Best Fintech Companies In Nigeria: Nigeria is a Federal Republic. A sovereign state with a democratically elected President. Nigeria received her independence in 1960 and became a full fledge Republic in 1963. With over 200 million in population, Nigeria is still seen as a third-world country.
This has been contributed to the fact that, the country’s despite the massive population, Nigeria has been afflicted with an alarming degree of poverty, political and government mismanagement, economic down trend, infrastructural deficit and social insecurity. Nigeria is a country with imposing laws and policies including being signatory to international treaties that are framed towards social development, however, only little can be said about Nigeria when it comes to carrying outof these laws, policies and treaties.
Nigeria practices a mixed economic system. Mixed economic system refers to an economic system of a country or State where businesses and agencies as well as industries are deprived in the hands of the government as well as private individuals and corporations. To put it briefly, it means a system where the government and private investors can own and control different sectors of the economy and eradicate to a great extent, monopoly.
One underlying area of interest in the Nigerian economy is the financial sector. The mix-economic system also applies to the Nigerian financial sector. At the peak of the financial sector is the Central bank of Nigeria burdened with responsibilities such as printing and minting currencies, serving as watch over other banks as well as being a bankers’ bank. (Being a bank to other commercial banks). Below the Central bank is other commercial banks owned and managed by private individuals and partnerships.
The Nigerian blanking sector has seen and gone through series of growth over the years, however, the process continues. The arrival of technology and its application to different human efforts has always been a welcome development as it has helped industries in different sectors to experience heavy growth and rebranding. The financial sector is also included.
The services of technology in the smooth running of the financial sector for maximum efficiency brought about the concept of Financial Technology (FINTECH).
Fintech or financial technology is the suffuse or use of advanced modern technology to carry out financial transactions in a well organized way and improves maximum productivity through ways like mobile or online banking, applications enabling mobile and online payments and many others. The exposure of technology and its suffuse into the financial sector has been a supporter to the sector and the economy.
The Nigerian economy is not also left out of the aids of FINTECH. Therefore, FINTECH has become an industry of its own and has been flourishing so well. The FINTECH industry has been manipulated by FINTECH companies who are the major players in the industry. They have been providing the required technologies that are useful and enlightened to improve financial transactions. The partnership between FINTECH companies and the financial industry has brought about positive results over the years. Both industries has been mutually beneficial to each other.
Nevertheless the backwardness of the country, FINTECH has been able to work in line with the banking industry to enhance the financial sector and enable it operate on international standard maintaining the international best practice. Thanks to the Nigerian FINTECH industry and companies, financial transactions are becoming easier and convenient by the day. Example such as; internet banking, mobile banking, online payment platforms, payment applications and so many others are part of our financial operations.
In this post, we will be pointing at some of this FINTECH companies in Nigeria and mentioning the best amongst them.
Top 10 Best Fintech Companies In Nigeria
1. PAYSTACK Payments Limited:
Paystack is a major FINTECH company in Nigeria discovered by Shola Akinlade, a Nigerian software engineer and entrepreneur. He is the co-founder and CEO had Akinlade had sold the company to Stripe, an Irish-American financial services and software as a service (SaaS) company for about $200m.
Paystack still operates in Nigeria and popular to be and effective, efficient payment platform adapted by several businesses and cooperations across the country. Paystack enables small, medium and large businesses to accept payments through debit and credit cards, money transfer on the go and mobile money transfers and payments across their websites and mobile phones. It is one of the best and main FINTECH companies in Nigeria.
2. FLUTTERWAVE:
Flutterwave is also one of the best Nigerian fintech company discovered in 2016 by Olugbenga Agboola, Iyinoluwa Aboyeji, and Adeleke Adekoya. The company is adapted in over five African Countries including; Nigeria, South Africa, Ghana, Kenya and lots more. The company is based in San Francisco, California USA with Olugbenga Agboola as the CEO.
The company is highly regarded for providing payment infrastructures and platforms to its users across the countries letting businesses and cooperations carry out financial transactions with less financial issues. Flutterwave is one of the best FINTECH companies in Nigeria.
3. INTERSWITCH:
Interswitch is a FINTECH company and one of the leading incorporated payment platforms in Africa. The Company was founded in 2002 by Mitchell Elegbe who is also the Group Managing Director & Chief Executive Officer.
Interswitch is located in Lagos, Nigeria. It has combined, quick-teller and verve payment methods for merchants and customers to carry their financial transactions with ease.
4. KUDA BANK:
Kuda that is also known as Kuda Bank was earlier on known as Kudi Money. Founded by Babs Ogundeyi and Musty Mustapha in 2016. It is a London-based digital bank running in Nigeria since.
Having started serving Nigerian customers from 2017, the company changed its name to Kuda Bank in 2019.
5. TEAMAPT LIMITED:
TeamApt is one of the major Nigerian based financial technology company that has been able to expand online banking and payment platform for financial transactions across Nigeria and other countries. Founded in 2015, it remains one of the best in Nigeria.
6. BANKLY NIGERIA:
The FINTECH Company that is also referred to as Bankly Technologies is a digital savings platform that let their users to top up their wallets using vouchers to turn into their cash.
It was founded in 2017 by Fredrick Adams, and Tomilola Adejana. The Company is one of the main FINTECH companies in Nigeria with its head office/Headquarter located in Lagos Nigeria.
7. ACCELEREX:
Accelerex is another top FINTECH company in Nigeria. It is one of the major providers of financial technology in Nigeria and other countries. The company was discovered in 2012 funded by African Capital Alliance. It Headquarter is located in Lagos Nigeria.
It has expand to serve both small, medium and large scale businesses and international merchants including merchant banks using debit cards, credit cards, money transfer and others. It is one of the leading company in Nigeria.
8. PIGGYVEST:
Piggyvest is one of the best FINTECH companies in Nigeria, it is a financial platform that let individuals and businesses of different levels to manage their money successfully.
The self operating platform offers customers and businesses an opportunity to manipulate their finance and invest part of their spare money with promises of profitable interest rate. PiggyVest is a private FINTECH company discovered in 2016 and is one of the main in Nigeria.
9. PAGA:
Another best and top FINTECH company in Nigeria is Paga. The company was founded in 2009 by Tayo Oviosu who is also the Group CEO of Paga.
The Company supplies mobile payments platforms and services that is based on digitizing cash and achieving business and financial efficiency. Paga is one of the major FINTECH companies in Nigeria.
10. E-TRANZACT:
E-tranzact is one of the best FINTECH companies in Nigeria with awesome products and services that makes smooth financial transactions across the country. It is located in Lagos and serve across the country.
It improves financial transactions with the list of products like; Bankit, Pocketmoni, Corporatepay, Webconnect, Switchit, Payoutlet as well as Payoutlet.Net.
Conclusion
The Fintech industry is a multimillion dollar industry and has been the one powering the financial sector all over the world through technology and achieving global standard and perfect financial system around the world including Nigeria.