Mitchell Elegbe founded Interswitch in 2002, while Valentine Obi established E-transact in September 2003. 2. Fueled by the internet of things, big data, and global digitalization . Their major focus is on digital payment solution. IRECRUITERS AFRICA 15 days ago. Lagos-based payment company Paystack in August 2018 raised $80 million from Visa, Tencent, Stripe and Y Combinator. The Central Bank of Nigeria has issued the following guidelines which impact FinTech companies in Nigeria: Guidelines on Mobile Money Services in Nigeria Guidelines on Operations of Electronic Payment Channels in Nigeria Regulatory Framework for the Use of Unstructured Supplementary Service Data (USSD) for Financial Services in Nigeria. Although the minimum share capital for incorporating a private company in Nigeria is 100,000 naira, the share capital requirement for FinTechs usually exceeds this amount. This article showcases our top picks for the best Nigeria based FinTech companies. Flutterwave Flutterwave is one of the main Fintech companies in Nigeria, and it is not only interested in making online payments easier but also in helping small businesses grow. Currently, Paga has over 17,022,604 customers and 27121 agents across Nigeria. Terrapay A move spurred by venture capitalists funding, as the fintech industry's projected revenue grew from $414 million in 2014 to $608 million in 2018. In no specific order, they are; Leading Fintech Companies 1. Nigeria currently has about over 200 fintech companies. The industry has advanced rapidly following technological innovations and has made life and managing finance easier. Fintech companies are now popular all over the world as well as Nigeria, as they battle it out with conventional banks to reach customers with innovative and mouth-watering services. Get funded First City Monument Bank is a purpose beyond-profit commercial banking institution and a . But going by customer base alone, Paga is the largest mobile payments firm in Nigeria with 17 million users. Best Data Saving Browser for iPhone Screenshot from The Fintech Times It is an African-centred integrated digital payments and commerce company that encourages circulation of money just as the exchange of value among individuals and associations on a convenient and steady bases. PAYSTACK Founded in 2015 by Ezra Olubi and Shola Akindele, the dynamic duo who after being course-mates in the university went the extra mile and founded the PayStack company which in 2020 they sold for about N72 billion. It is a one-stop mobile-based platform for payment, transportation, food and grocery delivery, and other important services in everyday life. Interest ranges from 1.75% - 30%, with an equivalent monthly interest rate of 1 - 21%. It will be held at Landmark Centre in Victoria Island, Lagos, and is set to be attended by over 5,000 people from different parts of the world. The country has, in fact, some of the highest amounts of fintech startups in Africa. Most online payment in Nigeria goes through interswitch. The first Fintech company, SystemSpecs, was founded in 1991 by John Obaro. Etranzact Fintech Companies In Nigeria That Mostly Deal In Banking 6. Loan fintech companies constitute a significant chunk of Nigeria's over 200 stand-alone tech start-ups. (Payment) Kuda (Digital Banking) Nigeria's FinTech space is alive with activity. In another report by The Fintech Times, the number is estimated to be 200+. The FinTech empowers individuals with access to credit, simple payments solutions, high-yield investment opportunities, and easy-to-use tools for personal financial management. 12 And while fintech investments in Nigeria grew to approximately $460 million in 2019, the majority of which was from external investors, this was only a small fraction of the $36 billion invested in fintech globally. The African Development Bank has signed a $50m line of credit agreement with Nigeria's First City Monument Bank (FCMB) to bolster access to finance for small and medium-sized enterprises (SMEs) and "women-empowered" business (WEBs). Bankly 9. Furthermore, the country attracted roughly 25% of the $491.6 . Bamboo 13. Bankly 5. Incorporation. A Background to Fintech Companies in Nigeria. Trove App 12. Piggy Vest 8. The investors are making big bets, and the industry is building up. Fintech companies in Lagos, Nigeria include Sterling Bank, Interswitch, Cowrywise, The Nigerian Stock Exchange, Carbon and 38 other companies. eTranzact, launched in 2003, is a multi-application, multi-network and multi-channel electronic payment platform that supports every significant network; including AMEX, VISA and MasterCard. Remita / SystemSpecs 6. Flutterwave 2. It should not be surprising, after all Kenya is where M-Pesa was born, which remains the reference for mobile payment solution in the developing world. Just last month $400 million of new funding was made available to three African Fintech companies: Opay, Interswitch, PalmPay. FLUTTERWAVE: Flutterwave is one of the best Nigerian fintech company founded in 2016 by Olugbenga Agboola, Iyinoluwa Aboyeji, and Adeleke Adekoya. To get a Crowdfunding portal/Intermediary operating license in Nigeria you need a minimum capital requirement of 100 million Naira ($200,000.00). Bamboo 12. The fintech industry is a crossbreed of two important industries - the financial and technological industries. The CBN is the major regulator for Switching Companies in Nigeria through a) Guidelines for licensing and Regulation of Payment Service Banks in Nigeria and b) Guidelines for transaction Switching in Nigeria The guidelines were issued in exercise of the powers conferred on the CBN under Sections 2(d) and 47(2) of the CBN Act 2007 Flutterwave 2. 1. Remita 5. However, so far, they have been able to bring up some innovative ideas that have benefited the public, such as addressing issues of unflexible savings, bringing . The advent of smartphones and other technological innovations has improved access to finance.1 Companies must obtain the necessary licenses when operating fintech services. Paystack 3. The growth of FinTech in Nigeria has caught the attention of the government. Risevest 14. As of. Carbon is headquartered in Lagos, Nigeria. Most fintech companies offer the following services: Today, Interswitch and Flutterwave are valued at over $1 billion each, while OPay is valued at $2 billion. The Bills are the Payments System Management Bill, 2009 (PSMB) and the Electronic Transaction Bill, 2015 (ETB). V bank by VFD 20. Along with two other Nigerian businesses, it has been included among the top 250 FinTech firms worldwide. According to the survey, funding for African fintech companies increased by 894 percent year over year in 2021, ranking second in the Middle East and Africa area. Remote Friendly Other Africa Full-time. There are about 250 licensed Fintech companies in Nigeria, their activities have made it easier and affordable. Tax Clearance Certificate (TCC) for 3 years (if applicable) and Taxpayers Identification Number (TIN) of the company; 5 Leading API FinTech Startups In Nigeria. Now you can access top-notch financial services without stepping into a bank. The fintech industry is a crossbreed of two important industries - the financial and technological industries. Investment: In the past three years, fintech investments in Nigeria grew by 197%. 1. Three Fintech companies in Nigeria were prevailing back at that point - Interswitch (established by Mr Mitchell Elegbe), Etranzact (established by Mr Valentine Obi) and Systemspecs (established by Mr John Obaro). Statista reports that, in 2021, 144 fintech startups existed in Nigeria. A September 2020 report by McKinsey puts the total number of standalone fintech companies in Nigeria at over 200. Kuda Bank 10. With this achievement, Interswitch makes the list of 15 top fintech companies in Nigeria. Fairmoney 23. 5. - Some Nigerian fintechs are gaining worldwide attention of investors. Here are 5 promising FinTech companies in Nigeria: Carbon Carbon empowers individuals with access to credit, simple payments solutions, high-yield investment opportunities and easy-to-use tools for personal financial management. These startups and companies are taking a variety of approaches to innovating the FinTech industry, but are all exceptional companies well worth a follow. Fintech Companies In Nigeria That Mostly Deal On Payments 1. How many Fintechs companies does Nigeria have? NFW is the largest gathering of Fintech players, innovators, regulators . The top FinTech companies in Nigeria have taken advantage of the openings to developed better financial tools and services for the masses. The average transaction value per user in the. Interswitch 4. Research by McKinsey has shown that ease of access and convenience are the primary reasons consumers are switching to the use of FinTech solutions in their financial transactions. Nigeria-based fintech company wins $50,000 in Ecobank Fintech Challenge Touch and Pay processes microtransactions across Africa, such as paying for bus journeys with over 2 million users who help . Interswitch. Eyowo 21. Opay 15. Carbon 9. Credpal 19. Once there is a clear understanding of the regulatory terrain, the next step is to incorporate the company for the FinTech service. Nigeria became the top fintech hotspot in the Middle East and Africa in 2021 as start-ups there received one-third of all fintech funding. The Nigeria Fintech Week kicks off this week from October 25 to October 28. In the 2021 Fintech Times report, with respect to fintech, Nigeria's fintech landscape consists of 210 to 250 fintech companies, key stakeholders (banks, telecom companies and the government), enablers and funding partners (i.e universities and research institutions, investors, incubators, technology and consumers). The Evolution of Fintech in Nigeria Authors: Adebayo Babafemi Moito Babson College Abstract This research paper aims to explore the impact of FinTech to expand, improve and automate the. Identify Your Domain and the Applicable Law(s) Before registering a Fintech company, start-ups are advised to first identify what sub-sector of the industry they want to deal in, in order to know if it is regulated or restricted under Nigerian law(s). The table below references the largest Fintech companies in the world, with 268 listed below. 1. The platform connects borrowers to lenders and guarantees borrowers' prompt payback. The future of Nigeria's FinTech ecosystem is very bright. You must also :-. Paystack 4. Migo Money Inc, a US-based fintech company formerly Mines.IO Inc, joined the fray of money . Hopefully, both regulators and companies in the industry can work together to make FinTech an even greater force for good than it currently is. Not all fintech companies indulge in the same activities. Today, Nigeria's Fintech landscape has over 200 Fintech startups, key stakeholders (such as banks, telecom companies, and government), and enablers and funding partners (universities,. Okra, Inc. Crunchbase Website Twitter Facebook Linkedin Okra is the Open finance infrastructure that enables developers & businesses build personalised digital products/services. Interswitch Interswitch is ranked the biggest and best fintech company in Nigeria. Piggyvest 3. By valuation, MTN's MoMo is the biggest fintech in Nigeria, as the company is estimated at $6 billion. 13 Nigeria now has the most unicorns of . Wallet Africa 24. Risevest 11. It is therefore necessary to consult the services of . Paga 17. eTranzact 18. OPay Opera-owned OPay entered the fintech market after acquiring a controlling stake in PayCom; a Nigerian fintech founded by Telnet Nigeria in August 2018. Interswitch 14. It is one of the best and leading FINTECH companies in Nigeria. Kuda Bank 7. In this FinTech race, we believe FinTech companies and new entrants in Nigeria need to have a clear-eyed strategy, in addition to pursuing business-model innovation, unleashing local talents, building long-term resilience and promoting local development. Between 2014- 2019, Nigeria's sprawling fintech scene raised more than $600 million in funding, attracting 25 percent ($122 million) of the $491.6 million raised by African tech start-ups in 2019 alonesecond only to Kenya, which attracted $149 million. Registering a Fintech Company in Nigeria. List of Top Fintech Companies in Nigeria 2021 1. Fintech accounted for only around 1.25 percent of retail banking revenues in 2019. Table of Contents show. 2. By ikenna-nwachukwu. eTranzact is one of the Fintech companies in . TeamApt 7. For this reason, it is said to be among the best and leading Fintech in Nigeria. Note: For listed companies, real-time market capitalisations are fed from Google Finance. DUBAI, Arab Emirates, Oct. 31, 2022 (GLOBE NEWSWIRE) -- The Social Loan Company announces its transformative TLSC Platform Services goes live in Africa through two partnerships in Nigeria to . Sectors fintech (43) Technology (35) platform (17) payments (16) Financial Services (11) Cybersecurity Score F D B A Cybersecurity and other premium data available to enterprise accounts. They have a store that can be a mini-website for business owners. Mono (YC W21) Crunchbase Website Twitter Facebook Linkedin Below are the top fintech companies in Nigeria. More importantly, there is a need for innovation-driven regulatory framework that . LEGAL AND REGULATORY FRAMEWORK IN NIGERIA. Lidya 8. Paga is a mobile payment company that is crafting an ecosystem to enable people to digitally send and receive money, thus creating simple financial access to everyone. Trove 13. Between January and August 2022, fintech startups in Nigeria registered a total funding value of 507 million U.S. dollars, significantly increasing from amounts received from 2015 to .