Financial technology grows even stronger with more and more online transactions taking place by the day. It’s no surprise new companies have sprung up to provide quality services for the online demand at hand. While some of these companies might be slightly different in comparison, the aim of creation is the same, to foster financial technology in Nigeria. So here are the top 5 Fintech companies in Nigeria 2021.
This BELT list contains the best Fintech companies in 2021. Although their practices may slightly differ as to transaction charges, payable terms, style of saving, deposit, or withdrawal. Because they are designed to fit in different aspects of Financial Technology.
What Is Financial Technology?
Technology has been successfully integrated into all works of life, today we can add monetary transactions to that list. Physical banking can now be done at a minimum making it safe and easier to move money from one individual to another through the use of mobile apps and Internet connections. In Nigeria, the Fintech story is no different, with power Financial Technology companies rising to the challenge by providing good platforms for people to carry out monetary transactions with a 100% guarantee.
The BELT List
Worth: $1Billion (Source: Flutterwave)
Still arguably one of Nigeria’s most rated and widely accepted Fintech companies. Flutterwave was founded by Olugbenga Agboola and Iyinoluwa Aboyeji in 2006, making it one of the country’s earliest Financial Technology companies. The company is said to be worth $1Billion with affiliations to banks across the continent and a record of millions of transactions. And can be used to send and receive money as well as to pay bills. However, the platform is also well-liked for commercial purposes like buying and selling. Therefore to that effect has supported online traders throughout the years.
Worth: 200million (Source: Techcrunch)
Paystack was founded by Shola Akinlade and Ezra Olubi who are the company’s CEO and CTO respectively. The company was acquired by Stripe in October and reportedly expanded operations in South Africa 7 months later. Having been created in 2015 Paystack is highly regarded when it comes to online payment. Many recommend the platforms’ interface and commends the ease of receiving and initiating payment. The commercial benefits of using Paystack are also great allowing you to make payment with your VisaCard, VerveCard, and also MasterCard. The Company besides being highly rated has a lot of business connections with reputable companies in the country including MTN, BETWAY, Iroko, etc.
Worth: $1.1Million in Funding
When it comes to saving money on the internet PiggyVest is the poster company for such activities. The company helps users save money at an even better interest rate than traditional banks. The company was founded by Odunayo Eweniyi alongside Somto Ifezue and Joshua Chibueze. Odunayo is a co-founder and COO of the company and made it to the Forbes list as the youngest Nigerian on Forbes Africa list of 20 New Wealth Creators in Africa 2019.
PiggyVest offers users a variety of saving options and operates in a Fixed Deposit manner of traditional banks. The user is permitted to save money on their PiggyVest account for a stipulated time as indicated by the user who can only withdraw at that indicated time.
Paga now reportedly has 3.4Million users, 3600 SME clients, and over 8,850 agents across Nigeria (Source: Forbes). The company was founded by Tayo Oviosu and has since then been a platform to reckon with. The platform allows users to carry out normally transactional activities and they are even more popular with the 242 code that allows users to carry out transactions without needing an internet connection. Paga is of Nigeria’s top Fintech companies in 2021.
As far as online transactions go the name familiar to most Nigerians is Interswitch. It remains one of the oldest and top pioneers of online transactions in the country and still operates on a recommendable scale. The platform was founded by Mitchell Elegbe and provides a range of services including online consumer payment platforms, POS terminals, and ATM Cards.
These Fintech companies have given their bits of online transaction ideas through services every day, hence making it to the BELT list for the top 5 Fintech companies in Nigeria 2021.