Top 10 Fintech Companies In Nigeria 2023

With the explosive increase in technological innovations and internet Based business, the growth of fintech companies seems inevitable. the digitalization of payments globally has become one of the largest and most important trends in technology.

The Word Fintech is a portmanteau word covering ‘finance and technology which refers to those financial institutions leveraging on technology to improve their services to their customers by providing technological solutions that could simulate the development of new business models.Top 10 Fintech Companies In Nigeria

The Fintech community in Nigeria is majorly dominated by businesses focused on mobile payments, digital banking, merchant solutions and personal finance.

Overall , the fintech industry has contributed massively to the nigerian economy, according to Data obtained from the country’s central switch, the Nigeria interbank settlement system( NIBSS), reveals that the transaction value of instant payments hit NGN241.7 trillion between January and November 2021, compared to the NGN137.9 trillion processed within the same timeframe of 2020.

Collectively, Nigerian startups have been reported to receive a total of about USD903,680,000, in 2021. Also in that same year Nigeria received 42.1 percent of the total funding secured in Africa.

In 2022, according to Frost and Sullivan, Nigeria’s Fintech income is predicted to grow from USD153.1 Million in 2017 to USD543.3 million, an increase of 57 percent, this is as a result of the growth in the use of mobile technology among the general public and technological advancements in the Financial services industry.

Without doubt it is safe to say that the Nigerian Fintech sector is a Goldmine.

Lately, Nigeria has come to witness the birth and growth of different companies. In fact, according to Statistics, Nigeria has the highest number of Fintech Startups in Africa. in the year 2017, the total number of Fintech startups was 74, this amount grew in 2021 to 144 which is a massive increase in the number of fintech startups.

However some of these companies or business brands have transcended all odds to become super giants both in the business and fintech sector, these companies includes but not limited to

  • KUDA
  • PAGA

The above are top 10 list of Fintech companies taking Nigeria by the storm, although this is not an all inclusive list ,however, these are the major ones noted for ensuring that financial services are available to the unbanked population, promoting financial inclusion and enabling seamless payment.

They will be critically discussed in no particular order.


Paystack is arguably one of the best Fintech startup in the business. Founded by Shola Akinlade, a nigerian Software engineer and Entrepreneur, and Ezra Olubi;

paystack is the class leading fintech startup as it builds technology to help Africa’s best business grow and develop from new startups to market leaders, launching new business ideas.

Through the years paystack has grown to become a payment platform that makes online payments process consistent for both the consumers and the business they are attempting to pay.

Paystack has been noted to be one of the main Fintech companies in Nigeria that enables business to complete payments from clients utilizing MasterCard, verve cards and visa anywhere in the world.

In 2020, however, Stripe an American based Fintech company acquired ownership of Paystack for USD200 million ( #76.6 billion) making it one of the biggest startups in Africa.

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This acquisition would have a major impact, for both the foreign investors and the Nigeria Fintech environment.

According to reports made by the American Fintech Magnate the acquisition will give paystack resources to develop new products and support more business.


Next on the list is Flutterwave. Flutterwave Inc. Is a Fintech company founded in 2016 by iyinoluwa Aboyeji, Olugbenga Agboola and Adeleke Adekoya.

The Company has its headquarters in San Francisco, california and its also has operations in Nigeria, Kenya, Ghana, south africa and seven other African countries.

Flutterwave as a fintech company aims to provide a payment infrastructure for business and payment service providers spanning across the continent.

Flutterwave eases transactions across borders in different currencies for companies,which includes Uber Technologies Inc., and alibaba’s alipay.

Flutterwave has made remarkable feats like processing transaction valued at more than USD16 billion in multiple African countries, it has grown from a payment system, online marketplace and metamorphosed into a firm that lends to small businesses.

In 2021, Flutterwave made headlines when it raised a USD170 million series c finding round. That was the largest amount secured ever gotten by an African tech startup and it announced its valuation of over USD 1 billion making the company a unicorn.

The company also has investors like Y- combinator, visa, Mastercard, avenir growth capital and Tiger Global managements.

In 2021, the company pioneered an African based remittance service, and in order to promote the brand of the company liaised with the Nigerian artiste wizkid to create awareness.


A Frequent customer of a Nigerian bank would easily recognize the interswitch brand as a leading integrated payment system. founded in 2002 by Mitchell Elegbe, the company which began as a transaction switching company within Nigeria has evolved to providing consumer financial services.

Its subsidiary includes verve, a payment card system, Quickteller a retail payment ecosystem which links merchants and billers with consumers.

The growth and success of the company is a result of acquisition and investments in other financial technological companies. In 2013, interswitch entered into an agreement for payment processing with Discover Financial Services.

The company has also spread its wing beyond the west African horizon. In 2014, the company acquired a majority share holding in paynet, group an East African payment provider.

Like many other businesses, Interswitch has also involved itself in philanthropy like the SPAK national science competition which promotes excellence in science, technology, engineering and mathematics in Nigeria.


Formerly known as kudi money, is a London based startup and digital only bank founded in 2016. it was founded based on a joint partnership between Babs Ogundeyi and Musty Mustapha.

in 2019, by a consensus, the company was rechristened Kuda Bank or Kuda. The Bank is noted for not charging banking fees, which is a welcome development as most other Banks are known for high banking rates. The company received public appeal for making contributions towards the END SARS protest.

The bank is the first mobile only bank licensed by the central Bank of Nigeria (CBN). the value of the company was recently pegged at USD500 Million, emerging as the seventh most valuable bank in Nigeria.

The goal of this fintech company is to provide banking services where customers can carry out all their transactions without having to visit physical banks, improve modern banking services based on unique practices and infrastructure. In January 2022 , Kuda was named vanguard’s fintech of the year.

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Similar to Kuda bank is piggy vest and like the former, it leverages on the internet based banking system where by people can save, transfer and transact from the sanctum of their rooms.

launched in 2016 as a savings app as piggy bank, it seeks to help individual maximize and grow their finances better. Piggy vest is registered globally as piggytech global.

In 2018,they acquired a microfinance bank and they are also a registered cooperative known as piggytech cooperative Multipurpose society limited.

Over the years, Piggy vest has gone beyond mere savings but has developed into a trust worthy finance managing platform useful both for students, and businesses.

As a fintech company, it understands the need for return on investments and as a result it gives customers investment options by investing in agriculture, real estate and transportation with mouth watering interest rates.

In short, salary earners, traders, students whose seek to explore saving opportunities should consider piggy vest platform as what is most ideal for them.


eTranzact international plc is a company that provides efficient and unique payment technology.

it was incorporated in 2003. currently, the Company ‘s managing director and chief executive is Mr. Olaniyi Toluwalope is with a net revenue of 23.58BN, the company stands as the first fully operational multi application and multi channel electronic transaction switching and payment processing company.

The company is recognized and has been quoted by the nigerian stock exchange. The company has over 50 commercial banks and 350 microfinance institutions situated in Africa.

The company is well noted as a leading third party processor ( TPP) For Mastercard in africa. They provides both secure, convenient and low cost local and international funds remittance program in the continent.

This services are provided with the need to provide Africans abroad the easy access of transferring money back home through its switching platforms which processes these transactions across various channels which include mobile phones ( GSM), code division multiple access(CDMA),web (using any internet browser in a secured transaction),point of sale services( POS) and automated teller machines(ATM).

This is achieved as it has integrations with western union, Moneygram, homesend, transferwise and world Remote. The range of services provided by this giant includes but not limited to maintenance and software services, software development.

The company also has the license to operate a money service in Nigeria called PocketMoni a service that individual can utilize to send and receive money, pay their bills anywhere, anytime, via their mobile phones.

Its products targeted at ensuring easy transactions for customers include eTranzact ATM Cardlexcash, e transact corporate pay, eTranzact web connect, eTranzact corporate pay, eTranzact strong authentication, eTranzact Mcommerce.

It is also instructive to note that eTranzact is the first award winning multi application and payment processing platform.


Every Nigerian university is familiar with the Remita payment system as it one of the major transaction system utilized in paying bills. founded by John Obaro in 2005 as a subsidiary of system specs .

The payment software is notable as a payment gateway adopted by the federal Government for its Treasury single account(TSA) policy. This payment software has largely impacted the finance of the government as it has helped recover N4.3 trillion of its cash assets lying idle in Deposit Money Banks(DMBS).

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Remita is a CBN licensed solution that addresses the payment issues of individuals that helps people make payments with no activation fee as a plus. Remita provides services to over 1,000 merchants SMES, and organizations and its utilized by over 500 micro finance banks .

It processes over USD30 billion worth of transactions yearly. The Remita allows business to easily carrying out transactions , through nine different channels which includes The Remita mobile app, standing order/direct debit, bank branches, debit/credit cards, internet banking, point of sale terminals, and mobile wallets.

Remita has been recognized with multiple accolades including but not limited software company of the year, e- payment platform of the year and most efficient revenue service.


Carbon paylater now known as carbon , is a loan app that has made it easy for salary earners, business men and individuals to get loans as high as NGN10,000,000 million. this loan app has also reduced the stress which comes with acquiring loans from physical banks.

It was started in 2016 and it is owed by one finance limited. With this loan app users have quick and easy assess to borrow loans , it does away with the need to present documents or certifications of assurance.

Users also have the opportunity to acquire loans without a guarantor or collateral, which are the major drawbacks when borrowing loans from banks in Nigeria.

In 2018, the paylater app got a whooping amount of a million downloads, this goes to show how widely accepted the app has become. Carbon has also introduced a feature called payvest which allows users to save.


This is a mobile payment company founded in 2009 by Tayo Oviosu. This Fintech Giant is a mobile payment company which allows individuals to make transactions between family and friends.

services of the this mobile payment app includes paying money instantly to any person irrespective of the location, it also allows users to pay bills, users can also receive payments abroad.

The company has been listed alongside paystack among the world top 250 Fintech companies. In March 2020, it was announced that visa had entered a Partnership to facilitate efficient transactions on visa’s global network.


Another Fintech company making waves is Lidya, the privately owned organization was founded in 2016 and it has branches in five different countries and three continents. Founded by Tunde kehinde, who is a co founder of jumia.

Lidya offers a wide range of services which includes providing loans and capitals to small business startups, providing business management tools raise the cash flow of subscribers and digitally and efficiently handle the finances of customers.
there you have it , the fintech industry in Nigeria is fast rising.

This is evident from the above listed Fintech companies.

Final Words

There you have it, the top ten Fintech setups In Nigeria, as I previously mentioned, we have successfully multiple Fintech start-ups in Nigeria. This shows how these Fintech has been relevant and helpful as they assist in making business transactions efficient alongside developing the economy.

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