Top 13 Fintech Companies in Nigeria 2023

A Background to Fintech Companies in Nigeria.

The fintech sector combines the best elements of the financial and technical sectors. Following technological advancements of Fintech Companies in Nigeria, the market has developed quickly, simplifying daily living and money management.

The industry has expanded more than 100 times in the previous ten years thanks to the Internet of Things, big data, and global digitalization. From $1.8 billion in 2010 to $19 billion in 2015, it saw growth. Currently worth about $194.1 billion globally, industry experts predict that it will increase to $492.81 billion by 2028, representing an average annual growth rate of 16.8%.

Looking to finance that important project? A fintech can help.

Looking to save or invest money? A fintech company can help.

Looking to make payments, transfer money, or withdraw money in Nigeria? There is a Nigerian fintech company to make it easy.

All these and many more are some of the benefits of fintech companies in Nigeria and across the world.

Here, we outline and discuss some of the best fintech brands in the country “Nigeria


List of Top Fintech Companies in Nigeria

These leading fintech businesses in Nigeria have facilitated smooth payment processes, increased accessibility to financial services, and promoted financial inclusion. It is important to note that as of 2018, Paystack, Paga, and Branch were three of the fastest-growing fintech startups worldwide.

Global finance giant Stripe reportedly made the largest fintech acquisition in Nigerian history in 2020 when it acquired Paystack for an estimated $200+ million. Below are the Top Fintech Companies in Nigeria in 2023

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1. PayStack

The leading fintech business in Nigeria is without a doubt PayStack, a fintech payment solution. Since its founding, the tech company has expanded and has become a leader. Stripe, a major global fintech player, acquired the business in 2020, thus elevating it to the list of top Nigerian corporations. PayStack claims that building a business is challenging, but getting paid shouldn’t be, and they firmly adhere to this statement.

Businesses in Africa can accept payments with the aid of PayStack. Using the online payment gateway, you may construct payment pages and accept payments via invoices. The company was established in 2015 and has since developed into one of Nigeria’s leading fintech players.

It is one of Nigeria’s leading providers of financial services, the first
More than 17,000 companies, including MTN, Betway, Domino Pizza, and many others, use the company’s services. They have operations in Nigeria and other countries, and they are one of the top tech businesses in Lagos.

They have offices in Lagos Nigeria, Sandton South Africa, Accra Ghana, and San Francisco United States.

2. Callphone Limited

Fintech Companies in Nigeria

In Nigeria, Callphone Limited is a distributor of virtual services and a supplier of impact-driven payment solutions. The business has a reputation for providing first-rate value-added services for POS, internet, and mobile services.

Callphone Limited became the first fintech business to be granted a Payment Solution Service (PSS) license by the CBN in 2022, allowing it to function in Nigeria as a PSSP, PTSP, and Super-Agent. The business established this license classification as the first with the help of this license.

Callphone Limited, a corporation with a core focus on innovation, consistently introduces new products to benefit the Nigerian people by the CBN’s financial inclusion objective.


Some of their products include;

Airvend: A client-focused, and result-driven fintech and digital payment platform (And mobile app) that provides seamless broad-based financial technology services.

Airvend PIN, A Universal Recharge Voucher that can recharge any network.
*174# USSD shortcode that makes it possible for users to perform several transactions without internet or data.

Airpay: An application developed by the company and approved by NIBSS to run on their Smart (android) POS terminal.

Airgate: A payment gateway infrastructure that provides ease of payment for online asset owners.

3. Flutterwave

One of the biggest and most well-known fintech startups in Nigeria and all of Africa is called Flutterwave. If it wasn’t included on any list of the best fintech companies in Nigeria, that would be surprising. The business operates one of Nigeria’s major payment systems. Olugbenga Agboola and Iyin Aboyeji, a co-founder of Andela, launched it in 2016.

For international retailers and payment service providers, the fintech startup offers a payment solution. It offers the infrastructure, technology, and services needed for banks, enterprises, worldwide merchants, and payment service providers to create safe, efficient payment solutions for their clients. This facilitates the frictionless exchange of funds.

The company has its corporate headquarters in San Francisco, California, and Andela, Visa, Grey Croft, eVentures, and several other companies are among its investors.

It is important to know that Flutterwave is one of the best fintech companies in Nigeria that enables the exchange of funds in more than 150 different monetary standards, hence assisting African businesses in going worldwide.

4. Paga

Paga was established in Nigeria to offer financial services to citizens of Africa and to take advantage of the growing cash flow in the country’s financial sector.

It is common knowledge that it might be challenging to access the Nigerian banking system everywhere in Nigeria. Cash access is made simpler and more seamless for everyone by platforms like Paga.

Its goal is to make money accessible and usable for everyone by offering a seamless and stress-free money transfer experience to the general population.
Paga is a leading payment and mobile money business in Nigeria.

You can pay bills, make bank deposits and withdrawals, buy prepaid phone credit, pay your cable and energy bills, pay retailers, and even make purchases in some online stores using the fintech company.

With over 9 million consumers and 17,000 agents, it is difficult for the company to not be listed among the top 10 or 15 fintech companies in Nigeria.
They assert that they were the first mobile payment provider in Nigeria to reach the milestone of one million users. Additionally, they are one of the select few fintech firms with offices in Lagos, Ibadan, Abuja, Illorin, and Port-Harcourt.


5. E-Tranzact

Fintech Companies in Nigeria

One of the first fintech businesses to debut in Nigeria to assist people in accepting payments online is E-Tranzact.

The business was founded in 2003 to provide a trustworthy alternative to the only then-available payment methods, which were checks or cash, for online transactions.

Every key financial network, including MasterCard, Visa, and Amex, is supported by the multi-application, multi-network, and multi-channel electronic payment platform known as E-Tranzact.

They handle payments requested through a variety of channels, including the web, ATMs, point of sale terminals, mobile devices, you name it—using automated processes.

It is a platform that acts as a “switch,” validating transaction requests after verifying the payment cards’ security.

Other financial services owned by the corporation include PocketMoni, Mobile Topup, BankIT, Corporate Pay, etc.

Without a doubt, any list of Nigerian payment gateways would be incomplete without adding Nigerian fintech companies, which dominate the list.


6. Interswitch

Interswitch must be featured on any ranking of the top 10 fintech companies in Nigeria.

It is an integrated commerce and digital payments organization with a focus on Africa. In contrast to the physical exchange of money, which was popular when it first began, the company promotes the electronic exchange of money.

Their goal is to build and operate a payment infrastructure while also offering innovative transaction services and payment solutions across all of Africa.

The transaction switching and electronic payments processing business for Nigeria began operations in 2002, and it has its headquarters in Lagos.

They connect Nigeria’s various banks using a “switching” infrastructure and supply the technology for ATM cards.

Visa bought a 20% share in the business in November 2019 for $200 million. This increased the company’s valuation to at least $1 billion, placing it among Nigeria’s top 5 fintech firms.

The business is a major player among Nigerian suppliers of payment gateways and is among the country’s oldest fintech enterprises. Notable firm assets include Quickteller, the Verve debit card, Retailpay, Smartgov, and more than 11,000 ATMs throughout Nigeria.


7. Remita

Remita is a piece of software that enables businesses—including MSMEs, multinationals, governmental entities, NGOs, and educational institutions—to send and receive payments online.

The program is a pioneer in the Nigerian fintech sector and has won multiple votes as Nigeria’s software of the year. Almost everyone who has graduated from a higher education institution in Nigeria has utilized it; it is one of the top fintech companies in Nigeria.

SystemSpecs, a B2B finance company that has been in business since 1991, created the software and offers it to businesses.


8. GetCarbon (Pay later)

Fintech Companies in Nigeria

The loan app GetCarbon, formerly known as Paylater, is regarded as one of the best in Nigeria. The business disburses small loans through its smartphone app, eliminating paperwork and speeding up the procedure.

The lending app business began operating in Nigeria in 2016 and bragged about how easy, quick, and well-designed it was.

It is one of the apps that allow you to rapidly borrow money online in Nigeria. Many Nigerians struggle with the critical issue of being unable to acquire loan money fast.

The good thing about the fintech company that lends money is that they grant you credit without ever meeting you. GetCarbon is widely regarded as Nigeria’s top loan application.


9. Vogue Pay

The online payment processing industry has been completely transformed by Vogue Pay.

The Nigerian fintech business was founded in 2012 and serves a large number of local clients. They offer a user-friendly, straightforward platform, and they added 17,000 users in their first year.

The platform is well-liked in Nigeria and provides merchants with free integration.

Unregistered businesses can accept and process payments online thanks to the payment solution supplier. One can open a VoguePay account and get started with just a bank account, a National ID, and any utility bill.


10. Piggyvest

Piggyvest is an online platform for saving money. The platform gives users the ability to save money they don’t need right away and use it later.
With Piggyvest, you may set aside as little as $1 per day and even put a time limit on when you can withdraw your money. Piggyvest encourages individuals to spend less and save more by doing this.

Additionally, they provide consumers the ability to invest their money and receive a return after the investment has reached maturity.
Piggyvest, in contrast to the conventional banking system, enables you to continue saving, practice discipline, and save for whatever is important to you.


11. Kuda Bank

Previously known as Kudi Money, Kuda Bank is a well-known fintech business in Nigeria. Following receipt of its license from the Central Bank of Nigeria, the business changed its name from Kudi Money to Kuda Bank.

The fintech product’s remarkable characteristic is its design for a typical smartphone and lack of absurd fees. This software is right for you if you want to create a budget, make wise purchases, and save more money.

It is a fully online bank that you can sign up for in a few minutes and begin using right away. Kuda Bank will compile a list of the top fintech firms in Nigeria thanks to its various advantages. To grow into additional African nations, Kuda Bank raised $55 million in Series B fundraising in 2021, valued at $500 million.


12. Mintyn

Fintech Companies in Nigeria

Mintyn is a leading digital bank and fintech business in Nigeria. The bank takes pride in being the first online bank to give people control.

They eliminate all additional fees and allow you complete control over your money. They are now well-liked among Nigeria’s fintech banks as a result of this.
You can easily see your input and outflow with the Mintyn App. Additionally, you can manage your finances in advance, lock your card, and set spending restrictions.

You can set money aside for your major expenses with Mintyn Digital Bank as frequently as you like, with a variety of frequency options, and in any amount you choose.

You may “transfer money, request money from Mintyn customers, pay bills, top-up your phone, fund your virtual card, set up recurring payments, repay your loans, and much more,” according to Mintyn. with a single app”


13. Accelerex

In 2022, Accelerex, another notable Nigerian fintech, will be one to keep an eye on as it works to speed up e-payments throughout Africa. By predicting and satisfying the demand for quick and secure fintech products, solutions, and services, the company, which started operations in 2013, has continued to surpass clients’ expectations.

Since 2019, the business has maintained its position as Nigeria’s top Payment Terminal Service Provider in terms of the value of transactions completed. With over 90,000 merchants spread across the 36 states of Nigeria, it supports 95% of the country’s banks.

In Nigeria, the name Accelerex is a byword for trustworthy, cutting-edge electronic payments. It gave birth to the brand’s operations expanding to Ghana, Kenya, and the Democratic Republic of the Congo, with plans in place to expand to more African nations before the year is through.

Accelerex provides a wide range of goods and services that streamline business and e-payment procedures. One of these is the Accelerex Agent Network Platform (ANP), a powerful web-based platform specially created to service all participants in the Agency Banking market and streamline and facilitate their company operations.

Putting speed and security as top priorities, the creators developed RexRetail, a comprehensive solution tailored for SMEs to fulfill all their retail business needs.

The software gives small and medium-sized retailers the ability to remotely manage shop operations and track the effectiveness of each outlet while digitizing their retail operations around inventory management, cashier management, and payment processing. RexPay, its online payment gateway, enables merchants to safely and promptly receive payments.

Read also: Best Ways to Save Money in Nigeria Easily [2023]-rexpays


Other Top Fintech Companies in Nigeria

Besides these fintech companies mentioned, there are several other fintech companies, platforms, and products in Nigeria.
Some of this Nigeria fintech include;

  1. Farm Crowdy
  2. Wealth. ng
  3. Quidam
  4. NaijaFund
  6. Branch
  7. Renmoney
  8. ALAT
  9. Cowrywise
  10. Kolopay
  11. Farmkart
  12. KudiMoney
  13. Paylater
  14. OKash
  15. Lidya
  16. Terrapay
  17. Fair money
  18. Chipper cash
  19. Sumo Trust
  20. Amplify
  21. Chatpay
  22. Cowriepay
  23. Chams Mobile
  24. Kiakia
  25. Mytradebook
  26. Renmoney
  27., And so many others


Frequently Asked Questions (FAQs) Regarding Fintech Companies in Nigeria


How Many Fintech Companies Are in Nigeria?

More than 200 fintech businesses from various fintech sector segments are based in Nigeria.

In addition to independent fintech firms, banks, and mobile network operators in Nigeria also provide several different fintech solutions as part of their product lines.


Who regulates Fintech companies in Nigeria?

The scale, scope, and dynamism of fintech are exceptional. As a result, the industry is frequently governed by several different government regulatory bodies. Depending on the type of fintech company, this may fall under one type or another.

Some of the agencies that regulate fintech companies in Nigeria include;
The CAC – regulates the incorporation of and official record-keeping for all companies in Nigeria.

The CBN- regulates all banking and finance companies in Nigeria.
An Insurance agency (Nigeria Deposit Insurance Corporation – NDIC) that insures funds.

Nigerian Communications Commission (NCC) – regulates short code operations and other network-related activities of fintech companies.
The SEC (Security and Exchange Commission)
The NAICOM (National Insurance Commission)
The NITDA (National Information Technology Development Agency)
The (FCCPC) Federal Competition and Consumer Protection Commission


What is Fintech Nigeria?

The infamous moniker Fintech Nigeria is used to refer to the Nigerian fintech sector. The most well-known fintech businesses in Nigeria are those involving mobile payments, mobile lending, payment processing, and personal finance.


How do I start a Fintech Company in Nigeria?

This is what you need to do to start a fintech company in Nigeria.

First of all, you must meet the criteria for starting a Nigerian fintech company, then follow these simple steps:

  1.  Identify a Suitable Niche
  2.  Get Familiar with the Regulations
  3.  Develop a Unique Selling Point (USP)
  4.  Apply and Obtain the Required Licenses
  5. Register Your Business Name
  6.  Hire the Right Talent along with the Right Technology
  7.  Start by creating a Minimum Viable Product (MVP)

After that, seek investors and build partnerships.


How much is FinTech worth?

The fintech sector has multiplied by more than 100 in the last ten years. From $1.8 billion in 2010 to $19 billion in 2015, it grew. The market is currently worth $194.1 billion globally, and experts predict that it will reach $492.81 billion by 2022, experiencing an average annual growth rate of 16.8%.

Fintech investments in Nigeria increased to over $460 million in 2019, mostly from outside investors. Although this may seem like a significant deal, it is a small portion of the $36 billion that was reportedly spent in the worldwide fintech business in 2019.

The value of fintech is further demonstrated by this CNBC article.


What does FinTech mean?

According to Investopedia, “Financial Technology” (Fintech) describes emerging technology that attempts to enhance and automate the delivery and utilization of financial services.

Using specialized software and algorithms found in computers and smartphones, fintechs assist organizations, business owners, and people in managing their financial operations, processes, and lives.

How is Fintech Regulated in Nigeria?

The questions, ‘Is there a body that regulates fintech companies in Nigeria?’ and ‘How are fintech companies regulated?’ are popular ones.

Various agencies regulate fintech companies.
These agencies include;

  • CBN
  • NDIC
  • SEC
  • NCC
  • CAC
  • And a few others.

See: How to achieve your financial goals with Cowrywise [2023]


Nigeria is fortunate to have a large number of fintech firms. The worldwide and Nigerian fintech industries are both growing quickly, thus more fintech solutions are still to come.

We cross our fingers and hope that industry advancements result in additional advantages for the people of Nigeria.

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