The fintech ecosystem in Nigeria is thriving as the country has attracted 42% of fintech deals in 2023, and about 250 active fintech companies, making it a bubbling spot for this innovation in Africa.
The proliferation of innovations such as fintechs, blockchain and insurtech in the country sets Nigeria on its path to becoming the next unicorn, thereby promoting national development.
During the Nigeria Fintech Week 2023, the President of the FinTech Association in Nigeria, Ade Bajomo said the ecosystem depends on innovations and these innovations affect various sectors.
This is a list of top fintech companies curated by CRESTHUB
1. OPay
2. Cowrywise
3. Palmpay
4. PiggyVest
5. Paga
6. Paystack
7. Kuda
8. Duplo
OPay
Opay is a fintech firm that is a one-stop mobile-based platform. With a fast-growing customer base of over 35 million users and 500,000 staff in Nigeria. The fintech giant allows for seamless and immediate payments, guaranteed transactions, savings options, loans and even payment of bills.
Fintech was launched by Opera Norway AS Group in 2019. With its user-friendly interface and easy-to-use app, the company caters to the needs of unbanked Africans, as it continues to expand its reach and leaves indented footprints across the continent.
Cowrywise
This fintech serves as an online saving box with interesting interest rates on investments that leaves customers in awe. The app which has a 4.5 star rating on Google Play Store is building a savings culture amongst millennials and the GenZs through its services and savings structure.
Backed by investors such as Venture SOUQ, Y-Combinator, Catalyst Fund, etc the growing fintech has secured the SEC Fund Manager License.
Palmpay
Palmpay allows customers to send and receive payments, pay bills, take out loans, pay for goods, and so on. The firm is registered by CBN as a Mobile Money Operator(MMO) and was launched in 2018.
With easy-to-use financial management tools, the fintech has garnered about 30 Million users. It has simplified the banking process and provided individuals and businesses opportunities to operate Independently.
Paystack
The fintech company is a payment platform that offers seamless transactions through mobile transfers and cards. It is user-friendly and offers payment solutions.
Paystack which has been acquired by the Parent company Stripe, is impacting the Nigerian financial sector and has simplified online payments.
Paga
The mobile money app enables users to pay bills, transfer, remittance services and top-ups. The company says it has over 19 million users, and it is committed to helping users have access to financial services.
Kuda
This digital bank is amongst the top fintechs presently in Nigeria, with over 5 million doeosfs on Google play store. Seamless transfer and savings option, free debit card and a savings structure that helps savings-inclined minds get the best. This Fintech provides users with a list of free transfers every month. Kuda is licensed by the Central Bank of Nigeria ( CBN).
PiggyVest
This digital bank provides users with investment options. It also allows users to receive and transfer money from other financial institutions.
The company has been operational in Nigeria for more than 7 years with over 4 million registered users. The bank has offers that suit all its customers whether flexible, goal oriented, fixed, etc.
Duplo
Duplo processes both business and individual transactions with high security measures to protect customer finances and data. The B2B platform raised $4.3 million round in 2022, making its total funds raised as of September 2022, $5.6 million.
The company helps businesses effectively manage their financial operations using digital tools. With Duplo, businesses can make, transfer and reconcile transactions seamlessly.
