Fintech companies in Nigeria are shaping the way people handle money in the country. Fintech simply means financial technology, a term created to define technology based solutions to finance management. So in summary, fintech companies offer financial services. These services are meant to make live easier for the users.
Because of the widespread of technology in Nigeria and the reliance on gadgets like mobile phone by Nigerians everyday, fintech has become one the best investment areas in Nigeria. There have been influx of foreign investments in the Nigerian fintech sector. The Central Bank of Nigeria CBN says Nigeria will attain 95% financial inclusion by 2024.
Here is a look at the top fintech companies in Nigeria, their services and every details you need to know.
Top fintech companies in Nigeria and their details
Below are the top fintech companies in Nigeria
Interswitch is one of the first fintech companies in Nigeria. They started operation in 2002. Their major focus is on digital payment solution. They are one of the biggest payment gateway in Nigeria. Most online payment in Nigeria goes through interswitch. They have since expanded to other African countries including Uganda and Kenya.
In 2019, Interswitch confirmed $1 billion evaluation after Visa, an American multinational financial services corporation invested $200 million for 20%.
They also own Quickteller.
Mitchell Elegbe is the founder of Interswitch
Interswitch customer care Phone number
Interswitch office address
Plot 1648C, Oko-Awo Close,Victoria Island, Lagos Nigeria. P.M.B. 80164
PiggyVest is Nigeria’s first online saving platform. The platform started in 2016 helping Nigerians save money through it’s mobile app or website. Started as Piggybank.ng, they later re-branded to PiggyVest to include opportunities to invest money not just save.
They boast close to 350, 000 users saving money on the platform. In May 2018, the company closed $1.1M in seed funding for license acquisition and product development.
The Legal name is PiggyTech Global Limited
Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze
PiggyVest customer care phone number
PiggyVest office address
Tesmot House, 3 Abdulrahman Okene Close, off Ligali Ayorinde Street, Victoria Island, Lagos.
Carbon formerly known as Paylater is one of Nigerian most reliable loan app. They offer instant loans to Nigerians without collateral. With very competitive interest rate, they have dominated the fintech sector. The app is used by over 1 million people to secure loans and other financial solutions.
In 2019 , they secured $5m debt investment from New York and Nairobi-based debt platform Lendable. Mostly known for giving instant loan, they have since diversified into many areas such as mobile top ups, investment and digital banking.
The legal name is One Finance and Investment Limited.
Chijioke Dozie, Ngozi Dozie
Customer care Phone Number
01-460 9947, 01-631 1215
Plot 642C, Akin Adesola Street, Victoria Island, Lagos
Migo formerly known as KwikMoney is a cloud-based platform that give loans. They have recently diversify into payment gateway and other areas. They strive on partnership with banks and telecommunication companies.
In 2019, they raised $20 million from existing and new investors and re-branded itself from KwikMoney to Migo. The goal of the re-branding was said to be more internationally appealing as they set their sight beyond the borders of Nigeria.
Customer care phone number
+234 (0) 1 700 2274
3B Adekunle Lawal Road, Ikoyi, Lagos, Nigeria.
Paystack offers payment solutions to businesses in Nigeria. They are one of the leading online payment gateways in the county. The fintech company which was founded in 2015 has quickly become one of the favourite payment solutions for tech start ups in the country.
In 2018, they raised $8 million in Series A funding led by Stripe.
Ezra Olubi, Shola Akinlade
Paystack customer care phone number
Paystack office address
126 Joel Ogunnaike Street, Ikeja GRA, Ikeja, Lagos, Nigeria.
Cowrywise is a saving platform that encourages and help Nigerians save money. Users can save money on the platform for attractive interest rate. They can also invest in mutual funds and other opportunities on the platform. The platform can be accessed through mobile app or the website. They also offer a buy now pay later solution.
In 2018, they got a $50, 000 investment from New York based Kairos K50 enture Fund.
Edward Popoola, Razaq Ahmed
Customer care phone number
5C Reverend Ogunbiyi Street, Ikeja GRA, Lagos Nigeria.