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Top 10 Nigerian Fintech Companies: An Overview of their Impact and Challenges

Before the “boom” of FinTech in Nigeria, eCommerce was the reigning champion. Retail giants like Jumia and Konga were birthed to help Nigerians shop online easily and with that, a lot of small and medium businesses moved to establish their presence online.

Then came the problem of how to collect and send money for these goods and services and how to save money in a non-traditional way.

Fintech companies refer to organizations that help business owners, consumers, and corporations better to manage their financial operations, processes, and lives.

Fintech, which is the short form for Financial Technology, is explained by Investopedia as a technology that seeks to improve and automate the delivery of financial services. It comprises technical software and algorithms that are used on smartphones and computers. 

Fintech companies use apps, software, or technology to help people and businesses access and manage their finances or make financial transactions digitally. In this blog post, we will delve into various fintech companies in Nigeria, their impact and some of the challenges they face in rendering financial services.

Introduction to Fintech Companies in Nigeria 

Recently, Nigeria’s financial sector has transformed significantly. The growth of fintech companies in Nigeria drives a large percentage of this transformation. These fintech companies have raised significant amounts of funding from local and international investors, and many have partnered with traditional banks to expand their reach. They’ve also leveraged technology to provide innovative solutions to financial needs. 

From mobile payments to peer-to-peer lending, fintech companies in Nigeria are gradually changing how individuals and businesses access financial services. These companies are disrupting traditional banking services by leveraging technology to offer faster, cheaper, and more convenient financial products and services.

With your smartphone or computer, what would have usually cost you a lot of time years ago can now be done in minutes. Services like sending money to different banks, paying for goods or services, paying bills, and even paying staff can be done in a jiffy, thanks to these fintech companies. Some of them even allow you to perform international transactions in minutes.

See also: Why a Fixed Deposit Account is a Better Option for your Savings

Impact of Nigerian Fintech Companies

In Nigeria, fintech companies have gained traction due to the country’s large unbanked and underbanked population, increased mobile phone penetration, and a growing middle class. Some standard fintech services in Nigeria include mobile money, digital lending, remittances, investment, and payments. Here’s how  these fintech companies have made an impact:

  1. They have increased financial inclusion and are bridging the gap between traditional financial institutions and those who were previously excluded.

  2. They have improved access to credit and made it easier for individuals and small businesses to access credit through their online platforms.

  3. Fintech companies have also facilitated digital payments, making it easier for individuals and businesses to transact online.

  1. Fintech companies in Nigeria have also increased the efficiency of financial transactions. The time and costs associated with traditional banking processes have been reduced.

  2. The growth of the fintech sector has also created new job opportunities in Nigeria. These fintech companies require skilled workers in software development, data analytics, and digital marketing.

Challenges Facing Nigerian Fintech Companies

Despite the growth and impact of these fintech companies in Nigeria, the industry faces several challenges including:

  1. The Nigerian fintech industry faces significant regulatory challenges. Fintech companies must comply with various complex, time-consuming, and costly regulations.

  2. The infrastructure in Nigeria, particularly in rural areas, is underdeveloped, making it challenging for fintech companies to provide financial services to customers in these areas.

  3. Access to funding is a significant challenge for fintech companies in Nigeria. Startup capital is huge, and many companies struggle to secure funding, particularly in the early stages.

  4. There’s the risk of cybercrime. With the increasing reliance on technology and the internet, fintech companies must invest in cybersecurity measures to protect their systems and customers’ data.

  1. Nigeria has a low level of financial literacy, particularly in rural areas. This makes it difficult for fintech companies to educate customers on the benefits of digital financial services.

  2. There is high competition in the Nigerian fintech industry, with many startups vying for the same customers. New entrants find it difficult to gain traction, and established companies struggle to maintain their market share.

Some Fintech Companies in Nigeria

1. Paystack Payments Limited

It is an online gateway that makes it easy for business owners to get paid via credit and debit cards in Nigeria. It was founded by Shola Akinlade and Ezra Olubi in 2015. Popularly known in Nigeria as Paystack, it is affiliated with big online shopping websites like Jumia and Konga.

Being one of the top ten fintech companies and best online payment gateways in Nigeria, Paystack has over 200 employees, and its head office is located at 126 Joel Ogunnaike St, Ikeja GRA 101233, Lagos, Nigeria.

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With Paystack, you can integrate their payment gateway API on your website and get paid easily. Even if your customers don’t have credit or debit cards to make payments, Paystack provides multiple payment methods like bank transfer and USSD code.

2. Flutterwave

It was founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji and has its head office at 8 Providence Street Lekki, 900001, Lagos Nigeria.

It is one of the biggest fintech companies not just in Nigeria, but in Africa at large. It offers an online payment gateway for people to get paid using credit and debit cards. Flutterwave is affiliated with more than 40 different banks in Africa, and they’re currently partners with Paypal to allow people to get paid via Paypal.

3. Remita

Remita is an e-payment platform enabling businesses to make and receive payments online. The fintech company has operated for over ten years and has processed over $5 billion transactions. Remita is one of Nigeria’s most famous fintech companies  because it offers a wide range of payment options, including online payments, mobile payments, and POS payments. 

Remita’s head office is located on the 4th-8th floor, 136 Lewis Street, Lagos Island 102273, Lagos, Nigeria. The company also offers other services like airtime top-up and bill payment.

4. PiggyVest

PiggyVest is a savings and investment platform based in Lagos, Nigeria. The fintech company was founded in 2016 and is based in Lagos, Nigeria. It has a digital platform for savings and investments. Users can set up automatic savings plans, track  spending, and access loans through its app. 

PiggyVest has over 1 million users and has helped them save over $40 million. Its head office is at Tesmot House, 3 Abdulrahman Okene Close, Off Ligali Ayorinde St, Victoria Island, Lagos, Nigeria.

5. Chipper Cash

Chipper Cash is a fintech company with a branch  in Lagos, Nigeria. It was founded in 2018 in the United States by Ham Serunjogi and Maijid Moujaled to ease access to financial services for everyone.

Chipper Cash’s mobile app  allows users to send and receive money and make payments.

6. Paga

Paga is a Nigerian fintech company that allows users to send and receive money, make payments, and access credit. Founded in 2009, Paga is one of the first fintech companies in Nigeria. It has since become a leading player in the space.

Over 10 million Nigerians use Paga, making it one of the most popular fintech companies in the country. Its head office is at 176, Herbert Macaulay Way, 3rd Floor, Yaba Lagos Mainland, Lagos State, Nigeria.

7. Kuda Bank

Kudabank  is a digital-only bank founded in 2018 to make financial services accessible and Kudabank’s head office is located at 151 Herbert Macaulay Way, Yaba HQ, Lagos, Nigeria.

8. E-tranzact

If you’re looking for a fintech company that can help you with electronic transactions, then E-tranzact is an excellent  option. They are based in Lagos, Nigeria, and offer several services, including online payments, money transfers, and online shopping. Also, they have a very user-friendly website that makes it easy to use their services.

E-tranzact’s head office is located at Tower, 4th/5th Floor, Fortune, 27/29 Adeyemo Alakija St, Victoria Island 106104, Lagos, Nigeria.

9. Voguepay

Voguepay is a leading online payment platform allowing people to accept local and international payments. The fintech company offers payment solutions including online, mobile, and POS payments.

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It is a trusted partner of major banks and financial institutions in Nigeria and has a team of experienced professionals who are passionate about technology and finance. They are committed to providing secure and convenient payment solutions to businesses of all sizes.

Voguepay’s head office is at 33A, Abba Johnson Crescent, Akora Estate, Off Adeniyi Jones, 101211, Ikeja, Lagos Nigeria.

10.  Interswitch 

Interswitch is a leading fintech company that facilitates the electronic circulation of money. Its head office is at 1648C Oko Awo St, Victoria Island, Lagos, Nigeria. 

Interswitch has played a big role in shaping the Nigerian fintech industry. The company has been providing innovative payment solutions that have made waves nationwide.

Some of Interswitch’s most popular products include Quickteller, a digital payments platform that allows users to make online payments for goods and services. Another one is the mobile wallet that allows users to store, send and receive money; and USSD (Unstructured Supplementary Service Data), a service that allows customers to access banking services using their mobile phones.

The challenges notwithstanding, fintech companies in Nigeria have contributed immensely to the Nigerian economy. From cutting down time spent in the bank to making international transactions possible in minutes, these companies have made financial services more accessible, affordable, and convenient for millions of Nigerians and are here for the long term. And in addition to the already established companies, more fintech companies will be established in the near future, accompanied by more innovative solutions that will drive economic growth.


Nancy Samuel-Okunade

Nancy Samuel-Okunade is a prolific writer with a passion for shortening the learning curve of others through her writing. She draws inspiration from a wide range of sources, including personal experiences, books, and events. She writes a blog at, which serves as a platform for her to connect with her readers and share musings on life, spirituality, and everything in between She also works as a freelance writer for various clients, producing high-quality content on different topics.

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