Top 30 Fintech Companies in Nigeria 2020
March 11, 2020
Fintech companies in Nigeria – Fintech has emerged as the new disruptive market force, which has continuously distort the financial services traditional means in Nigeria.
With the look of things, banks will soon go on their knees if they ignore the threats posed by the advent of these Financial Technology companies at long run.
As smart and reasonable as I expect them to be, a good number of Nigerian banks have taken proactive measure to play along in this market, than sit back and watch Fintech companies take everything away.
Just in case you are not aware, the Central Bank of Nigeria has slashed a handful of avenues that aid commercial banks thriving grounds to make profit, banks now struggle to keep clean books, curtsey of profit lines and business opportunities being narrowed.
There are about 250 licensed Fintech companies in Nigeria, their activities have made it easier and affordable. From financial inclusion, to ease of accessing loans, carrying out financial services from remote areas that were not obtainable in the past years.
In fact, things are getting a lot better with more players being introduced into the market I can assure you the future has good tidings in the offing.
The good deal about these Fintechs is, they do not require a good level of education to benefit from their services, and grannies in the villages are equally beneficiaries of these inventions to say the least.
What is Fintech/Financial Technology
This is the use of technological tools like the internet, mobile devices, software, apps, cloud services, POS etc to deliver financial services like:
- Cash withdrawal
- Cash deposit
- Airtime top-up
- Bill payment etc which were exclusive to traditional financial institutions in the past.
In this guide, I will list out top 30 Fintech companies in Nigeria you can leverage their services, become an agent and make a fortune from transactions treated which invariably add to your income line.
This is an African focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as exchange of value between individuals and organizations on a timely and consistent basis.
This company commenced its’ operations in 2002 as a transaction switching and electronic payments processing company that builds and manages payment infrastructure as well as deliver innovative payment products and transactional services.
Interswitch has a direct connection with leading banks, with a strong competence in providing secure and continuous available information technology/infrastructure solutions and services. It helps customers reduce costs, increase revenue, tighten security, expand product offerings and improve service levels on technology.
Contact: +234 1 628 3888 or +234 700 906 5000.
2. System Specs
This company was founded in 1992 with the soul aim of developing human capital management and financial software solutions. It has emerged as a household name and pioneer of software industry in Africa.
It has consistently provide solutions to individual, corporate organizations, small medium and large, governments at state and federal level in Nigeria and on the African continent.
System Specs is in charge of Remita used by the Federal Government of Nigeria to facilitate its’ TSA, a collection platform widely known and used by Nigerians for payment of bills, school fees, task, custom duty and whole lot more.
Head off Address: Plot B22 Yesufu Abiodun Oniru Road, Oniru, Lagos, Nigeria.
Phone: +234 (1)2805182. Email:firstname.lastname@example.org
E-Transact is Nigeria first award winning multi-application, multi-channel electronic transaction switching and payment processing platform.
It handles billions of dollars yearly, supporting millions of forward thinking businesses and individuals who trust that their financial transactions would be taken care of by eTransact.
It provides secured, convenient and effective means to make and receive payment, it has evolve into a brand with global reach, extending its innovative services to include products which cut across virtually all aspects of e-payment space; ATM, Internet, POS, and Mobile.
The company was founded in 2003 and currently has operations in South Africa, Ghana, Zimbabwe, Kenya, Cote d’voire and The United Kingdom.
Address: 4th and 5th Floor Fortune Towers, 27/29 Adeyemo Alakija Street, Victoria Island, Lagos, Nigeria.
Contact: 234-01-7101060 or 234-01-46289469. WhatsApp line: 08188639818
Paylater is an online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs.
With just an android device and basic requirements, you can apply for a paylater loan 24 hours a day, 7 days a week with quick application process that lets you know your status within minutes.
It does not require collateral, guarantor or application fees.
With Paylater, financial inclusion gets even better.
Phone: 01-460 9947 or 01-6311216.
Branch is a traditional loan app that enables its users to acquire loan on the go.
It is designed to serve the needs of the customer today, tomorrow and in the future. It is committed to meet people where they are, for many, that means having little to no credit history or savings, they use alternative data to offer financial products that people can access anywhere, without the hassle of judgment of traditional institutions.
This app analyzes smart phone data to determine your loan eligibility.
6. PiggyVest formally Piggy Bank
PiggyVest is the first online “Savings and Investment” app in West Africa. It first launched as “Piggynank” on the 7th of January 2016 as a savings only platform.
In April 2019, Piggybank rebranded to “PiggyVest” and then began to offer direct investments opportunities to users in addition to savings.
It has continued to deliver quality service to over 350,000 users and counting, by helping them manage their finances in a very simple way.
Combined PiggyVest users save and invest billions of Naira every month, PiggyVest is on a mission to give everyone the power to better manage and grow their own finances.
It saves over N100,000,000 every month.
Office address: Tesmot House, 3 Abdulrahman Okene Close, off Ligali Ayorinde Street, Victoria Island, Lagos.
Phone: 0700 933 933 933
7. Sumo Trust
Sumo Trust is an automated savings and investment platform that helps reshape the poor saving and investment culture of Africans.
It helps Africans save and raise money for any of the following purposes:
- To start business
- Pay for rent
- Buy property
- Buy a car
- Do some shopping
- Pay school fees etc.
It’s a product of Sumo Tech Global Limited registered as finance company with corporate affairs commission in partnership with Entrepreneur platform (entorm).
Flutterwave provides the easiest and most reliable payments solutions for business anywhere in the world.
It was founded in 2016 by a team of ex-bankers. Entrepreneurs and engineers, they provide core technology needed to provide businesses all around the world, a powerful, reliable and intelligent payments gateway.
As a company, they are:
- Customer focused
- Build trust capital
- Communicate respectfully
- They create and innovate.
It simplifies payment for endless possibilities.
It has been making it easier for Africans to build global business that can make and accept any payment, anywhere from across Africa and around the world.
Office address: 8, Providence street, Lekki Phase One. Lagos Nigeria.
Paystack helps businesses in Africa get paid by anyone, anywhere in the world. It’s a modern online payment platform purposely for Africa.
With paystack, customers have modern, frictionless, painless payments, by integrating paystack, customers can pay through:
- Bank account
- GTB 737
- Visa QR
- Mobile Money
- POS etc. It’s trusted by 60,000 businesses.
Head office address: 126 Joel Ogunnaike Street, Ikeja GRA, Ikeja, Lagos Nigeria.
Amplify is a platform and smartest way to accept and manage recurring payments in Nigeria. When you receive payment from customers, you get an instant SMS and email alerting you of the successful payment, your customers likewise get a digital receipt for their transaction, it’s customized to reflect your company brand.
Head office address: 19b Adeyemi Lawson Street, Ikoyi Lagos.
Phone: +234 70 8416 3061, +234 90 5476 8460
Chatpay allows users transact businesses through their various social media handles.
It creates a seamless method of transaction and to further create an avenue for young people, who would ordinarily transact in cash to be ingrained in the formal financial system through transacting electronically.
Chatpay is a major leap in innovation of banking solutions that enable over 100 billion daily active users on Facebook, twitter, WeChat, Skype and Telegram, the ease of performing their financial transactions directly from the solution.
Cowriepay is a modern payment gateway that allows customers to buy now and pay later, in partnership with licensed financial services providers, as fund providers, and retailers/merchants.
Customers can also send money to and receive money from anyone with an email or mobile phone number.
It allows customers to spread payments for a period of up to twelve months at a check out point.
13. Chams Mobile
Chams PLC is Nigeria’s leading provider of integrated identity management and identity payments transactional systems and solutions provider. Chams has evolved from computer and hardware maintenance to providing enterprise technology solutions in identity management and transaction payments space to public and private sector institutions.
Chams pioneered Nigeria’s first payment card scheme, value card, with VISA and is licensed by the Central Bank of Nigeria to provide the under lised services in Nigeria as one of the existing Fintech companies in Nigeria.
- Independent ATM deployment
- POS Terminal Service Provider
- Mobile Payments
- Prepared Payments
- Prepared Card issuance
- Transaction Switching etc.
Head office address: 8, Louis Solomon Street, Victoria Island, Eti Osa, Lagos, Nigeria.
Kia is a credit facility platform that helps users to access credit without documents, just very and authenticate your bank account boom you are good.
It offers flexible options for loan repayment without stress, it guarantees unbeatable rates with good returns. You can either get or give a loan here, making financial inclusion ever seamless.
Read also: How to become a Firstmonie agent in Nigeria
Kudi is a Fintech company that provides accessible and affordable financial services for all Africans.
With Kudi, you can become an agent and provide financial services around you anytime.
You can carry out the following transactions on Kudi platform:
- Quick withdrawals
- TV Subscription
- Electricity Bills
- Data Subscription
- Sell Airtime
Head office address: 19b Bosun Adekoya Street, Lekki Phase 1, Lagos, Nigeria.
Phone: 01 888 5008
M-Naira is one of the Fintech companies in Nigeria that was created to address the growing level of teething problems of mobile payments and digital remittance Nigerians face on daily basis.
M-Naira is positioned to breach the gap in financial inclusion, it’s owned by BeepTool, an indigenous tech start up based in Lagos.
Mytradebook is a secure and convenient platform to trade securities, it allows you to trade anytime, anywhere from your mobile device.
This platform aggregates and makes it easy to access your investments as a single pool.
The operations is in three simple dimensions:
- Sign up
- Get your account funded
- Start trading.
Rest assured with mytradebook, your information is safe and secure, it uses a high level encryption technique to protect your data.
Head office address: Plot 1698A Oyin Jolayemi Street, Victoria Island, Lagos.
Phone: +234 1 6310929, +234 1 6310936
Nairabox is an indigenous Fintech company that aid you buy cinema tickets, event tickets, order food, pay bills and buy airtime at the speed of light. This platform has pride itself by partnering with the like of:
- Access Bank
- 9pay etc to render quality and efficient services.
Phone: +234 90 800 00381.
Renmoney is one of the Fintech companies in Nigeria with passion to make financial inclusion count in all fronts.
Renmoney is majorly a credit facility company whose loans are designed to meet your financial needs, employed or an entrepreneur, you can access a loan up to N6,000,000 with Renmoney, it also provides investment solutions.
Head office address: 22, Awolowo Road Ikoyi, Lagos, Nigeria. Pentagon Plaza, 23 Opebi Road, Ikeja.
Contact: 0700 5000 500
Opay is a Fintech company focused on delivering the promise of financial inclusion to Africa, it connects people with the places, opportunities and experiences that they truly care about.
With Opay, financial inclusion is available without regard for physical boarders, boundaries or even social status.
Opay undertakes the following services:
- Food and grocery delivery, millions of people rely on Opay everyday to send and receive money.
Office address: Plot 8 Dr. Nurudeen Olawopopo Way, Central Business District, 100212, Ikeja, Lagos.
WhatsApp: +234 01 8888329.
Other Fintech companies in Nigeria include but not limited to
- ESL- Electronic Settlement System
- TeamAPT etc.
Fintech companies in Nigeria have changed the narrative by distorting the financial services market dominated by the conventional financial institutions, financial inclusion is not only a virtual reality but attainable within all fronts, with their steady growing activities, Nigeria and Africa can only get better.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
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