Top FinTech Companies In Nigeria
Nigeria is a safe and assured space for finance and technology! Why? You have the best performing Fintechs available at your disposal.
Today, MonkeyPesa avails you a list of the best top-performing Fintechs in Nigeria.
What is Fintech?
Fintech is short for financial technology. This is the technology used in delivering financial services without using the traditional banking methods. Fintech involves the use of electronic money, for example, Mobile money. It so happens that in Nigeria, there are so many competing fintech companies: those which have existed for quite a long time and those that are startups. This arising competition has put the existing banks under pressure to innovate and go digital because it seems clients are running away going for cheaper, faster, and easier means.
Day by day, the world is going digital, and so is fintech. People are coming to realize this and are investing in Fintech heavily. This happens to be the reason why they are currently flooding the African market. Most people are in the informal sector, and most require that financing capital for their ventures. Fintechs exists to support micro, small scale, and medium enterprises.
TOP 10 FINTECHS YOU SHOULD LOOK UP TO IN NIGERIA.
If you want to send and receive money, then do Paga. 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. Currently, Paga has over 17,022,604 customers and 27121 agents across Nigeria. For this reason, it is said to be among the best and leading Fintech in Nigeria. Paga majorly deals with customers who are unbanked and those in need of quick money.
Paga was started in 2009; the idea was ushered in by Tayo Oviosu to have it possible for one billion people to access money. This has helped to minimize the effect of transacting using cash and access to financial services. Paga was launched in 2012 under the central bank of Nigeria; Paga's services are; free money transfers, deposits to bank accounts, buying and selling of airtime, bill payments, remittances, bulk disbursements, and collections accessible through online channels and mobile phone. Paga service providers are usually found in –mom and pop stores, pharmacies, grocery stores, and many other places where money can be accessed.
Paystack supports businesses in Africa to access modern online and offline payments anywhere, anytime by anyone. Currently, Paystack handles over 60,000 businesses. You can make payments with paystack anytime you are using a visa card, bank account, bank transfer, USSD, visa QR, Mobile money, and POS. Paystack makes financial transactions for global brands, entrepreneurs, large organizations and empowers growth for very many businesses.
The mission of Paystack is “to help businesses in Africa become profitable, envied and loved.” Paystack currently serves over 25,000 merchants; in October 2018, they processed payments over 2,900,000 and paid out over $27,500,000. Paystack stands on the values that it is a deeply mission-driven company, and these are the core ideas we return to when we make decisions.
One of Nigeria’s leading technology-driven digital payments company helped shape the payments ecosystem across the growing e-commerce sector in Africa. Interswitch is an African oriented company focused on payments. It is a gateway to Africa’s payment ecosystem. It creates and sustains a payment ecosystem that helps commerce evolve, businesses grow, and individuals thrive.
Interswitch envisions making payments a seamless part of everyday life in Africa while creating transaction solutions that enable individuals and communities to prosper across Africa. Their purpose is to inspire Africa to greatness through innovation, value creation, and excellence.