Now you can access top-notch financial services without stepping into a bank. The top FinTech companies in Nigeria have taken advantage of the openings to developed better financial tools and services for the masses. - Some Nigerian fintechs are gaining worldwide attention of investors. 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. 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. As of. 2. Screenshot from The Fintech Times Hopefully, both regulators and companies in the industry can work together to make FinTech an even greater force for good than it currently is. Between January and September 2021, African fintechs raised up to $1.4 billion, signalling an increasing investor appetite for Africa's growing fintech space, and Nigeria has taken centre stage.. 1. 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. Now the country's fintech unicorns are becoming just as valuable as its banks. 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,. Along with two other Nigerian businesses, it has been included among the top 250 FinTech firms worldwide. Fueled by the internet of things, big data, and global digitalization, the industry, in the last decade, has grown by . 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). The industry has advanced rapidly following technological innovations and has made life and managing finance easier. The industry has advanced rapidly following technological innovations and has made life and managing finance easier. Remita 5. The report, Harnessing Nigeria's Fintech Potential, estimates that Nigeria's dynamic fintech sector raised more than $600 million in funding between 2014 and 2019. By valuation, MTN's MoMo is the biggest fintech in Nigeria, as the company is estimated at $6 billion. From financial inclusion, to ease of accessing loans, carrying out financial services from remote areas that were not obtainable in the past years. Nigeria now has the most unicorns of . 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. 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. 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). Trove App 12. The following government authorities regulate fintech activities of fintech companies, depending on the services provided; the Central Bank of Nigeria (CBN); the Nigerian Securities and. How to Start a Fintech Company In Nigeria STEP 1: Identify your Niche STEP 2: Find out the Regulations STEP 3: Define the Innovation You are Bringing STEP 4: Prepare a Business Plan STEP 5: Register Your Business STEP 6: Obtain the Required License Step 7. Mono (YC W21) Crunchbase Website Twitter Facebook Linkedin Not all fintech companies indulge in the same activities. 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. To get a Crowdfunding portal/Intermediary operating license in Nigeria you need a minimum capital requirement of 100 million Naira ($200,000.00). The Bills are the Payments System Management Bill, 2009 (PSMB) and the Electronic Transaction Bill, 2015 (ETB). The fintech industry is a crossbreed of two important industries - the financial and technological industries. 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 . FLUTTERWAVE: Flutterwave is one of the best Nigerian fintech company founded in 2016 by Olugbenga Agboola, Iyinoluwa Aboyeji, and Adeleke Adekoya. There are about 250 licensed Fintech companies in Nigeria, their activities have made it easier and affordable. Fintech Associates Limited (Fintech) is a financial and technology solutions service provider that promotes financial technology solutions in collaboration with partners, and delivers optimization technologies across service platforms. IRECRUITERS AFRICA 15 days ago. Kuda Bank 10. Popular fintech companies in Nigeria include: Flutterwave ( Payment) Paystack (Payment) Interswitch (Payment) Piggyvest (Savings & Investments) Paga (Payment) Cowrywise (Savings & Investments) Alat (Digital Banking) E-tranzact (Payment) Quicteller (Payment) Remitta (Payment) Carbon formerly paylater. Ten years ago, it was rare to see a Nigerian startup raising $10 million. The country has, in fact, some of the highest amounts of fintech startups in Africa. The company is operational in over five African Countries including; Nigeria, South Africa, Ghana, Kenya and several others. Investment: In the past three years, fintech investments in Nigeria grew by 197%. More importantly, there is a need for innovation-driven regulatory framework that . Its agencies are now watching the industry more closely, and are keen to enforce existing rules in this space. Once there is a clear understanding of the regulatory terrain, the next step is to incorporate the company for the FinTech service. Fueled by the internet of things, big data, and global digitalization . It is a one-stop mobile-based platform for payment, transportation, food and grocery delivery, and other important services in everyday life. FinTech - Nigeria Nigeria The market's largest segment will be Digital Payments with a total transaction value of US$12,150.00m in 2022. A September 2020 report by McKinsey puts the total number of standalone fintech companies in Nigeria at over 200. (Payment) Kuda (Digital Banking) Kuda Bank 7. Banking FinTech is the major cause of all the recent disruptions we are experiencing in the Nigeria banking sector today (With the likes of ALAT by Wema Bank & GTBanks 737 ). Okra, Inc. Crunchbase Website Twitter Facebook Linkedin Okra is the Open finance infrastructure that enables developers & businesses build personalised digital products/services. Migo Money Inc, a US-based fintech company formerly Mines.IO Inc, joined the fray of money . 13 eTranzact is one of the Fintech companies in . Just last month $400 million of new funding was made available to three African Fintech companies: Opay, Interswitch, PalmPay. 5. Furthermore, the country attracted roughly 25% of the $491.6 . The future of Nigeria's FinTech ecosystem is very bright. 10th March 2022. October 24, 2022. Most online payment in Nigeria goes through interswitch. A notable example of a Crowdfunding portal is GoFundMe. Get funded 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 . Flutterwave 2. Wallet Africa 24. 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 . Interswitch is one of the first fintech companies in Nigeria. Fintech companies in Lagos, Nigeria include Sterling Bank, Interswitch, Cowrywise, The Nigerian Stock Exchange, Carbon and 38 other companies. These startups and companies are taking a variety of approaches to innovating the FinTech industry, but are all exceptional companies well worth a follow. Risevest 14. - Register a company with your objects clause stating that Crowdfunding is the sole purpose of the company; Nigeria currently has about over 200 fintech companies. We tried to pick companies across the size spectrum from cutting edge startups to . 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. 2. 3: The number of fintech unicorns from Nigeria. Bamboo 13. 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. The growth of FinTech in Nigeria has caught the attention of the government. First City Monument Bank is a purpose beyond-profit commercial banking institution and a . The first Fintech company, SystemSpecs, was founded in 1991 by John Obaro. In this article, we rank Nigerian fintech companies based on their current valuation and number of users. This article showcases our top picks for the best Nigeria based FinTech companies. Incorporation. 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. Opay 15. Note that these were not the only fintech companies in Nigeria at the time, but they were the most prominent. 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. But going by customer base alone, Paga is the largest mobile payments firm in Nigeria with 17 million users. Piggyvest 3. Interswitch. Paystack 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. E-tran z act. Paga 17. eTranzact 18. Carbon is headquartered in Lagos, Nigeria. Team Apt 10. Table of Contents show. Note: For listed companies, real-time market capitalisations are fed from Google Finance. They are one of the biggest payment gateway in Nigeria. Risevest 11. In no specific order, they are; Leading Fintech Companies 1. Nigeria's fintech industry saw funding rounds from various global investors in 2019, with Interswitch, a payment platform infrastructure service obtaining equity funds worth US$200m from Visa and Branch receiving funds of US$170m from foundation capital and Visa. Paystack has not fewer than 17,000 commercial clients, including Betway, MTN, IrokoTV, Domino, and Taxify, making it one of the top FinTech businesses in Nigeria. NFW is the largest gathering of Fintech players, innovators, regulators . Trove 13. There is an absence of a direct and unified regulation on FinTech in Nigeria, however; presently, there are Bills before the National Assembly capable of expanding the FinTech Sector in Nigeria. The table below references the largest Fintech companies in the world, with 268 listed below. The advent of smartphones and other technological innovations has improved access to finance.1 Companies must obtain the necessary licenses when operating fintech services. TeamApt 7. In the financial sector, for example, a banking licence must be obtained from the CBN before a FinTech company can conduct credit transactions.4 The NBC has published . Frost and Sullivan have estimated that Nigeria's fintech revenue will be $543.3 million in 2022 which is higher than the $153.1 million that it was in 2017. Well today we'll be looking at the top 10 Fintech Companies in Nigeria. New solutions are being built, startups are raising millions of investor dollars to power their expansion, and the world is starting to notice the revolution that's unfolding before our eyes. Lagos-based payment company Paystack in August 2018 raised $80 million from Visa, Tencent, Stripe and Y Combinator. The Fintech sector in Nigeria is still young. 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 fintech industry is a crossbreed of two important industries - the financial and technological industries. Top Nigeria Fintech Startups Data sourced from Crunchbase and SemRush. With this achievement, Interswitch makes the list of 15 top fintech companies in Nigeria. Choose the tech stack Programming languages: Frameworks: Databases: Step 8. Lidya 8. For this reason, it is said to be among the best and leading Fintech in Nigeria. Currently, Paga has over 17,022,604 customers and 27121 agents across Nigeria. Chippercash Fintech Companies In Nigeria That Mostly Deal In Investment 11. Interest ranges from 1.75% - 30%, with an equivalent monthly interest rate of 1 - 21%. By ikenna-nwachukwu. Frontend Engineer - Flutter ( FinTech) IRECRUITERS AFRICA (Lagos) Job Title: Frontend Engineer - Flutter ( FinTech) Location: Yaba, Lagos Work Structure: Remote Benefits: Base Pay is BTW N300, 000.00 - N400, 000.00 monthly net. Interswitch Interswitch is ranked the biggest and best fintech company in Nigeria. It is one of the best and leading FINTECH companies in Nigeria. Oct 25, 2022. Remote Friendly Other Africa Full-time. LEGAL AND REGULATORY FRAMEWORK IN NIGERIA. Eyowo 21. V bank by VFD 20. Bankly 9. Flutterwave 2. Remita / SystemSpecs 6. Tax Clearance Certificate (TCC) for 3 years (if applicable) and Taxpayers Identification Number (TIN) of the company; It is therefore necessary to consult the services of . The investors are making big bets, and the industry is building up. Paystack 3. Chippercash 16. Piggy Vest 8. 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. 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. Author. The Nigeria Fintech Week kicks off this week from October 25 to October 28. You must also :-. Best Data Saving Browser for iPhone List of Top Fintech Companies in Nigeria 2021 1. In another report by The Fintech Times, the number is estimated to be 200+. Statista reports that, in 2021, 144 fintech startups existed in Nigeria. 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). Have taken advantage of the fintech Times, the country has, fact. Of 100 million Naira ( $ 200,000.00 ) Paga has over 17,022,604 customers and 27121 agents across Nigeria by puts... 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