Nigeria’s fintech sector has grown significantly over the years, with a number of companies entering the market to offer cutting-edge solutions for a range of financial difficulties.
We will showcase the leading fintech businesses in Nigeria in this article.
We have
1) Interswitch
2)PiggyVest
3)Flutterwave
4)OPay
5)Kuda
1) Interswitch
Interswitch is one of the earliest fintech companies in Nigeria, one of its two unicorns, and has been mulling an IPO for a while as well.
The company provides a broad spectrum of digital financial solutions, including transactions, collection, disbu8rsement, and card issuance. Through partnerships, it recently launched a digital address verification service, and has been working on blockchain-based infrastructure. Interswitch also unveiled a corporate payment management platform for businesses of all sizes this year.
2) PiggyVest
PiggyVest provides its three million customers with savings and investment tools, but it’s not exactly a full-fledged digital bank. The company offers fixed, flexible, goal-oriented and automated savings options, as well as pre-vetted low-medium risk primary and secondary investment avenues for 6 – 12 months.
PiggyVest was started as a savings-only platform Piggybank.ng, and then added its investment solutions as well in 2019.
It’s been a while since the company 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 Savi.ng in an undisclosed round in July, and hinted towards the possibility of further acquisitions as well.
3) Flutterwave
Flutterwave is a leading fintech company in Nigeria that offers a reliable and secure payments infrastructure for businesses and individuals. With Flutterwave, you can seamlessly make and receive payments across borders, making it easier to transact with customers and partners globally. The platform supports various payment methods, including card payments, bank transfers, and mobile money, providing users with flexibility and convenience.
4) OPay
OPay is a comprehensive fintech platform that offers a wide range of financial services, including mobile money, bill payments, ride-hailing, food delivery, and more. With their mobile app, you can send and receive money, pay bills, purchase airtime and data, and even order groceries, all in one place. OPay’s integrated approach to financial services makes it a convenient choice for individuals looking for a reliable and all-inclusive financial platform.
5) Kuda
The digital bank, Kuda, is fully licensed by the Central Bank of Nigeria (CBN) as a microfinance company. Although Kuda is based in London, it is currently focused on the Nigerian market. Kuda accounts come with a free debit card, budgeting, and spending controls, and transfers and savings functions as well. The bank has also killed maintenance fees and provides users with a specific list of free transfers each month. It is currently one of the most-downloaded fintech apps in Nigeria with over 5 million downloads and still counting.
