What is Fintech
Many might have heard this word but does not know the full meaning of this acronym such as many others like JAMB e.t.c. Fintech companies in Nigeria are growing in numbers but there are some which takes the lead.
Fintech – literally Financial Technology,
Fintech refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. It primarily works by unbundling offerings by such firms and creating new markets for them.investopedia definition
They provide in one word Technology based solutions for people, banks and firms are investing heavily in Fintech ( Technology based solutions) competing with other firms or companies in this Field.
Top 10 popular Fintech companies in Nigeria list
This list entails on 10 popular Fintech companies in Nigeria, however there are numerous Fintech companies around the world but this list contains the top leading in Nigeria.
PayStack, a Nigerian fintech startup in Lagos, however has been said to be acquired by global fintech giant Stripe, in the biggest M&A deal in Nigerian tech and one of the biggest in Nigerian corporate history. Paystack was founded in 2016 by Ezra Olubi and Shola Akinlade.
Founded in Nigeria in 2009, has been before paystack, Paga is a mobile payment company, which allows your friends and family to receive fast international money transfers directly on their mobile devices via a Paga mobile money wallet. Paga wallets can also be used to pay local bills, school fees and other goods and services at retailers.
Remita launched in 2005 and is fully developed in Lagos Nigeria by SystemSpecs lead by John Obaro, is a payment solution that helps individuals and business make and receive payment, pay bills and manage their finances across multiple banks. Popular board such as JAMB makes use of Remita to also receive payment online from candidates.
Flutterwave is a payments technology company that helps businesses all over the world expand their operations in Africa and other emerging markets, through a platform that enables cross-border transactions via one API. Founded by Olugbenga Agboola and Iyinoluwa Aboyeji.
Interswitch , a large Fintech company founded by Mitchell Elegbe, also owns Quickteller, an online payments platform; Retailpay, a mobile business management platform; and Smartgov, an identity management and e-payment infrastructure for state governments. Interswitch has also very recently acquired VANSO, a mobile-focused technology provider to banks.
OPay, an African digital payment upstart founded by the Chinese tech billionaire who once owned Grindr, started in Nigeria in 2018. It is opera – owned and been used by various individuals, it is also the only payment option for the OperaNews writers which made it a choice for many.
Kuda bank , a startup out of Nigeria that operates a popular mobile-first challenger bank for consumers and (soon) small businesses, Babatunde Ogundeyi in 2017.
eTranzact is one of the Fintech companies with online real-time payment system that allows account holders to pay for goods and services purchased from merchants, transfer funds to any bank account, cell phone, any card, pay bills, order products e.t.c without stress, launched in 2003.
The startup was founded on Feb 15, 2016, by Ayo Akinola, Joshua Chibueze, Nonso Eagle, Odunayo Eweniyi, and Somto Ifezue. PiggyVest is a secure online savings platform that makes saving possible by combining discipline plus flexibility to make you grow your savings.
10. Paylater by Carbon
Paylater is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash, founded by Chijioke Dozie.
Well, do you find this useful? which Fintech company do you love or is not on the list. Drop a comment below.