5 Promising FinTech Companies in Nigeria

By Edlyn Cardoza

Over the years, banking in Nigeria has improved. However, there are still many gaps to be filled and a significant portion of the population is still unbanked. The rural area of ​​Nigeria is hugely underserved in terms of economic needs. Lack of access to credit and financial services has been the main obstacle to financial growth and poverty reduction in several emerging economies.

These gaps in the financial services industry present a great opportunity for FinTechs to fill. The goal of FinTech companies in Africa is to make financial services easily accessible to the population, improve financial procedures, promote financial inclusion and ensure seamless payments across multiple platforms.

A few years ago, not many believed that the FinTech segment would flourish in Nigeria. According to a report from Frost and SullivanNigeria’s FinTech revenue is expected to reach $543.3 million in 2022 from $153.1 million in 2017.

Here are 5 promising FinTech companies in Nigeria:

Carbon gives individuals access to credit, simple payment solutions, investment opportunities with high returns and user-friendly tools for personal financial management. Carbon is headquartered in Lagos, Nigeria. They are a global company with over 90 employees with operations in Nigeria, Ghana and Kenya. Their mission is to give all people the financial access they need to live a life of dignity and prosperity.

Flutterwave is on a mission to build payment infrastructure to connect Africa to the global economy. They do this by building technology, tools and infrastructure for businesses and banks that want to offer a more seamless and secure payment experience for their customers. Founded in 2016 by a team of African finance and technology veterans from Standard Bank, PayPal and Google Wallet, among others. Flutterwave has grown to become one of the fastest growing payment companies in the world. Since its inception, Flutterwave has processed close to $2 billion in payments and 25 million transactions across over 33 African countries where it currently operates.

Paga was founded in early 2009 by Tayo Oviosu to make it easy for one billion people to access and spend money. Paga Group is a payments and financial services ecosystem for Africa. They focus on helping consumers and merchants pay, get paid and access financial services. They do this directly; and through our Platform-as-a-Service, which enables other third parties to leverage the deep infrastructure we’ve built for endless possibilities.

Paystack is a technology company that solves payment problems for ambitious businesses. Its mission is to help businesses in Africa become profitable, envied and loved. They make it easy for businesses to accept secure payments from multiple local and global payment channels. They also offer tools to help you retain and acquire new customers.

Piggyvest is a platform that helps individuals and businesses manage their finances efficiently – save and invest with ease. PiggyVest is the first online “Savings & Investment” app in West Africa. They were first launched as ‘Piggybank.ng’ on 7th January 2016 as a savings only platform. For 3 years they only offered savings to their users. Then in April 2019, they renamed themselves “PiggyVest” and started offering direct investment opportunities to users in addition to savings. PiggyVest is on a mission to empower everyone to better manage and grow their finances.

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