Fintech is a term that refers to financial services or technologies related to finance. The term was envisaged by a group of entrepreneurs who wanted to describe the new wave of innovation in banking and payments.
FinTech has become a hot topic in recent years. In 2017 alone, the global fintech sector grew by $100bn, according to Accenture. And the number of startups operating in the space has grown from 2,500 in 2012 to over 50,000 today.
There are two main types of fintech companies: those that provide financial services (like banks) and those that offer technological solutions to improve existing processes (like payment processors). Some examples include mobile wallets, peer-to-peer lending platforms, and crowdfunding sites.
The saying ‘people hate what they do not understand’, is the basic hallmark of the opposition Fintech received from Nigeria’s financial regulations. However, the enlightenment and need to acknowledge that Fintech is indeed essential for everyday business and minimal transactions has led to the emergence of this field.
Overall, Nigeria has come to perform impressively in the fintech market over the past 15 months, an improvement from 2020 when the COVID-19 pandemic hit. According to data obtained from Nigeria’s central broker, the Nigerian Interbank Payment System ‘NIBSS’, the transaction volume of immediate payments between January and November 2021 was NGN 241.7 trillion. against the NGN 137.9 trillion processed within the same time frame of the previous year.
Ade Bajomo the president of the FinTech Association of Nigeria during the just concluded FinTech Platinum Awards ceremony said
Financial Technology (FinTech) operators accounted for 63 percent of the 1.37 billion dollars in funding raised in Nigeria in 2021.
The growing investor confidence in African FinTech reflects the continent’s huge potential due to deepening mobile and internet penetration, a youthful population, and increasing consumer sophistication and income, amongst many other factors.
When you think about how far FinTech in Nigeria has come, you should thank the incredible entrepreneurs who envisioned, pioneered, and executed strategic moves that have now crystallized into strong and growing companies,
Mr. Bajomo finished.
He said that Africa could currently boast of 10 unicorns, out of which seven are Nigerian.
In the bid to celebrate such resilience, below are our Top 10 FinTech corporations in Nigeria. Nothing is more gratifying than when you have access to a company’s customer care line, direct phone number, email address, and physical address just in case you need to waltz in into the aficionado complex. The companies below have all this verifiable information online alongside mobile apps that guarantee financial transactions on the on-the-go. I have equally attached their website login URL for easy access.
1. eTranzact: eTranzact is Africa’s leading provider of mobile banking and payment services. They are the first fully operational multi-application and multi-channel electronic transaction switching and payment processing company that is publicly quoted on the Nigeria Stock Exchange. https://www.etranzact.com
2. Flutterwave: Flutterwave is a payment infrastructure established for Africans so they can possess economic purchase power anywhere in the world both online and offline. The ambitions of Flutterwave have gained a reputable stance in the Fintech Industry. Collaborating with companies such as Uber, MTN, Chipper, Microsoft, etc. to make payment seamless for debtors and creditors on the go. https://flutterwave.com
3. Paga: This is one of the leading mobile money companies striving to guarantee the sending and receiving of money digitally for people. You can receive and send money from or to anybody just with your phone number or email address. The platform allows you to top up airtime or data on your phone while you can also pay for your utilities which include TV subscriptions and electricity. https://www.mypaga.com
4. Piggyvest: Piggyvest is more of a savings platform that helps customers invest money for interest rates. The platform champions saving and diversification of portfolios with as little as #1,000. This is to encourage savings from all age groups and professions. https://www.piggyvest.com
5. Interswitch: Interswitch is Africa’s oldest and leading integrated payments and digital commerce company headquartered in Lagos as a national transaction brokerage and processing company in Nigeria. Interswitch has quickly launched Quickteller, a retail payment ecosystem that connects merchants and billers with consumers, and Verve, an EMV of local businesses. , has gradually evolved to integrate consumer financial services. — Certified payment card system. https://www.interswitchgroup.com
6. Remita: Remita is a multi-channel collection platform that supports all types of claimants and merchant organizations. To collect various types of fees, charges, levies, and revenues from educational institutions, insurance companies, e-commerce websites, public utilities, clubs and associations, religious organizations, government agencies, local and state governments, etc. can be used.
For website developers, Remita Woocommerce Payment Plugin allows your Woocommerce store to accept payments from internet banking, bank branches, Nigerian-issued Visa cards, Mastercard and Verve cards, and internationally issued Master and Visa cards. https://www.remita.net
7. Paystack: Paystack you could say was envisaged for entrepreneurs, global brands, and large organizations to have their customers pay their credits frictionless. Integration of paystack gives consumers a plethora of payment options which includes, card, bank transfer, USSD, Apple pay, Visa QR, etc. Give your customers the gift of modern, frictionless, painless payments. Integrate Paystack once and let your customers pay you however they want. https://paystack.com
8. Opay: Opay is heavy on financial freedom. It gives people the liberty to save more, spend smart, and make quick and easy payments. Their inherent services include saving with any of their saving products and earning up to 15% interest returns per annum. Withdrawal is also seamless. You only need your phone m=number to open an account with them. With OPay you can send and receive money from across banks and pay for your utilities on the go or from the comfort of your homes. https://www.opayweb.com
9. KUDA: Kuda is a full-service digital-only bank with a banking license. Kuda is designed for your smartphone, free of ridiculous charges, and great at helping you budget, spend smartly and save more. Despite having a physical branch, their online services are effective and efficient. With their card, you can purchase and withdraw money from POS stands and make payments from online stores. https://www.kuda.com
10. Risevest: Risevest is largely referred to as a wealthtech. Risevest was quick to recognize the fluctuating nature of the naira and Nigerians needed security over their economic security. The platform allows you to save in dollars and equally invest in the stock market and real estate portfolios. To ensure financial discipline when saving there is a fee attached if you are to make any withdrawals from your saving before the stipulated maturity date. https://risevest.com
Please do note that the above FinTech platforms are solely the author’s opinions. Feel free to conduct your own research as there are tons of other FinTech companies out there. Go for reputability, and platforms that cater to your primary financial needs which include saving, asking for loans, investing and diversification of portfolios, receiving payments from customers, etc.
