Top Fintech company in Nigeria

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Fintech is any creative ideas that enhance the financial service forms by proposing technology solutions that could prompt new business models or even new businesses.”

The objective of Fin-tech companies in Nigeria, both old and new, is to boost financial procedures and increase automation in the industry.

Fintech companies’ history in Nigeria starts when some of the oldest Nigerian banks started making use of technology for their both end and front day-to-day operations.

In this article, we will put you through how the Fintech investment companies in Nigeria started, the top ten fintech companies, and some tips on how to start a Fintech company in Nigeria for entrepreneurs who are in search of ideas start a new business.

Below are some of the top fintech companies in Nigeria that make financial services accessible to the unbanked population, promote financial inclusion, and enable seamless payment.

Top Fintech company in Nigeria

1. Opay

OPay mobile money service gives its users the ability to pay for utilities, make peer2peer transfers, and save money. The company also provides a banking service offline through which users that don’t have smartphones can still carry out transactions.

OPay has hit a valuation of US$2 billion this year, along with a funding round of US$400 million led by a Japanese conglomerate. Preliminary to this, the company had raised Series A and B rounds for US$50 million and US$120 million, respectively, both in 2019.

Opay was also the only African startup listed in CB Insights Fintech 250 2021.

2. PiggyVest

PiggyVest offers its three million customers savings and investment tools, but it’s not exactly a full-fledged digital bank. The company gives fixed, flexible, goal-oriented, and computerized savings preferences and pre-vetted low-medium risk primary and secondary investment avenues for the range of 6 – 12 months.

This Fintech was first started as a savings-only platform Piggybank. Ng, and then added its investment platform as well in 2019.

It’s been quite some time since the company has raised any funding, the last round was a US$1.1 million seed round in 2018, but PiggyVest did make an acquisition this year. It acquired competitor Saving in an unrevealed round in July and hinted towards the possibility of further acquisitions.

3. Remita

This is another oldest fintech company in Nigeria that provides a range of customer, business, and developer-focused payments solutions. This makes it a one-stop shop for payments in Africa for the consumers, businesses, and even the government.

Remita also serves as the default payment gateway chosen by the Nigerian government for its Treasury Single Account.

SystemSpecs first launched this Fintech in 2005. Its solutions include utilities, taxes, salaries, invoices, and more. It also provides APIs, SDKs, and plugins for developers to integrate with Remita’s payment solutions.

 4. fair money

FairMoney is a digital bank that focuses on lending money to customers. The company provides instant loans of up to one million and a bank account and a debit card. Tenure span 61 days to 18 months, which are chargeable at a monthly interest of as less as 2.5% to as much as 30%.

According to the company, FairMoney processes more than 10,000 loans every day, with one loan spent every eight seconds. They hold the license of a microfinance bank from the CBN and have last raised a US$42 million Series B in July this year.

The company, which also has a branch in India, disbursed loans to the tune of US$93 million last year, with plans of tripling this in 2021.

 5. Voguepay

This is an online payments processor that has transformed the payments landscape. Was established in 2012, it’s made accessible to lots of local customers, with a simple and minimal effort platform as its principal selling point.

During its first year, VoguePay earned 17,000 users. The majority of its users were from its homeland of Nigeria. One of its enormous selling points was giving free integration to the merchants.

 6. Interswitch

 Interswitch is one of Nigeria’s pioneer Fintech companies specialising in digitising Africa’s payment ecosystem.  Having started its operations,

Interswitch has thrived into an integrated payment services company that builds innovative African payment and finance products. 

 7. Bankly

 Bankly is a fintech company in Nigeria that focuses on providing access to financial services for the underserved.

They see themselves as the link between Nigeria’s informal and formal financial ecosystems. Bank’s kind of products includes financing, savings, bill payments, and deposits.


Teamapt is a fintech company that develops digital banking and digital business solutions and payments infrastructure.

The company also operates the largest non-bank money mobile platform.

9. Chippercash

Chipper Cash is a platform designed for sending and receiving money across Africa. This is one of the fintech companies in Nigeria that you can use to receive money from other African countries like South Africa, Kenya, Ghana, Tanzania, Rwanda, and Uganda.

This Fintech presently has over 3 million users while adding 10,000 users every day. 

 10. Paga

This is one of the popular fintech companies in Nigeria; Paga is a mobile payment platform that enhances the easy sending and receiving of money in Nigeria.

It is a mobile wallet mainly for depositing, saving money, purchasing prepaid phone credit, paying bills, and making payments to retailers.

 11. eTranzact

This is one of Nigeria’s top payment processing platforms. It is the only payment processing platform listed on the Nigerian stock exchange. The company has relationships and partners with over 50 commercial banks and microfinance institutions around Africa.

It also has integrations with some of the world’s largest international payment companies, such as Paypal, Western Union, Money gram, and Transferwise.

12. Credpal

This is one of the unusual fintech companies in Nigeria that run in the space of credit cards. They provide credit cards that assist people in making payments for anything at any time.

They also offer cashback on everything purchased.  

 13. Kuda Bank

This is one of the prominent FinTech industries. It will be one of Nigeria’s top best FinTech companies in 2022. With the help of Kuda Bank, you can rest assured regarding the unnecessary charges from the traditional banks.

This Fintech eliminates the typical paper process as everything is executed online. It enables users to open accounts online within minutes.

If you are looking for ideas on how to start a Fintech Company In Nigeria. To start a fintech company in Nigeria, here are quick steps that can guide you below:

STEP 1: You have to first identify your Niche.

The order of Fintech truly depends on different conditions. It might pertain to a particular series of startups and companies, or it might relate to initiatives empowered by technological innovations that add to the improvement of the financial sector.

There are several dimensions in Fintech that can be considered, and below are some of them: Fund Movement, or transactions that are done through giving or receiving payments.

Fund Placement, or the financing of planned or unplanned financial regulations. Data Management to enable improved decision making.

For starting a fintech company in Nigeria, one must be crystal clear of the target market and the problem to be addressed. Besides choosing a domain, your product should cater to a particular type of audience.

However, it is always better to start your startup in your locality first, then expand to the global market later if needed.

Step 2: Find out the regulations in charge of regulating fintech companies in Nigeria. The banking and finance industries are rigidly regulated for certain reasons.

The regulations are the reason financial service industries are difficult to break into. Numerous laws have been put in place to ensure that these sectors are protected from crime or fraud.

STEP 3: Know Your Edge. The fintech industry is becoming overpopulated as the day goes by. Many creative innovations are already on their way.

However, a crucial entrepreneurial question to ask is if your product/business will be able to give something special and provide solutions to a problem.

STEP 4: Get the Required License. The license required depends on the FinTech industry you plan to focus on, for example, insurance, banking and payment, and so on.

The Central Bank of Nigeria has started presenting a  license called Payment Service Providers that FinTech needs to work in the payment space.

In addition to this, the Nigerian Communications Commission (NCC) regulates FinTech businesses where the FinTech services being given by a company include mobile phones under the License Framework for Value Added Service (VAS).

STEP 5: Register Your Business

Any individual, local or foreign company that wishes to startup a Fintech company in Nigeria must include a separate company with the CAC.



With the population of unbanked Nigerians currently calculated at above 50% of the adult population, there are great growth opportunities in the fintech ecosystem. It is, however, recommended that professional advice is received by emerging and existing fintech founders from the beginning of Fintech to adequately guide the business.



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