Top 10 Fintech Startups in Nigeria

Fintech startups in Nigeria are currently at the lead of Africa’s fintech uprising. It is not a surprise that two of Africa’s five fintech companies are Nigerian based. Most of these fintech startups are currently at their peak. They have turned out to be a force to look out for. These fintech startups have so much going on for them. In this article, the top 10 fintech startups in Nigeria would be discussed extensively. Let’s dive right in.

Top 10 Fintech Startups in Nigeria

Here are the top 10 fintech startups in Nigeria:

  • OPay 

OPay was founded in June 2018. It has its headquarters in Lagos, Nigeria. OPay gives Its users the liberty to carry out quick and effortless payments, and also save.

With OPay, users can make everyday payments from their homes making use of the app. Its users can also pay their utility bills, such as electricity bills, cable TV subscriptions, water bills, school fees, and other bills.

OPay also enables its users to make fast and safe transfers to other banks all for free. It also has a USSD code that can be used without stress. 

  • FairMoney 

FairMoney was founded in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicholas Berthozat. It has its headquarters in Paris, France. FairMoney is a digital bank that lends money to its users. When procuring the loan, FairMoney provides its users with an account and a debit card. 

FairMoney offers people the opportunity to secure loans without stress. They provide these loans by registering with their personal information, emails and phone numbers.

  • Accelerex

Accelerex is one of the leading fintech startups in Nigeria. It began operation in 2013. Accelerex offers its consumers a wide variety of products and services that see to it that payments and business transactions are carried out online in a seamless manner.

Accelerex is a fintech company that provides resourceful electronic payment, and remittance solutions. It also provides its services in a secure and cost-effective way to various businesses and individuals.

  • Flutterwave

Flutterwave is another leading fintech startup in Nigeria. It was founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola. 

It is a tech company that helps its consumers send money and receive money to different parts of the world. With Flutterwave, users can also pay all sorts of bills online such as electricity bills, cable TV subscriptions, and other bills. 

Another feature that makes Flutterwave stand out is its online store. People can use the Flutterwave platform to sell online and also make use of various business tools provided by the platform designed to grow businesses.

  • Kuda

Kuda also known as Kuda bank is a digital-only bank based in London, England that began operation in Nigeria in 2017. It was founded by Babs Ogundeyi and Musty Mustapha. 

In 2021, Kuda was listed as one of seven WEF African technology startups. Kuda is a platform that offers its consumers the opportunity to the bank for free, with zero card maintenance fees, and free transfers, among others. Using Kuda, one can also pay bills such as cable TV subscriptions, mobile recharge, and electricity bills, among others. 

  • PiggyVest

PiggyVest is a secure online saving and investment outlet in Nigeria. It was founded in 2016 by Joshua Chibueze, Nonso Eagle, Somto Ifezue, and Odunayo Eweniyi. It has its headquarters in Lagos, Nigeria. PiggyVest is one of the top fintech startups in Nigeria where users can save money. The interest rate it offers is higher than that of conventional banks.

With PiggyVest, users can also get the option of saving in dollars, earning interest as well as transferring dollars to other PiggyVest users. 

  • Paga

Paga is another fintech startup making tremendous waves in the country at the moment. It was founded in 2009 by Tayo Oviosu. It has its headquarters in Lagos, Nigeria. 

Paga offers its users the opportunity to send and receive money in Nigeria. One of its features that makes it stand out is that users can carry out transactions without an internet connection making use of their USSD code, *242#. 

Paga also offers its consumers the ability to pay bills such as cable TV subscriptions, electricity bills and others. With the use of Paga, users can also buy things online and offline, as well as make travel transactions.

  • Paystack

Paystack is another fintech startup in Nigeria that is considered to be among the top 10. It was founded in 2015 by Shola Akinlade and Ezra Olubi. It has its headquarters in San Francisco, California. 

Paystack is an online and offline payment solution provider that allows its clients to combine a host of payment options, such as bank transfers, USSD, cards, mobile money, Apple Pay and others. It was also listed among the world’s top 250 fintech companies alongside two other Nigerian companies. 

  • PalmPay

Another fintech startup considered to be among the top 10 in the country is PalmPay. PalmPay is an app-based wallet that offers its users the ability to carry out various transactions such as bill payments, sending money, receiving money, mobile recharge and so on. 

It was founded in 2019. It has its headquarters in Lagos, Nigeria. PalmPay is a fast and easy way to send money to any PalmPay user and other Nigerian bank accounts. It is also free. 

With PalmPay, one can save fees that should be charged for carrying out transactions, as well as earn as you spend through discounts. PalmPay also provides its users the option to shop online without stress.

  • Carbon

Carbon was founded in 2012 by Chijioke Dozie and Ngozi Dozie. It has its headquarters in London, England. Carbon is a licensed digital bank that offers loan services and investment opportunities to its users. 

With Carbon, users can also make pay bills and make mobile recharge. Carbon was formerly called Paylater. Carbon gives its users loans through its mobile app. They don’t have to go to conventional banks to secure loans. Hence, carbon eliminates the struggle of securing loans. You can simply secure loans from the comfort of your home using carbon. 

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