Fintech Companies in Nigeria
It’s apparent that Africa has the highest unbanked population compared to the continents. While some might say, it is negative others have taken advantage of the opportunities that it brings with it. In Nigeria for example, companies like Interswitch, Paga, and Flutterwave have led the way in the fintech space.
Aella Credit: Aella makes provision for financial worker interests. The Nigerian market-focused company is very well connected with the local credit bureaus.
247Cash.ng: This online platform gives you the ability to obtain a loan without any fuss. It creates a connection between the borrowers and lenders and also makes sure that the loans are fully paid back as at when due. The startup generates their profit by earning a percentage on each transaction that goes through successfully.
AppZone: Appzone provides its users the answer to banking and payments. At the moment, they boast of over 2 million accounts. They also attend to activities like retail banking cloud, commerce cloud, personal banking cloud, business banking cloud branchless and agent banking cloud, and mobile financial platform. They also provide a variety of on-premise products like EFT settlements, and auto-reconciliation, instant & automated card issuance, ATM monitoring and prepaid card management,
Amplify: This company provides a customer relationship stage especially for subscription businesses. Its security allows its subscribers to attend to their recurrent bills without any challenges.
They operate by controlling recurring/subscription billing right from the user’s credit/debit card.
Cassava: The provision of digital transaction solutions all over the mobile ecosystem is their specialty. Solutions are provided by its important partners, ( i.e., mobile operators ) in achieving the company’s short and subsequent strategic goals.
ChatPay: This is where customers perform their financial transactions directly from their social media platforms. It also takes care of activities like funds transfers, balance inquiries, bill payments, ATM locator, account mini statement, airtime purchases, cinema listings, help through chat, and PIN change.
Electronic Settlement Limited (ESL): ESL is important for financial/payment challenges in Nigeria and all over Africa. With products like CashEnvoy, i.e., a payment gateway system for payments and online money transfers, and PayPad, i.e., an mPOS provider in Nigeria, that makes the receiving of payments and earning of supplementary income by merchants through the connecting of a mobile device and an mPOS device.
CowriePay: This is a Fintech payment gateway that makes it possible for customers to pay for their products at a later time after they must have purchased their products and services.
Users can also send and money and also receive money from anyone and anywhere through an email or mobile smartphone. Cowriepay partners with licensed financial service providers, fund providers, and retailers/merchants.
eTranzact: This company was established in 2003. eTranzact is a multi-application, multi-channel electronic transaction switching, and payment processing stage. Services available on eTranzact are accessible to all aspects of the e-payment space: ATM, Internet, POS, and Mobile. Their Operations run in countries like Nigeria, Ghana, South Africa, Cote d’Ivoire, Kenya, Zimbabwe, and the UK.
Interswitch: Founded in 2002, this is one of the oldest fintech companies in the country. Interswitch has an Africa-concentrated integrated digital payments and commerce company that promotes the distribution of money and the exchange of values between organizations and individuals from time to time and regular basis electronically.
Flutterwave: Founded by Iyinoluwa Aboyeji, they have consistently produced the basic technology platform which payments can be made and accepted from all over Africa. They have their head office in San Francisco, though the company has offices in Lagos, Accra, Johannesburg, and Nairobi. This is a startup that has processed over $1.2 billion dollars across over 10 million transactions proving its growth over the years.
KiaKia: This is an online, direct and P2P lender that gives users the technological platform that aids with direct personal loans at adjustable rates. Borrowers are matched with corporate or individual lenders at fair prices.
Kudi: An Artificial Intelligence chatbot that helps users with their finances is what this platform runs on. Customers can transfer money, keep track of account information, pay recurring bills such as DSTV, PHCN, GOTV and buy airtime, all with Kudi AI.
Chams Mobile Ltd: This is Chams PLC (an indigenous listed ICT company) partnering with Bancore AS (a Danish mobile financial services processor). They are not just mobile money providers because Chams Mobile provides users with complete mobile–affiliated financial services by connecting physical and electronic visa cards to its primary wallet offering.
M-NAIRA: This money transfer services platform connects all Nigerian bank accounts, billing systems, and mobile wallets to produce instantaneous remittance services to Nigerians the world over. Users can make real-time money transfers from debit or credit card to Nigeria bank accounts and mobile money wallets.
microCASH: Also known as Mcash, they implement payment solutions so that customers can receive payments from buyers with their mobile phones instantly. The seller will have a seller code, i.e., an 8-digit special number.
Microcred: This is an Africa fintech company giving financial services to the unbanked in places like Madagascar, Senegal, Nigeria, Ivory Coast, Mali, Zimbabwe, Burkina Faso, Tunisia, and China.
Mytradebook: is an online stockbroking service established by Greenwich Securities Ltd. This firm allows investors to buy and sell listed shares/bond at the Nigerian Stock Exchange from any location of their convenience.
Nairabox: This 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.
OsusuMobile: This 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.
Paga: Founded by Tayo Oviosu in 2009, Paga is a direct-to-consumer mobile payments service licensed by the CBN.
Pay later: This is a Fintech online lending platform providing short-term loans to help cover unexpected expenses or urgent cash needs. You can apply for a Pay later loan at any time of the day, and the application process is quite fast, and it allows applicants to know their status within minutes.
Piggybank: This works directly with financial institutions and enables users to save a little amount of money periodically (daily, weekly or monthly) without thinking about it because the process is automated. The platform charges interest on users that withdraw their savings before the due date which makes saving more possible for users by eliminating the temptation to withdraw.
Remita: This 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. This 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 microfinance banks.
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 that guarantees and ensures an efficient and scalable operational system, with a promise of 24-hour disbursement to customer’s preferred account.
QuickCheck: This 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. QuickCheck also makes available debit cards and allow users access to unlimited bank accounts via one mobile app.
In conclusion, This list is by no means exhaustive, still, a lot of companies are still coming up by the day.
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