Top Approved 15 Fintech Companies In Nigeria 2020

Top Approved 15 Fintech Companies In Nigeria 2020

If you are looking to finance that important project and you want to know thepopular list of fintech companies in Nigeria that’s suitable for you or youare just curious to know how many fintech companies are operating in Nigeriathen this article is for you.

Definition: What is FinTech (Financial Technology?)

To put in the simplest of terms, FinTech (Financial Technology) is the generic(common) term used to describe the technology (internet, mobile devices,software app, cloud services and many more) that are used in deliveringImportant financial services that were exclusive to traditional financialinstitutions.> The fintech space in Nigeria has become more like a competitive sport as> there are countless numbers of fintech players (start-ups/companies)> competing for market share. PS, it has become more like the Premier League,> (the popular football competition played in England).Even the traditional banks (Access, Uba, Gtb, Firstbank…) are being forced toinnovate to guarantee their survival amidst the onslaught of fintech startupsor digital banks. The fintech space in Nigeria has literally become survivalof the fittest, and it is only going to get more competitive. This is why investors and venture funds are pouring a lot of dollars infintech.

List of Fintech Companies in Nigeria

Note that the 15 FinTech companies in Nigeria written in this article are fewamong many and they were not curated in the order of their importance orpopularity, this article was written for educational purpose only.Here are some of the top fintech startups in Nigeria that are making financialservices easily accessible to the population, thereby promoting financialinclusion and enabling seamless payments across multiple platforms.


PayStack fintech payment solution is arguably the leading and ever growingfintech company in Nigeria.You can receive payments via invoices and creating payment pages, whileutilizing Paystack online payment gateway.Paystack is a payments platform that makes the online payments processconsistent for both the consumers and the businesses they are attempting topay.PayStack is arguably among the top Fintech companies in Nigeria that enablebusinesses to complete payments from clients utilizing MasterCard, Visa andVerve cards anywhere on the planet.


Interswitch is an Africa-centered integrated digital payments and commercecompany headquartered in Lagos. Interswitch was founded in 2002 by MitchellElegbe.Interswitch uses a ‘switching’ infrastructure to connect the different banksin Nigeria and provides technology for ATM cards.Interswitch encourages the electronic circulation of money just as theexchange of value among individuals and associations on a convenient andsteady basis.The vision is to fabricate and manage payment infrastructure just as conveyinventive payment products and transaction services all through the Africancontinent.In November 2019, Visa invested $200 million in return for a 20% stake whichvalued the company at no less than $1 billion, cementing its unicorn status inthe process. With this achievement, Interswitch makes the list of 15 topfintech companies in Nigeria.

Paylater (Carbon)

Paylater, now Carbon is one of the loan apps in Nigeria that gives short loansthrough its mobile app, making the process paperless and quick.Their services are now accessible in Nigeria. The excellence of the Paylaterapp is that it is really simple to utilize, quick, well designed and worksproperly.PayLater is a Nigerian lending platform owned by One Finance Limited. Paylaterstarted operation around 2016.It is one of the platforms where anyone can borrow money online instantly inNigeria. The truth is, this problem-solving company is filling a huge gap.The beneficial thing about this platform is that; In contrast to banks whereyou need to visit and fill loads of forms, PayLater gives you a credit withoutmeeting you up close and personal.


Voted severally as Nigeria’s Software of the Year, Remita is a pace setter forFintech companies in Nigeria.They help associations (SMEs, Multinationals, State Governments, GovernmentAgencies, NGOs, Schools and Educational Institutions and Individuals toReceive and Make payments electronically.Developed by SystemSpecs, Remita is in fact a success story and a pride toAfrica. SystemSpecs was established in 1991 by John Obaro.It was then progressively like a business to business company selling softwareto organisations.


FairMoney is a mobile banking platform for private and business borrowers. Itis an application that uses smartphone data to build an instant credit scoreand give loans. Backed by European and American investors, with a team of 45people between Paris, France, and Lagos, Nigeria, and over 350,000 loansdisbursed. FairMoney was founded in 2017.

Chipper cash

Chipper Cash is a financial services company that features a softwareapplication platform that enables free instant cross-border mobile moneytransfers in Africa as easy as sending a text message. The company was foundedin 2017 by Ham Serunjogi and Maijid Moujaledand and it is headquartered in SanFrancisco, California.Did you find this article informative and helpful? Which of the listed fintechcompanies in Nigeria grabbed your attention? I’d love to have your comments,questions, opinions, in the box provided below.4 top UAE FinTechs disrupting the payments industry

By Edil Corneille

The United Arab Emirates’ (UAE) payments space has witnessed a lot ofinvestments within the FinTech sector. The country is amongst the fastestemerging FinTech gateway to nearby markets and the largest FinTech hub in theMiddle East and North Africa (MENA) region. Dubai’s appetite for innovation inFinTech is growing at a rapid pace and payment solutions are showing robustgrowth. Dubai has set its eyes on disruptive FinTech start-ups. The COVID-19pandemic has led to an increase in customers’ preference for digital paymentsas they fear conducting transactions by visiting bank branches and cash due tothe risky nature of contraction of the coronavirus. The increasing trend ofmaking digital payments is expected to continue even when the pandemic ends asindividuals have become accustomed to FinTech solutions. Below is a list ofFinTechs in the UAE that are revolutionising the way payments are being madein a faster and secure manner.Amazon Payment ServicesRecently this month, Amazon announced the launch of Amazon Payment Services inthe MENA region. In 2017, Amazon acquired PAYFORT as part of the Souq Groupacquisition. PAYFORT was established in 2013 in the region. Now, PAYFORT isAmazon Payment Services. Dubai-based Amazon Payment Services is a paymentprocessing service with the objective to empower businesses with simple,affordable, and trusted online payment experiences.With the launch of Amazon Payment Services, businesses that use the servicewill continue to have access to a range of payment services that enables themto accept online payments using both global and local payment methods, offerinstalments to the customers to make purchases affordable for their customers,and monitor payment performance round the clock.Amazon Payment Services also has a wide range of partners, including bankssuch as RAKBANK, First Abu Dhabi Bank (FAB), Mashreq, The Saudi British Bank(SABB), Al Rajhi Bank, Riyad Bank and National Commercial Bank (NCB). Partnersalso include local card schemes such as MADA, and Meeza, and internationalcard schemes such as Visa, and MasterCard.CASHUEstablished in 2002 by, CASHU is an online payment method. Itserves the MENA region and has nearly 2.3 million consumers to whom accessibleand easy solutions are provided to make online payments. CASHU is available atover 75,000 vendors spread across every country and city within the MENAregion. CASHU has made it easy for consumers to fund their CASHU accounts andshop online from merchants who accept CASHU as a payment method.CASHU is currently accepted by over 7,000 online merchants around the globe,who got the chance to grow businesses and to expand smoothly and securely inthe MENA region, offering their products and services to millions of buyersresiding in the rapidly growing region. The company encapsulates sophisticatedand up to date fraud prevention and AML systems, thereby reducing the risksassociated with online payments for both buyers and merchants, which all allowfor wider, safer and faster consumer participation in e-commerce.TrripleTrriple is a digital payments platform in the UAE designed for both consumersand businesses. It provides a safe and convenient mobile wallet for payments –from everyday payments for consumers to faster and easier settlements formerchants. Trriple mobile wallet gives customers instant access to a host ofonline and in-store payment services including retail payments, salaries,remittances, airtime top-ups, m-Government payments, bill payments, andvouchers & loyalty points, among others.The vision of the company is to build a global mobile phone payment ecosystem.Trriple wants to deliver efficient digital payments by building a trustworthyglobal payments ecosystem that enables financial inclusion, promotessustenance and builds prosperity.Trriple is powered by digital technologies for mobile phone wallets, digitalKYC, NFC contactless payments and real time remittance. Integration into thefinancial ecosystem enables Trriple’s m-Commerce transactions in the UAE.Active in the UAE Market since 2014, Trriple has been working on developingmobile payment solutions with financial institutions to meet the requirementsof corporate clients, consumers and merchants.Monami TechMonami Tech works alongside financial institutions and telcos to bridge thegap between conventional and sophistication through modern digital solutionsthat enhance user experience. Institutions can offer their customers a simple,secure and personalised experience on any device they choose. Monami Techmakes financial services easy in the form of opening an account, sending moneyacross the globe or even applying for a loan.With its headquarters in Dubai, Monami Tech provides financial servicescompanies extra leveraging capacity by maximising the benefits of digitaltechnology and ensuring customer satisfaction. The FinTech company specialisesin instant financing and its technology supports its partners’ growth whileempowering end consumers through seamless access to finance. Founded in 2016,Monami Tech integrates digital technology into the operations of companies,with an emphasis on payments.Monami Tech’s portfolio of solutions is focused on the delivery of thefollowing pillars of value – increasing revenue, reducing risk, increasingefficiency in operations, and enhancing customer experience. Monami Tech’ssolution suite extends across the entire payments value chain and assists inpositioning institutions as a platform, innovating products and services andraising customers’ interest. Through simplification and digitisation, thecompany delivers customer onboarding automation platforms, digital wallets,loan origination systems, video conferencing, and lending applications, amongothers.ALSO, READ: Payments & Cards Systems and Suppliers Report 2020

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Read More5 FinTech companies making waves in the UAE market

By Leandra Monteiro

The United Arab Emirates (UAE) houses almost 50% of the FinTech companies inthe Middle East. Making it one of the largest FinTech hubs of the region.However, regulations across the region are at different stages of developmentas authorities are in the process of working out the best way to protectpeople as well as promote digital innovation.According to Fitch Ratings the UAE economy in 2021 is not expected to returnto the pre-pandemic levels. It forecasts growth of 4% in 2021 after a sharp6.1% contraction this year. Fitch credits the sluggish recovery to relativelytight fiscal policies and a sluggish global economic recovery. However, therea number of FinTech start-ups across the UAE making waves in the industry.Here are a few to watch out for-Mamo Pay: Founded in 2019 by former Google employees, Mamo Pay is a Dubai-based peer-to-peer (P2P) payment app. The FinTech allows its customers to makepayments and transfer funds using the recipients phone number or email addressonly. This simplifies the traditional process and data that banks usuallyrequire, like IBAN numbers.After raising US$1.5 million in April from Global Founders Capital (GFC) withparticipation from Global Ventures, VentureSouq, MSA Capital, Dubai AngelInvestors (DAI), 500 Startups and some angel investors, Mamo Pay went live inDecember 2020. It joined Visa’s FinTech Fast Track program in June.Tabby: Dubai based FinTech start-up, Tabby enables users across the UAE andSaudi Arabia with the flexibility to pay for their online and offlinepurchases either in a deferred single payment or in multiple instalments.Founded in 2019, Tabby is a comparatively young buy-now-pay-later FinTech thatpartners with retailers to offer their online as well as in-store users, theability to defer paying for their purchases for up to 30 days or to pay infour equal monthly instalments at zero cost to the customer.The FinTech’s users can avail its services across more than 500 merchants,including brands like IKEA, Toys R Us and Ace Hardware, and regional retailgiants such as Al Futtaim Group.Tabby also raised US$23 million in a Series A funding round from Abu Dhabistate investor Mubadala Investment Company and Arbor Ventures in December 2020after it announced a partnership with Visa and joined the Saudi ArabianCentral Bank’s regulatory sandbox for FinTech firms. It secured a US$7 millionfunding round in June 2020.Ziina: The UAE-based FinTech, Ziina provides users with an app for easy P2Ppayments The mobile app possesses banking-grade security and end-to-endencryption to protect their users’ money and data. In addition, the mobile appdoes not require users to enter details such as banking codes to transfermoney.The digital solution simplifies financial payments between friends andfamilies while reducing the need to carry cash all the time. Currentlyavailable to UAE residents on iOS and Android, the app provides an easy wayfor friends and family to split the cost of a takeout or a grocery bill.CASHU: Established in 2002 by, CASHU is an online payment method.It serves the MENA region and has nearly 2.3 million consumers. CASHU isavailable at over 75,000 vendors spread across every country and city withinthe MENA region. CASHU has made it easy for consumers to fund their CASHUaccounts and shop online from merchants who accept CASHU as a payment method.CASHU is currently accepted by over 7,000 online merchants around the globe,who got the chance to grow businesses and to expand smoothly and securely inthe MENA region. The company makes use of sophisticated and up to date fraudprevention and AML systems, thereby reducing the risks associated with onlinepayments for both buyers and merchants, which all allow for wider, safer andfaster consumer participation in e-commerce.Trriple: Trriple is a digital payments platform in the UAE designed for bothconsumers and businesses. It provides a safe and convenient mobile wallet forpayments – from everyday payments for consumers to faster and easiersettlements for merchants. Trriple mobile wallet gives customers instantaccess to a host of online and in-store payment services including retailpayments, salaries, remittances, bill payments, and vouchers & loyalty points,among others.Trriple is powered by digital technologies for mobile phone wallets, digitalKYC, NFC contactless payments and real time remittance. Integration into thefinancial ecosystem enables Trriple’s m-Commerce transactions in the UAE.ALSO READ: Core Banking Market Dynamics Report 2021

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