Finance

List Of Top Fintech Companies In Nigeria In 2024

Fintech Companies Are Growing Very Fast Due To Rise In Technology. Discover The Best Fintech Companies To Invest In Nigeria In 2024. 

Fintech Companies In Nigeria

Fintech Companies In Nigeria: Do you want to know the top fintech companies I’m the country 2024? Luckily for you, we would be looking into the top fintech companies in Nigeria in 2024. These companies are ranked based on certain factors such as revenue, expenses, profitability, growth, customer acquisition costs, and customer lifetime value. Keep reading this article as we list the top Fintech Companies In Nigeria in 2024.

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What Are Fintech Companies? 

Fintech companies is a merge of both finance and technology playing a crucial role in Nigeria in various aspects such as fostering financial inclusive, accelerating economic growth, propeling technological innovation, job creation, and enhancing government services. In essence, fintech is the trans-formative engine driving Nigeria towards a digitally empowered and economically resilient future.

Importance Of Fintech Companies In Nigeria

Fintech is very important for several reasons such as;

  • Helping underprivileged groups receive services and giving people and companies who do not have access to banking, payments, or credit facilities before this chance.
  • Financial services become more efficient for everyone when technology enhances transaction speed, convenience, and cost-effectiveness. Hence fintech offers more creative ways to simplify financial procedures for everybody.
  • Fintech makes it easier for those in rural areas get financial services without going to a bank branches, these can be done just using your smartphones.
  • Fintech gives people access to finance, investment opportunities, and tools for better money management.
  • Fintech lowers expenses by doing away with many overhead costs connected with physical banks, it can provide services for less money.
  • 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.
  • Fintech crosses national boundaries to make international payments and transfers easier and less expensive than conventional techniques.

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Top Fintech Companies In Nigeria

1. Flutterwave

Flutterwave which is renowned for its integrated payment solutions, advisory services, and transaction processing capabilities. As far as 2016, flutterwave has been one of the best fintech companies in Nigeria. Flutterwave serves multiple sectors such as,  empowering government bodies, corporate entities, and even clients across the continent.

As a major player in Nigeria’s fintech landscape, Flutterwave has achieved unicorn status, boasting a valuation exceeding $1 billion. Processing a staggering 140 million transactions, totaling over $9 billion, Flutterwave has expanded operations to Kenya, Ghana, and South Africa. The company’s funding history reflects its compelling success, with a noteworthy $170 million Series C funding round in March 2021.

Some of flutterwaves honours includes; The 2021 African Fintech Company of the Year at the African Banker Awards. The Best Fintech Solution at the AppsAfrica Innovation Awards in 2017 and 2018. CEO, Olugbenga Agboola, as the African CEO of the Year at the Africa CEO Forum Awards in 2021.

2. Piggyvest

PiggyVest, another top worth checking out fintech company in Nigeria. The company was formerly known as PiggyBank, it’s transition from PiggyBank to PiggyVest is not merely a rebranding initiative but a calculated move into a wider range of financial services. PiggyVest has revolutionized investment and savings possibilities for consumers in Nigeria through innovative and automated savings strategies and investment options, PiggyVest promotes responsible financial decisions instead of giving in to the lure of hasty spending. By allocating money for particular objectives and uses, customers can now nurture a civilised and a well disciplined savings culture with the help of this cutting-edge software. Since piggyVest opening, the fintech company has raised funds of over  $1.1 million, with its CEO, Somto Ifezue (formerly of PiggyBank).

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3. Carbon

Carbon, formerly known as “Paylater” was established in Nigeria in 2016. The fintech company is one of thr top fintech companies in Nigeria and even Africa, offering comprehensive financial services in Kenya and Ghana providing efficient and user-friendly services to everyone without the traditional banks’ bureaucracy. One of the company’s unique features is the ability to obtain loans instantly on the app without a guarantor or collateral which is a very rare feature in Nigerian banks which will require both to issue out loans.

Carbon, with over 1 million plus app users has disbursed over $35 million in loans and generated up to $10.4 million in revenue. The fintech’s company instant loan feature requires no guarantor, collateral, or long forms. Users can apply 24/7 and receive funds in their Carbon account instantly. Users can unlock higher loan amounts and lower interest rates by repaying loans on time. Carbon also offers market-leading returns on savings, with users earning up to 15.5% interest per annum when they invest with the company.

The licensed digital bank which has its bank account insured by the Nigeria Deposit Insurance Corporation and licensed by the Central Bank of Nigeria, allows users to pay bills, transfer money, and access instant loans. At the AppsAfrica Awards, Carbon won the Best FinTech Solution in Africa prize, and it has since remained one of the leading fintech firms in Nigeria.

4. Interswitch

Interswitch, founded in 2002, is one of the top fintech companies in Nigeria. It is Africa’s leading integrated payments and digital commerce platform company which is headquartered in Lagos. Interswitch a transaction switching and electronic payment processing company founded by Mitchell Elegbe, Is one of Nigeria’s pioneer payments companies digitizing the payment ecosystem in Africa.

The Quickteller owner offers financial products such as Quickteller – consumer payment platforms, point-of-sale terminals, Verve, and its ATM card in addition to providing online payment gateways and solutions. Their services have greatly benefited online shoppers. Through collaborations, it recently debuted a solution for digital address verification and has been developing infrastructure for blockchains. This year, Interswitch also introduced a corporate payment management tool for companies of all sizes.

5. PayStack

PayStack is another top fintech company in the country. Since founded in 2025 by Ezra Olubi, Shola Akinlade, Paystack has over 60,000 registered business customers, and its investors include global names Stripe (which acquired the company in 2020), Visa and Y Combinator. The company headquartered in San Francisco, California, Have their solutions also available in Ghana and South Africa. Paystack was based in Lagos, Nigeria before it was acquired by Stripe. Paystack is an online and offline payments solution provider in Nigeria that allows merchant clients to integrate with a host of payment options, including card, bank transfers, USSD, Apple Pay, Visa QR and mobile money. .

6. Kuda

Kuda, which is one of the renowned names in the fintech companies in Nigeria, now has crossed one million downloads for its android app was founded in 2029 by Babs Ogundeyi, and Musty Mustapha with its headquarters now in Lond, England.

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This challenger neobank, valued at US$500 million, is fully licensed by the CBN. Although Kuda is based in London, it is currently focused on the Nigerian market. It raised US$80 million across two rounds of funding this year, and has amassed a total of 1.4 million registered users. Kuda accounts come with a free debit card, budgeting and spending controls, and transfers and savings functions as well. With zero maintenance fees, the bank also provides users with a specific list of free transfers each month.

7. Paga

Paga,  Founded in 2009, the company has 19 million unique users and processed over US$10 billion. Paga is one of the top fintech companies in Nigeria which is amobile payments company for individuals and businesses to digitally send and receive money.

Paga first raised a US$700,000 seed round from angel investor Tim Draper in 2010. It then received a US$2 million grant from financial sector development organisation EFInA in 2012. The company also raised US$9 million the same year in a Series A led by Adlevo Capital with investors such as Omidyar Network and Acumen.

8. Opay

Another topping fintech company in Nigeria is Opay which was established as far vack as 2018 by Opera softewares. They amass an impressive user base exceeding 5 million and processing transactions totalling over $2 billion. Expanding its influence beyond Nigeria, Opay’s mobile app seamlessly facilitates payments, fund transfers, and various financial services. This places Opay as one of the best fintech companies in Nigeria, holding a substantial market share and demonstrating its prowess in the mobile payment and financial services sector.

In 2020, Opay was honored with the title of Best Mobile Payment Platform at the esteemed AppsAfrica Innovation Awards. Opay’s journey is marked not only by financial milestones but also by industry recognition.

Other top fintech companies in Nigeria include;

  • Remita
  • Palmpay
  • Fairmoney

Frequently Asked Questions

1. 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.

2. What Is The Number One Fintech Company in Nigeria?

Flutterwave is a leading fintech company in Nigeria that offers a reliable and secure payments infrastructure for businesses and individuals. With Flutterwave, you can seamlessly make and receive payments across borders, making it easier to transact with customers and partners globally.

3. What Is The Highest Paying Job In Fintech?

The highest-paying jobs in the FinTech industry are: Data Scientist, Product Manager, Cybersecurity Analyst, Blockchain Developer, App Developer.

4. 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.

5. How To Get A Job In Fintech?

To get a job in fintech, you need to;

  • Acquire necessary fintech skills.
  • Create a stellar resume.
  • Make a list of your preferred fintech companies.
  • Network with fintech industry professionals.
  • Send cold emails.
  • Stay updated with the latest fintech trends.
  • Choose effective training courses and certifications.

Conclusion

In this article, we have created a list of the top fintech companies in Nigeria in 2024. Know that this list was not ranked in any particular order. These companies have revolutionized financial services through their technology and digital platforms, making them more accessible and efficient for the Nigerian population and 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.

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