Listicle: Top 15 Fintech Brands in Nigeria

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FinTech is an emerging trend that is revolutionizing the financial sector in Nigeria as companies in this sector experience rapid growth, writes Awonor Matthew

From digital banks and crypto companies to other financial solutions, the Nigerian ecosystem is becoming a very strong force in fintech. Other fintech companies are using the power of crypto to create apps and platforms that also help Nigerians make money. An informative cryptocurrency blog, Coin Decimal has also shared a lot of information to help anyone better understand the crypto market and how to take advantage of the industry.

About Fintech?

Fintech is the use of technology in the financial services industry. It’s an umbrella term for a range of innovations that are transforming traditional banking and finance.

Fintech companies in Nigeria are using technology to deliver innovative financial solutions to their customers and help them live a better life. This can include companies that offer financial services such as peer-to-peer lending, online payment processing, and Robo-advisory.

Fintech companies provide financial services ranging from loans, payments, wealth management, remittances, and investment advisory services to customers through the internet and mobile channels.

In this article, we are going to cover some of the top 15 fintech companies in Nigeria. Most of these companies are located in Lagos, Nigeria. However, our focus for this post is to explore the Nigerian ecosystem as a whole.

Top 15 Fintech Companies in Nigeria 2022 Update
Here is a list of the top 15 fintech companies operating in Nigeria. They are, however, in no particular order.
1. Payroll
2. Floating waves
3. Interswitch
4. Kuda Bank
5.Remita
6. The Vest
7. Currency
8. Cash Shredder
9. Carbon
10. Paga
11. Electronic Tranzact
12. Alat by WEMA BANK
13.Opay
14. Just Money
15. Pay U

1. Payroll
Paystack is a payment platform that offers a complete solution for online merchants in Nigeria, South Africa, Ghana and other African countries. The company supports online payments and is available to merchants around the world. It has APIs that can blend into any web, desktop or mobile application, as well as CMS plugins for payment processing, making it one of the largest fintech companies in Africa.

2. Floating waves
Flutterwave is an innovative fintech company with offices in Lagos, Nigeria and San Francisco, USA. It provides a single integrated payment platform that allows businesses to receive payments for goods and services from customers around the world using their local currency or digital assets. It even grew to accept foreign currencies such as dollars and pounds.

3. Interswitch
Interswitch Limited being one of the most trusted payment solutions for other technology companies in Nigeria, it is the leading Nigerian payment processor that provides financial services including money transfers, mobile banking, terminals point of sale (POS), prepaid cards and e-commerce solutions. across Africa through its subsidiaries such as One Network Bank (ONB).

4. Kuda Bank
Kuda Bank was launched in September 2019 with the goal of making banking accessible to everyone, regardless of location or income level, by offering simple yet affordable products without sacrificing security or quality of service. The digital bank has rapidly grown to become one of the most widely used officeless banks in Nigeria.

5.Remita
Remita is a global provider of innovative payment solutions and financial services. It offers simple, secure and cost-effective payments, with a focus on emerging markets. Remita powers most government agencies in Nigeria by providing payment solutions and remittances to government websites.

6. The Vest
If you’re looking for the fastest way to save for any small project, then Piggyvest is your platform of choice. Piggyvest is an online savings platform that allows individuals to save towards their goals. It also has a group savings option that allows you to make family or group savings towards a target goal.

7. Currency
Renmoney, as a fintech company, is a combination of fast loan apps that allows businesses and individuals to access fast advance loans and small business loans to meet their basic needs. It also offers payday loans. To access it, all you have to do is provide your BVN and receive the loan disbursement within minutes.

8. Cash Shredder
Chipper is the fastest growing fintech company in the United States, expanding its business footprints in Nigeria. He currently has Nigerian afrobeat singer and African giant Burna boy as his brand ambassador.

9. Carbon
Carbon is a payment company that offers payment solutions such as mobile money, bank transfers, withdrawals, point of sale and access to instant fast loans. The company transformed into a digital bank to expand its services by opening savings accounts.

10. Paga
Paga is a mobile money service provider that allows users to send funds from one person to another using their mobile phones or other internet-connected devices. The funds can then be withdrawn at any Point of Sale (POS) terminal across Nigeria.

11. Electronic Tranzact
E-tranzact is a payment solution provider that offers payment solutions for businesses such as e-commerce, bulk billing and point-of-sale terminals that accept card payments from customers or merchants who use them respectively for professional or personal purposes.

12. Alat by Wema Bank
Alat by WEMA Bank is a mobile application that allows you to make payments and transfer money directly from your smartphone. It was launched in 2017 and has since become one of the most used Fintech companies in Nigeria.

As the first fully digital bank in Nigeria, Alat has created a gap between traditional banking and the current banking system. Alat has Davido as its brand ambassador and is very popular.

13.Opay
Opay is a Nigeria-based financial technology company that offers a mobile wallet and payment processing platform. The company has spread its wings by touching different areas of fintech in Nigeria. It has other subsidiaries such as Okash, savings, loans etc. It also allows you to use your phone number as a bank account which can be funded through any mobile banking app in Nigeria.

14. Just Money
Fairmoney is a Nigerian fintech start-up that offers microloans to small businesses and individuals. The startup was founded by Laurin Hainy (CEO), Nicolas Berthozat (COO) and Matthieu Gendreau (CTO) in 2017 to help Nigerians solve their most pressing needs by giving them access to fast instant loans.

15. Swiftpay
Swiftpay is an Access Bank-owned fintech company that provides business-to-business (B2B) payment solutions that help merchants and business owners gain trust and get paid faster by their customers.

Conclusion
Fintech companies in Nigeria are on the rise with the economy becoming more digital with each passing day. These companies are helping millions of people across Nigeria to be financially secure which was not an option before. Keeping in touch with these companies will surely come in handy.

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