Top 10 Tech Startups in Nigeria

Nigerian fintech businesses are currently leading Africa’s fintech movement. It comes as no surprise that two of Africa’s five fintech startups are situated in Nigeria. The majority of these finance startups have reached their peak.

Tech startups in Nigeria are expanding their operations by utilizing new technology and meeting people’s demands. Startups in Nigeria are focusing on innovation and the development of innovative manufacturing systems. These firms are transforming industries such as logistics, finance, hotels, investment, and automobiles.

They have proven to be a force to be reckoned with. There is a lot going on with these finance businesses. In no particular order, the top ten fintech startups in Nigeria will be extensively examined in this article.

Top 10 Tech Startups in Nigeria

1. Opay

Founder: Yahui Zhou
Founding Year: 2018
Category: FinTech

Opay is an Africa-focused financial firm that creates applications for payment, transportation, grocery, and food delivery, among other things. Millions of individuals use OPay on a regular basis to send and receive money as well as pay bills. Nigeria has emerged as a hotspot for venture capital and fintech growth. Opay promises that it has the lowest fees in Africa. They were recently funded for $120 million and had previously raised $50 million. Opay is making financial services more accessible to people and payment easier with the support of a committed staff and rapidly rising users.

2. FairMoney

Founder: Laurin Hainy, Matthieu Gendreau, and Nicholas Berthozat
Founding Year: 2017
Category: FinTech

FairMoney is a digital bank that provides loans to its customers. FairMoney gives its users with an account and a debit card when they obtain a loan. FairMoney provides consumers with the ability to obtain loans without stress. They make these loans available by enrolling with their personal information, email addresses, and phone numbers. Its headquarter is in Paris, France.

3. Kuda

Founder: Babs Ogundeyi and Musty Mustapha
Founding Year: 2017
Category: FinTech

Kuda, commonly known as Kuda Bank, is a digital-only bank headquartered in London, England that launched operations in Nigeria in 2017. Babs Ogundeyi and Musty Mustapha founded it.

Kuda was named one of seven WEF African technology startups in 2021. Kuda is a platform that provides its customers with free banking services, such as no card maintenance costs and free transfers. Kuda can also be used to pay expenses such as cable TV subscriptions, mobile recharge, and electricity bills, among other things.

4. Piggyvest

Founder: Ayo Akinola, Joshua Chibueze, Nonso Eagle, Odunayo Eweniyi, Somto Ifezue
Founding Year: 2016
Category: Banking and Financial Services/FinTech

PiggyVest makes it simple for people and organizations to save and invest money. It enables debit cardholders to automate the savings process. Users select a plan, and a little sum of money is automatically saved on a monthly, weekly, or daily basis. This money can only be withdrawn on a specific day. To date, the PiggyVest platform has assisted over 1,000,000 people in saving for their aspirations.

5. Paga

Founder: Tayo Oviosu
Founding Year: 2009
Category: Digital payments

Paga is a startup that aims to make receiving and transmitting money more convenient. It was created with the goal of encouraging people to use a secure platform to transfer and receive money. Paga is a mobile payment app that allows consumers to transfer and receive money digitally. They had 16,830,666 consumers and 26,908 agents at the time of writing this article. Paga has had a significant impact on the elimination of cash for transactions and the chances to utilize a better payment service. Until now, this digital payment service has had a significant impact on the lives of many Nigerians.

6. Paystack

Founder: Ezra Olubi, Shola Akinlade
Founding Year: 2015
Category: FinTech

Paystack is a Fintech firm that makes payments for businesses and consumers faster and easier. It accepts credit card, debit card, USSD, money transfer, and mobile money payments from its consumers. It includes a proprietary API that allows enterprises to create their own payment sites. Businesses that use their API have access to a dashboard where they can see reports and analyze client data.

7. Flutterwave

Founder: Iyinoluwa Aboyeji, Olugbenga Agboola
Founding Year: 2016
Category: FinTech

Flutterwave’s APIs let clients to create bespoke payment systems. It provides the underlying technology, services, and infrastructure needed to create unique payments and facilitate smooth transactions. Transaction service providers, merchants, banks, and companies are among its clientele. Since 2016, the company has facilitated approximately $8 billion in transactions.

8. PalmPay

CEO: Chika Nwosu
Founding Year: 2019
Category: FinTech

PalmPay is another finance business ranked among the top ten in the country. PalmPay is an app-based wallet that allows users to do a variety of operations such as bill payments, sending and receiving money, mobile recharge, and so on.

PalmPay is a quick and simple way to pay money to other PalmPay users and Nigerian bank accounts. It is also completely free.

PalmPay allows you to save costs that would otherwise be charged for carrying out transactions, as well as earn money as you spend it through discounts. PalmPay also allows its users to shop online without worry. Its headquarters are in Lagos, Nigeria.

9. Carbon

Founder: Chijioke Dozie and Ngozi Dozie
Founding Year: 2012
Category: FinTech

Carbon is a registered digital bank that provides its customers with loan services and investment opportunities. Users can also use Carbon to pay bills and recharge mobile phones. Carbon was previously known as Paylater. Carbon provides loans to its subscribers via its mobile app. They are not required to seek financing from traditional banks. As a result, carbon removes the challenge of obtaining loans. You can easily acquire loans using carbon from the comfort of your own home. Its headquarters are in London, England.

10. Migo

Founder: Ekechi Nwokah
Founding Year: 2013
Category: Banking and finance

Migo (formerly known as Mines.io) is a startup that enables consumers to obtain loans, withdraw funds, and obtain credit depending on their credit score. Migo’s own credit system was created using Machine Learning and AI to enable businesses to give loans to their low and middle-income clients. They have created a bespoke API that allows fintech operators to learn more about their customers before extending loans. They have served over a million customers and made around 3 million loans to date.