Top 10 Fintech Companies in Africa

To say that the Fintech industry is growing rapidly in Africa is an understatement of the century, as the Fintech space is recording more progress, growth, funding, and expansion than any other sector in the world at the moment.

And judging from the fact that the Fintech space has been in existence in Africa for a long time, it is not surprising to see that in the last few years; particularly in the last 4 to 5 years, there has been a concentration of industrial focus and attention on the sector. 

And this is a result of the digital importance of the sector to our modern-day business and financial world in the aspects of asset management, banking transactions, insurance, and investments to mention a few. 

Needless to say that the Fintech sector is an essential and versatile financial and business sector that is helping to make life easier for Africans, and this justifies the funding gotten by this sector by both local and international investors.

In the year 2019 alone, the Fintech industry raised over $320 million, and this encouraged the birth of more Fintech Companies to add to the number of the existing thriving African Fintech companies. 

There are a lot of thriving Fintech companies and startups in Africa, and this article is targeted at showcasing the top 10 African Fintech companies. The companies on this list are picked based on their funding worth, the peculiarity of their products, and how popular they are across the African Continent and beyond. 

Piggyvest

Founded in the year 2016, Piggyvest.ng (which was formerly known as Piggybank.ng) is one of Africa’s thriving Fintech company. And what this Nigerian-based Fintech company does is to create a platform that enables people to practice money savings without going through the stress of going to deposit in the bank. 

Another edge that Piggyvest has over the traditional banking system is that there is no amount too little for users to save in their Piggyvest account, and they can also save at any time of the day. 

The best part of Piggyvest is that it helps to train users to cultivate the habit of saving money and leaving it in their account for a long time without withdrawal. This is made possible by the Piggyvest’s withdrawal dates feature that aids a long term saving culture. 

Jumo

Since it’s inception in 2014, this South African Fintech startup boasts of raising over $91.7 million and a thriving presence in 10 countries of the world namely Singapore, South Africa, Uganda, Ghana, Pakistan, Zambia, Kenya, Tanzania, Portugal, and Rwanda. 

Jumo is a platform that provides three major services: Savings, Insurance, and Credit. Jumo’s Credit-lending products enable people, most especially entrepreneurs, to have fast access to easy loans just at the tap of their screens. quick access to funds or asset finance. 

And what is best about Jumo’s credit plan is that the loan processes (amount, cycle, and mode of repayment) is determined by each individual and not forced on by the company. 

Savings products enable users to save money either for short-term or long-term purposes and what is more is that Jumo Savings products bear interests for each user. 

Insurance products help users to secure and safeguard their families, businesses, assets, and incomes.

eTranzact

One of the oldest Fintech companies and founded in 2003, eTranzact has served as the platform for different electronic banking transactions (Mobile payment for travels, education, etc,.), Mobile Topup, eremit, WebConnect, ATM transactions, POS, and Internet payment) in 6 countries which include the United Kingdom, South Africa, Kenya, Ghana, and Zimbabwe. 

Paga 

Another old Fintech company, Paga was founded in 2009, and its main service is mobile money payment. This service enables users to send money and also make some payment via their mobile devices and through channels such as IVR, USSD, SMS, Mobile application, and Web Services) 

Other services rendered by Paga include airtime transfer and purchase, retail payments, and bill payments, and retail payments.

Currently, Paga has a workforce of over 20,000 agents who provide services to over a teeming 12.8 million active customers all across the 7 countries in which it is operating. Also, as of now, Paga has raised $34.7 million funding by the likes of Global Innovation Fund, Adlevo Capital, and Unreasonable Capital. 

Flutterwave 

Flutterwave was founded in 2016 and has raised over $20 million in funding from different local and international investors globally. This Nigeria-based Fintech company aims to simplify payment processes for both individuals and corporate organizations. 

This it achieves by providing different payment products such as Barter, Fly, and Rave for companies, businesses, and individuals.

Branch 

Created as a tool to help Africans access loans easily and conveniently on their devices, Branch Fintech company is the answer to the prayers of people who want to borrow small capital that they can’t approach the traditional banking system for. 

Also, Branch is a lifesaver with its no rollover fees or late fees feature, hence the borrower can pay back when they can without any fear of additional charges. 

To make its work easier, this Fintech company has built an algorithm machine which helps to garner important information about its users through their devices, hence having the right information to help them process their loans without bothering them with lots of paperwork. 

Currently, Branch has over 3 million users, and has disbursed over $350 million loans to people. Also, Branch has raised over $250 million in funding from investors like Foundation Capital, Andreessen Horowitz, Visa, Trinity Ventures, and Formation 8. 

Opay 

Founded in the year 2018 by Opera, Opay is one of the most thriving and versatile Fintech companies in Africa. Opay is designed to enable users to make transactions such as bills payment, transport services, delivery of meals, to mention a few with the aid of its different products namely OFood, OKash, OBus, and OWealth. 

 Since its inception, Opay has broadened its business tentacles to Kenya, South Africa, and Ghana, and also raised a total of $50 million in a single funding round from the likes of Source Code Capital, IDG Capital, and Sequoia China, followed by a $120 million Series B funding round from Chinese investors.

BitPesa 

Focusing on cryptocurrencies transactions alone, this Pan-African Kenya headquartered Fintech company is designed to enable individuals and businesses to conduct payment transactions across Sub-Saharan Africa through the aid of Blockchain technology. 

Since it’s inception in 2013, BitPesa has spread its tentacles across 85 countries such as Senegal, Nigeria, Tanzania, Uganda, Kenya, Ghana, Spain, England, and Luxembourg. 

Cellulant

Founded in the year 2004, the mission of Cellulant is targeted at rendering seamless electronic payment and business services to individuals and corporate organizations in a bid to make payment and business transactions effortless. 

The services offered by Cellulant include the collection of funds and monitoring of financial transactions, fund transfers, retail management, and virtual top-up; which they carry out through the following products Tingg Pay and Checkout AP, TinggPOS, and TinggCard. 

Besides, Cellulant has a music ringtone business product that enables musical artists to earn money when their music is either downloaded or streamed from sites. Currently, Cellulant has raised $54.5 million in funding from investors like The Rise Fund and Andra AP-fonden.

Cellulant is currently running and operational in 11 African countries namely Zambia, Ghana Zimbabwe, Tanzania, Rwanda, Mozambique, Uganda, Malawi, and Botswana.

Zoona

Founded in 2011, this Lusaka based Fintech company focuses on helping African entrepreneurs transact their business activities easily. Zoona provides three products which include Money Transfers, Sunga, and Bulk Payments. 

Money Transfers enable users to perform peer-to-peer monetary payments and transfers, Sunga enables saving of funds in an e-pocket, while Bulk Payments enable users to handle bulk payments such as salary payments seamlessly. 

 Currently, Zoona has raised $20 million funding from the likes of The Mastercard Foundation, Quona Capital, International Finance Corporation, and Omidyar Network.

Forging a relationship between the digital world and finance, these African Fintech startups have done a good job in making sure that Africans can process various business and finance transactions from the comfort of their home without stress.