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Fintech

Leading Fintech Companies in Nigeria

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fintech - Investors King

Financial Technology (Fintech) companies in Nigeria have raised millions of US dollars in the last few years, create jobs, increase foreign exchange inflow and taught Nigerians ease of doing financial transactions just in time without banks’ usual queues. 

Below is the list of 13 leading fintech companies in Nigeria.

Flutterwave

It was established in 2017 by Iyin Aboyeji and Olugbenga Abgoola and is headquartered in San Francisco. It provides payment services to banks and businesses to ensure seamless transactions with customers. It raised $170 million in its latest round of funding to increase its customer base in the global market. It initiated Batar. It allows users to create virtual US dollar debit cards within seconds for one-time or regular usage. Unlike other platforms, it requests a working email address and phone number as the service relies on customer details already obtained by a user’s bank.

Interswitch

Interswitch, headquartered in Lagos, integrates digital payments. It was founded in 2002 by Mitchell Elegbe. Visa in November 2019 invested $200 million and will recoup 20 per cent stake from the company which is valued at no less than $1 billion.

Paystack

PayStack was established in 2015 by Shola Akinlade and Ezra Olubi. It makes payment processes consistent for both consumers and the businesses they are attempting to pay.

Paga

Paga was founded in 2009 by Tayo Oviosu but launched in 2011. Through Paga, you can pay bills, make bank deposits and even pay in certain stores. It acts as a mobile wallet where customers perform transactions on their mobile devices.

Carbon

Carbon, formerly known as Paylater, is owned by One Finance and was founded in 2016. It is a loan app which gives short loans through its mobile app. Use of mobile phones to obtain loans makes the process faster and easier.

Remita

Remita set the pace for fintech companies in Nigeria as it was developed by system specs in 1991 by John Obaro. It assists SMEs, multinationals, state governments, government agencies, NGOs, educational institutions and individuals to receive and make payments electronically.

VoguePay

VoguePay was established in 2012, it is accessible to local consumers with a simple and minimal effort platform as its principal selling point.

OPay

OPay is owned by Opera. It entered the fintech market in August after acquiring a controlling stake in PayCom. It was founded by Telnet Nigeria.

Lidya

Lidya is a mobile-first technology with strong customer experience and proprietary credit scoring.

Kuda

Kudi Money was rebranded to Kuda Bank. It was founded in 2017 by Babatunde Ogundeyi. It performs similar functions like other fintech companies. The start-up raised $1.6 milion in 2019.

PiggyVest

It was originally known as Piggybank.ng, before it became PiggyVest. It allows debit cardholders to save little amounts of money frequently with minimal effort. It automates the process of saving tiny amounts daily, weekly, or monthly you. It was founded in February 2016 by Ayo Akinola, Joshua Chibueze, Nonso Eagle, Odunayo Eweniyi, and Somto Ifezue.

FairMoney

This is a mobile banking platform that gives loans and credits. It was founded in 2017. It has a team of people across Paris, France, and Lagos, Nigeria.

Chipper Cash

Chipper Cash was founded in 2017 by Ham Serunjogi and Maijid Moujaled and it is headquartered in San Francisco, California. It enables free instant cross-border mobile money transfers in Africa as easy as sending a text message.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Fintech

Fintech TagPay Rebrands to Skaleet

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From today, TagPay will be known as Skaleet, an international fintech company offering a back-end technology platform. Its core banking platform is fully interactive with an ecosystem of banks, fintechs and technology partners.

It has the speed and agility required to quickly launch new personalized services to the market. Skaleet’s ambition is to bridge the gap between complex financial products and customers’ changing needs.

In this new digital world, Skaleet helps financial institutions become faster and more agile in adapting to their customers’ changing needs by offering innovative services. Our range of services allows banks, neobanks and fintechs to stay in the race against the Big Tech threat that is attempting to dominate this market.

Skaleet’s platform offers complete banking solutions for the day-to-day management of retail banking: onboarding, AML-CFT, bank accounting, regulatory reporting, card issue, SEPA, bank accounts, credit engines and a best-of-breed approach to facilitate the integration of key product and technology partners.

Breaking the banking industry’s IT glass ceiling to increase performance and innovation

With its flexible, modular and natively digital banking platform, Skaleet’s ambition is to innovate by offering new services to fully respond to the latest challenges facing the banking and financial markets, as well as to the growth and scalability requirements imposed by the rapid digitalization of the sector.

Skaleet enables banks and financial institutions to leverage its cloud-native platform to accelerate the launch of new financial services that fully meet their customers’ needs.

Yves Eonnet, CEO of Skaleet, said: “Our mission is to support the digital transformation of banking institutions, neobanks and fintech companies. Our ambition is to become the leading technology platform for digital core banking, offering our customers all the financial services they need.”

The company’s mission statement: to put technology at the forefront of the transformation in financial services

Fifteen years ago, Hervé Manceron and Yves Eonnet set out to take advantage of the latest technological innovations to support new ways of providing mobile financial services. This led them to launch TagPay, a technological platform for managing mobile money accounts.

In 2014, eager to respond to the increasing importance of digital technology and changing customer needs, the publisher launched a next generation international core banking system solution. The ambition of this platform: to accelerate the launch of new, competitively priced services. TagPay has developed a cloud-native platform to meet the needs of financial service providers. Cloud-agnostic, agile and scalable, it has quickly become a leading platform for many financial institutions across the world. At the beginning of the year, TagPay reached a new step by announcing its largest funding: €25M from our new investor Long Arc Capital to enrich its offering and accelerate its international growth.

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Fintech

Interswitch Unveils Whitepaper on Blockchain Technology Plans To Drive Growth of African Businesses

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interswitch limited

Africa’s leading integrated digital payment and e-commerce company, Interswitch Group, has unveiled its whitepaper on blockchain technology titled “Blockchain Technology: The Future of Africa’s Digital Economy” to help drive the growth of African businesses.

The white paper document contains details on how businesses can leverage blockchain technology to transform their businesses and the prospects it portends for the future of Africa’s digital economy.

Blockchain technology is a digital ledger that stores transactions. Essentially, it is a digital system for recording transactions in multiple places at the same time thereby making it impossible to falsify the data stored on it.

Akeem Lawal, Managing Director, Transaction Switching and Payment Processing at Interswitch commented, “The whitepaper document was inspired by the need to demystify the ambiguity around blockchain technology for African businesses thereby driving digitization and socio-economic growth across African markets. We are passionate about empowering Africans and advancing the African payment landscape, and we are consistently identifying opportunities and exploring innovative ways to enable businesses to transform and scale.”

He revealed that the whitepaper document encapsulates the benefits of blockchain technology and how it will help strengthen businesses because of its efficiency, better security in keeping records, and safety.

He further said: “While the blockchain technology is a relatively new phenomenon in Nigeria and Africa, we are particularly excited about our partnership with Interstellar with whom we are developing a native blockchain infrastructure that is tailored to suit the African market. This initiative will deepen digital payment, lower the cost of local and cross border payment as well as champion the cause for localization of emerging technology”.

He urged everyone to read the whitepaper document because it addresses existing challenges in the Fintech sector and simplifies the use of blockchain technology in unraveling these challenges. Download the whitepaper here.

Blockchain technology is evolving globally and businesses are integrating blockchain technology into their business infrastructure.

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Carbon, Network International Partner to Deepen Digital Payment Offerings

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Carbon - Investors King

One of Nigeria’s leading Digital Banks, Carbon has partnered with Network International, a leading enabler of digital commerce across Africa and the Middle East, to deepen digital payment offerings in Nigeria and Africa at large.

According to the agreement signed by the two companies, Network International will start issuing physical visa debit cards on behalf of Carbon to enable the NEO Bank to increase its product offerings and address customers’ needs. The partnership is expected to support Carbon’s financial inclusion among the unbanked and underbanked in Nigeria.

Commenting on the partnership, Chijioke Dozie, CEO/Co-Founder, Carbon, said “Offering excellent service delivery to our customers is always top priority and that includes our Carbon Visa cardholders. With Network International, we have a partner with years of experience providing card solutions for forward-looking organizations. And we’re truly excited for how this translates into a better payment experience for Carbon customers everywhere.”

Chinwe Uzoho, Regional Director West & Central Africa, Network International, also stated that the “Network International is delighted to continue its collaboration with prominent African banks such as Carbon in Nigeria, that lend weight to our ongoing commitment to advancing financial inclusion in emerging markets through greater digital payment penetration. We are pleased to support Carbon’s mission of creating greater access to credit and quality financial services to Nigerians and look forward to supporting their growth plans through our best-in-class technology and trusted platform.”

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