that, you can be sure of having an easy-to-use and effective means of managing your money and conducting online transactions.

Check out Wallets Africa

Read Also: Top 13 Accounting Firms in Nigeria

18. Renmoney

Address: 23, Awolowo Road, Ikoyi, Lagos, Nigeria

CEO: Kieran Donnelly

Renmoney is one of the best fintech companies in Nigeria that offers savings, investments, and loans to both small and individual clients. 

Renmoney focuses on using technology to make financial products easier to obtain. It provides consumers with various repayment alternatives that can be customized to meet their needs and fast loan disbursements. 

The company’s website and mobile app are easy to use, making account maintenance and application processes more efficient and improving the overall client experience.

Renmoney’s dedication to financial inclusion is a fundamental component of its strategy. Renmoney enables entrepreneurship through easily available funding choices and provides services to marginalized areas, promoting economic development and grassroots empowerment. 

Furthermore, the business’s commitment to using data analytics for risk assessment enables it to provide individualized financial solutions while upholding responsible credit standards.

Check out Renmoney

19. Fliqpay

CEO: Wole Ayodele

Finally on our list of best fintech companies in Nigeria is Fliqpay. This company provides a smooth and affordable international transaction solution by utilizing blockchain technology and digital assets, resolving the issues many African businesses encounter with conventional banking systems. 

The platform is positioned as a leader in the developing fintech scene in Africa because of its dedication to offering quick and safe transactions.

Fliqpay stands apart from other cross-border payment solutions due to its emphasis on emerging market currencies, one of its most exciting features. 

Moreso, Fliqpay’s specialty enables it to address the unique requirements of African enterprises, mitigating dependence on volatile local currencies and circumventing the constraints imposed by conventional banking institutions. 

Check out Fliqpay

20. SendBit

Fintech Companies In Nigeria

Head Office: FCT, Abuja 

CEO: Jude Chinweike Obiejesi

The next on our list of best fintech companies in Nigeria is SendBit. SendBit is your fast pay spot that enables you to accept PayPal payments, purchase airtime and data bundles in single or in bulk, trade, and more. SendBit is a financial technology company that is a product of Techibytes Media, and not a bank.  They collaborate with authorized service providers, banks, and other partners inside their respective jurisdictions to sell their goods and services.

SendBit is your one-stop shop for quick payments. With its easy-to-use platform, you can buy airtime and data bundles in single or bulk amounts, exchange gift cards, and more. You can even accept PayPal payments. It offers both consumers and businesses a wide range of financial services that are convenient and flexible.

You can easily download the SendBit app from the Google Play Store or the App Store.

Challenges Fintech in Nigeria Face

Nigerian fintech businesses confront several difficulties, such as:

Regulatory Framework:

 Fintech companies may find adjusting to and complying with changing regulatory environments difficult. It might be challenging to innovate while adhering to strict regulations.


Fintech solutions may not be as widely adopted or as successful as they may be due to inadequate technology infrastructure, particularly in rural areas.

Cybersecurity Issues

As we depend increasingly on digital platforms, cybersecurity risks present a serious problem. Fintech businesses must invest significantly in security measures to guard against cyberattacks on sensitive financial data.

Financial Inclusion 

Fintech can help increase financial inclusion, but reaching underprivileged groups is still difficult. Inclusion efforts are hampered by distant locations’ limited access to banking services, smartphones, and internet connectivity.

Read Also: List Of Best Loan Companies In Nigeria

FAQs about the Best Fintech Companies in Nigeria

What is fintech?

Fintech stands for financial technology, which encompasses innovative solutions that use technology to enhance or automate financial services.

How can I invest in Nigerian fintech companies?

You can invest in Nigerian fintech companies through various investment platforms such as venture capital firms, private equity funds, and crowdfunding platforms.

Does the government regulate Nigerian fintech companies?

Yes, Nigerian fintech companies are regulated by the Central Bank of Nigeria (CBN) and other relevant regulatory bodies to ensure compliance with financial regulations.


The fintech industry in Nigeria is rapidly growing, with several innovative companies leading the way. These 19 best fintech companies have demonstrated a strong commitment to providing financial solutions that cater to the needs of individuals and businesses in Nigeria. 

These companies have revolutionized financial services through their technology and digital platforms, making them more accessible and efficient for the Nigerian population. 

As the industry continues to evolve, it is clear that these companies will play a pivotal role in shaping the future of finance in Nigeria. 

Investors, entrepreneurs, and consumers should watch these top fintech companies as they drive innovation and growth in the Nigerian market.

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