November 11, 2019 All Things Fintech in Africa

Top 10 Fintech Companies in Nigeria and their CEOs

Top 10 Fintech Companies in Nigeria and their CEOs

Financial service delivery in Nigeria is seeing a burst in growth as a result of the emerging technologies in the financial service sector. Financial Technology (FinTech) companies are the emerging companies in the industry improving finance service delivery with the help of technology.

These companies had become some of the fastest growing technology companies in the country. Out of the $114 million funds raised by tech companies in the country, 75 percent of it went to FinTech companies. Already, some of these companies are top players in the world. According to CB Information Services, 3 Nigerian FinTech companies are part of the world’s top 250 FinTech companies.

This had shown how far the Nigerian FinTech companies had gone. Contained in this article, is the list of the top 10 Fintech Companies in Nigeria and their CEOs.

PayStack – Ezra Olubi

Building a business is hard, getting paid shouldn’t be – these are the words of Paystack and that is where they come in. They help businesses accept payment across the African continent. This company was founded by Shola Akinlade, the CEO of the company and Ezra Olubi, the CTO of the company.

Since it was founded in 2015, it had grown to be one of the top financial service providers in Nigeria. It is the first tech company in Nigeria to be accepted into Silicon Valley’s Y Combinator program. It is also one of the 3 Nigerian company on the list of the world top 250 FinTech companies.

This company burst from having over 17,000 businesses as customers out of which Mtn, Betway, Domino, IrokoTV and Taxify are part. It has its office in both Lagos, Nigeria and San Francisco, United States.

Paga –  Tayo Oviosu

With over 12 million customers and 20,000 agents spread across Nigeria, Paga is a force to reckon with in the fintech industry in Nigeria. Paga is a tested and trusted mobile payment company, it is reliable, quick and easy to use. With just *242#, customers without an internet connection can make payment.

Paga made it easy to send and receive money in Nigeria. Paga was founded in 2009 by Tayo Oviosu, it is featured on the list of the world top 250 FinTech companies.

Flutterwave – Olugbenga Agboola

Founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji, Flutterwave is a FinTech company helping it customers send and receive money as well as pay bills. The company is a partner to more than 50 banks in Africa, had processed about 100 million transactions amounting to over $2.5 billion.

They are the developers of Rave and Barter – 2 financial service apps that had gained recognition. The company is based in San Francisco and has offices in Nigeria, Ghana, Kenya and South Africa.  

SystemSpecs – John Obaro

SystemSpecs is a privately-owned company founded in 1991 by John Obaro. This company is one of the top 10 Fintech Companies in Nigeria. It has an interest in financial services most notably online payment. SystemSpecs is the owner of Remita, an e-payment solution licensed by the Federal Government of Nigeria.

Remita serves as the backbone of the Federal Government Treasury Single Account (TSA) which had helped the government keeps an eye on its money.

PiggyVest – Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze

Do you want to save for a project? PiggyVest might be what you need – that’s what they do. Formerly known as PiggyBank, PiggyVest helps its customers save money by staying disciplined and locking away some amount for a particular period. It is just like a modernized version of esusu.

Over one billion is saved every month by this company. Interestingly, they pay 10% interest on money saved. The Co-Founders of PiggyBank now known as PiggVest are Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze.

Branch – Matt Flannery

One of the top 10 Fintech companies in Nigeria is Branch, a financial service delivering provider focused on loan. This company together with Paystack and Paga are the 3 Nigerian financial technology companies that made it to the list of top 250 FinTech companies in the world. Matt Flannery is the CEO of this company.

Interswitch – Mitchell Elegbe

The list of top 10 FinTech companies in Nigeria is not complete without Interswitch, the owner of Quickteller. This company is one of the oldest in the FinTech industry in Nigeria. It has its focus on online payment gateways and solutions. Quickteller had over the years, become a solution provider for online buyers.

Aside Quickteller, Interswitch is also the owner of the verve debit card, Retailpay, Smartgov and over 11,000 ATM machines in the country. The Chief Executive Officer of Interswitch is Mitchell Elegbe.

E-Tranzact – Niyi Toluwalope

E-Tranzact just like Interswitch is one of the first FinTech companies in Nigeria that came to solve the problem of helping businesses accept payment online. No doubt, they have their name written in gold in the industry. This company is the owner of PocketMoni, Mobile Topup, BankIT, CorporatePay, and ATM CardlexCash among others. Mr. Niyi Toluwalope is the CEO of this company.

VoguePay – Michael Simeon

Another key player in the FinTech industry is VoguePay, a payment solution provider that gives unregistered businesses an opportunity to accept and make payment online. With just a bank account, National ID and any utility bill, one can get started on VoguePay. Michael Simeon is the current CEO of this company.

Paylater – Chijioke Dozie

Paylater lives in the same niche as Branch – they both provide loan to individuals and businesses. For Paylater, the loan they provide to individuals ranges from N7,000 to a million without going to their office. Interestingly, this loan is provided at a low interest and with the collateral free tag on it. Chijioke Dozie is the CEO of Paylater.

Conclusion

It is important to note that the 10 FinTech companies on this list are just a small cut out of the cake of FinTech companies in Nigeria harnessing the opportunity provided by technology in the financial service industry. In fact, opportunities still abound in the industry – according to a report from World Bank, only 40% of Adults in Nigeria have bank accounts.

The question now is who is bold enough to take up the challenge and take financial services to the remaining 60 percent that are unbanked?

10 Fintech Startups You Should Know About in Nigeria

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