Fintech Companies in Nigeria: The Top 10

It is a well known fact that Africa is the continent with the highest unbanked population. Although many have seen this as a disadvantage, many individuals have seen it as an opportunity. This has been pivotal to the growth of fintech companies particularly the mobile money market which has enabled millions of Africans send and receive money even without a bank account. Alliance Insurance Association – Advisors alliance singapore provides the financial services which helps you in your business.

This opportunity probably explains why half of the 300 million registered mobile money accounts are located in Africa

In Nigeria, the likes of Interswitch, Flutterwave and Paga have held sway in the fintech space and in this post; you will a comprehensive list of the fintech companies in Nigeria and their profile.


This is an online platform that allows you secure a loan seamlessly. Featured recently by the lenen zonder bank, the platform provides a means by which borrowers and lenders connect while also guaranteeing that the borrower pays back promptly.

The startup generates revenue by receiving a commission on every successful transaction.

#2 Aella Credit

Aella provides financial employee benefits. The company is currently focused on the Nigerian market and it is integrated with local credit bureaus.

#3 Amplify

Amplify is a customer engagement platform particularly for subscription businesses. The platform is secure and enables subscribers pay their recurrent bills seamlessly.

Amplify works by handling recurring/subscription billing directly from the customers debit/credit card. Once a transaction is completed, both the merchant and the customer receive a notification from Amplify.

#4 AppZone

Appzone is a provider of banking and payment solutions. Currently, the company has over 2 million accounts. Also, Appzone has issued over 30,000 cards and processes over 100,000 transactions daily.

Some of the other solutions provided by this company include retail banking cloud solutions, personal banking cloud solutions, commerce cloud solutions, branchless and agent banking cloud solutions, business banking cloud solutions, and mobile financial platform, as well as a range of on-premise products (e.g., instant & automated card issuance, prepaid card management, EFT settlements and auto reconciliation, and ATM monitoring).

#6 Cassava

Cassava is a fintech company providing digital transaction solutions across the mobile ecosystem. The company delivers solutions through its strategic partners (such as mobile operators) in attaining its immediate and long-term strategic goals.

#7 ChatPay

This platform allows users perform financial transactions directly from some social media channels. The features available on the platform include balance enquiry, funds transfer, ATM locator, airtime purchases, bill payments, account mini statement, help through chat, cinema listings, and change PIN.

#8 CowriePay

CowriePay is a payment gateway that allows customers to buy products and services immediately but can pay later. The company works in partnership with licensed financial services providers, fund providers, and retailers/merchants.

The platform also allows customers send and receive money from anyone with an email or mobile phone number.

#9 Electronic Settlement Limited (ESL)

ESL provides solutions to financial/payment problems in Nigeria and Africa via products like CashEnvoy – a payment gateway system that allows payments and money transfer online as well as PayPad – an mPOS provider in Nigeria, which enables merchants receive payments and earn additional income via the pairing of a smart phone; and an mPOS device.

#10 eTranzact

eTranzact was founded in 2003. It is a multi-application and multi-channel electronic transaction switching and payment processing platform. This fintech company has operations in Nigeria, Ghana, Kenya, Zimbabwe, South Africa, Cote d’Ivoire, and UK.

eTranzact provides services that are available to all aspects of the e-payment space: ATM, Internet, POS, and Mobile.

#11 Flutterwave

Founded by Iyinoluwa Aboyeji, Flutterwave provides the underlying technology platform that allows businesses to make and accept payments anywhere in Africa.

The startup has grown rapidly over the last couple of years processing over $1.2 billion dollars across 10 million transactions.

The headquarters of Flutterwave is in San Francisco, but the company has offices in Lagos, Nairobi, Accra and Johannesburg.

#12 Interswitch

Founded in 2002, Interswitch is one of the oldest fintech companies in Nigeria. The company is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organizations on a timely and consistent basis.

#13 Chams Mobile Ltd

Chams Mobile is a partnership between Chams PLC (an indigenous listed ICT company) and Bancore AS (a Danish mobile financial services processor).

The company was awarded its mobile money (payments) license in 2012. Apart from being a mobile money provider, Chams Mobile offers customers a full range of mobile–linked financial services through linking physical and virtual visa cards to its basic wallet offering. It also provides a range of unique “cash-in” and “cash-out” methods with any bank card.

#14 KiaKia

KiaKia is an online, direct and P2P lender. The company provides the technology that allows for the provision of direct personal loans at flexible rates.

KiaKia matches borrowers with individuals or corporate lenders at mutually-agreed rates.

#15 Kudi

Kudi is an AI-powered chatbot designed to help users with their personal finances. You can transfer money, keep track of account details, buy airtime, pay recurring bills such as GOTV, DSTV and PHCN with the aid of Kudi AI.


M-NAIRA is a money transfer services platform that interconnects all Nigerian bank accounts, mobile wallets and billing systems in order to deliver instant remittance services to Nigerians across the globe.

The platform allows customers to make real-time money transfers from debit or credit card to Nigeria bank accounts and mobile money wallets.

#17 microCASH

Also known as Mcash, this company provides payment solutions that help sellers instantly receive payments from buyers with their mobile phones.

The process involves the seller having a seller code, which is an 8-digit unique number. This number is assigned by a financial institution to any seller on mCASH.

#18 Microcred

Microcred is an Africa fintech company offering financial services to the unbanked in countries like Madagascar, Senegal, Nigeria, Ivory Coast, Mali, Zimbabwe, Burkina Faso, Tunisia and China.

#19 Mytradebook

Mytradebook is an online stockbroking service established by Greenwich Securities Ltd. This firm allows investors buy and sell listed shares/bond at the Nigerian Stock Exchange from any location of their convenience.

#20 Nairabox

Nairabox is a popular social e-wallet application that allows users to buy airtime on the go, pay bills, donate to a charity and buy movies or event tickets from the comfort of their home or workplace.

#21 OsusuMobile

OsusuMobile is a fintech company that operates in partnership with Ecobank Nigeria to push financial inclusion and make basic banking services accessible to the unbanked and underbanked. The company’s products include My Osusu, Osusu Groups, and Fixed Osusu.

The platform is an easy and convenient way for individuals to save money however, OsusuMobile charges 5% of total savings on cash withdrawals.

#22 Paga

Founded by Tayo Oviosu in 2009, Paga is a direct-to-consumer mobile payments service licensed by the CBN.

#23 Paylater

Paylater is an online lending platform providing short-term loans to help cover unexpected expenses or urgent cash needs.

You can apply for a Paylater loan anytime of the day and the application process is quite fast and it allows applicants to know their status within minutes.


Piggybank works directly with financial institutions and enables users save little amount of money periodically (daily, weekly or monthly) without thinking about it because the process is automated.

The platform charges an interest on users that withdraw their savings before the due date which makes saving more possible for users by eliminating the temptation to withdraw.

#26 Remita

Remita is an e-payments and e-collections solution on a single multi-bank platform.

The platform is used by many individuals and public and private sector organizations as a result the company processes over N500 billion worth of transactions on a monthly basis.

Remita has been adopted by the CBN for the payment and collections of funds on behalf of the Federal Government of Nigeria and it is used by all 22 commercial banks and over 400 micro finance banks.

#27 RenMoney

RenMoney MFB Limited (formerly RenCredit) is a consumer finance organization with expertise in the provision of simple money solutions. RenMoney operates under the license a microfinance bank, the closest to a consumer finance banking license available in Nigeria. The company has a customer base of over 25,000 customers. Apart from being the first microfinance bank to launch cloud technology with minimal fixed asset investment in Nigeria, the company has a functional platform which guarantees and ensures an efficient and scalable operational system, with a promise of 24-hour disbursement to customer’s preferred account.

#28 QuickCheck

QuickCheck is a fintech startup that providing banking services to the underserved.

The platform provides instant loans to users as well as airtime recharge. The startup is backed by Seedstars and there are several products the company is working on.

Also, QuickCheck makes available debit cards and allow users access to unlimited bank accounts via one mobile app.


Wrapping up

This list is by no means exhaustive as there are new fintech companies springing up everyday.

If you know any company that hasn’t being reviewed in this post, feel free to mention in the comment section.

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