Top Fintech Start Up To Watch For In Nigeria

Fintech start ups in nigeria

Fintech companies are growing, and you want to find out what start-up is worth watching. There is a lot of technology being developed in thwe fintech industry with many new developments coming online all the time.

Fintech has caught the attention of investors all over the world. There are many different startups that have been successful at attracting funding in recent years due to their innovative products backed by strong customer bases with big growth potentials. These companies include Transferwise, Payoneer, WorldRemit and more register your name on our list for updates about new startups.

This article will help you learn about the top fintech start-ups to watch out for in Nigeria, which are revolutionizing financial services by providing convenient and accessible products and services to their customers all over the world.

What is Fintech?

Fintech is a term that is used to describe the use of technology in the financial services industry. This can include anything from mobile banking to peer-to-peer payments. Fintech companies are often startups and utilize new technologies to provide financial services that can improve traditional forms of finance. Nigeria has a long history with Fintech, with some of the oldest Nigerian banks starting to utilize technology at the back-end and front-end of their operations in order to stay competitive.

How does fintech work?

A fintech is a financial technology company. They are platforms or applications that allow users to conduct financial transactions digitally. One of the most popular types of fintech is mobile banking, which allows users to conduct transactions through their smartphones. Fintechs have become very popular in recent years because they offer a more efficient and user-friendly alternative to traditional banking methods.

Nigeria is a country that is rapidly moving into the digital age, with millions of people now living in a world where fintech startups are making it easier than ever to conduct transactions. These startups have taken on the traditional banking system and disrupted their legacy operations. The reason they are able to do this is that relatively few Nigerians have bank accounts – only about 36% of adults according to World Bank data. This leaves a lot of room for growth and presents some major opportunities for fintech companies in Nigeria. Here are 5 key stats that sum up the current state of affairs:

1) The population is large and growing- over 180 million people

2) There is a large unbanked population- over 60% of the population does not have a bank account

3) The mobile phone penetration rate is high- over 90% of the population has access to a mobile phone

4) There is a high demand for financial services

5) The cost of starting a fintech company is low.

List of Top 5 Fintech Companies to watch out for in Nigeria 2022

Kuda Bank

Kuda Bank is a Nigerian bank that operates as a digital-only bank. It was founded in 2017 and is meant to be an easily accessible bank for people who predominantly use their smartphones. Kuda Bank has several benefits, including no ATM maintenance fees, no transfer fees to other banks, free deposits, and more.

Kuda has a mobile app designed for smartphones that allow users to open accounts, deposit money, and make payments. The startup raised $1,600,000 in 2019 from investors such as GroFin and Ventures Platform. It is still growing and one of the emerging financial companies to watch out for in 2022.

Flutterwave

top fintech start up in nigeria

Flutterwave is a popular fintech startup that began in 2016. It was founded by engineers, bankers, and entrepreneurs who saw the need for a payments solution that connects Africa to the global economy. Flutterwave’s payment platform allows businesses and individuals to send and receive payments across borders quickly, easily, and securely.

Flutterwave is a Lagos, Nigeria-based startup company that provides a seamless and easy payment system for businesses of all sizes. They have processed more than 100 million transactions worth more than $2 billion. This startup is projected to break ground in the new year.

Piggyvest

top fintech start ups in Nigeria

Piggyvest is a Nigerian startup that automates the process of saving money. It allows users to save small amounts on a daily, weekly, or monthly basis. Piggyvest was started as an online savings platform in Nigeria and has quickly gained traction. The company is poised for growth and is one to watch in the Fintech space.

Piggyvest is a top fintech startup to watch in Nigeria because it has successfully contributed to the 2 million Nigerians who save and invest from their phones. It offers an easy way for people to save, invest, and grow their money. In addition, users can earn 8-13% on their savings account balance and up to 25% for investments.

Paystack

top tech start ups in Nigeria

Paystack is a Nigerian payments startup that was founded by CEO Shola Akinlade and CTO Ezra Olubi in 2015. It allows businesses to accept online payments from customers in Nigeria, and has been lauded for its ease of use and wide range of features.

Earlier in 2018, Paystack announced that it had raised $8-million in a Series A funding round led by US payments company Stripe. This is one of the biggest deals by an African tech startup in 2018 and it goes to show how investors are starting to take note of Nigeria’s burgeoning tech scene. Paystack enables Nigerian businesses to accept Mastercard, Visa, and Verve cards – making it easier for customers to transact business. The startup is also on a hiring spree as it looks to expand its operations. This company is among the few fintech companies to watch out for because they have plans to broaden their reach globally.

Carbon

top tech start ups in nigeria

Carbon is a Nigerian mobile app that provides short-term loans. It is one of the pioneers of fintech in Nigeria and has quickly become one of the most popular loan apps in the country. The company offers a simple and convenient mobile app that makes it easy to get a loan without having to go through a lot of red tapes.

Since launching in 2016 as a digital lender, Carbon has now transitioned into a full-fledged digital bank. With its innovative products that let customers pay bills, transfer money and access instant loans from their mobile phones, Carbon is quickly gaining a following in Nigeria’s competitive fintech market.

Who are the key players in fintech?

The fintech industry is booming and is only expected to continue growing in the new year. There are a number of key players who have made a name for themselves in this space and continue to innovate and bring new products and services to the market. We can expect to see continued momentum from these top players, as well as some exciting new innovations from up-and-coming fintech startups.

How to Start Your Own Fintech Company In Nigeria

There are a few things you need to start your own Fintech company in Nigeria. Starting a fintech company in Nigeria is not as difficult as one may think. In fact, there are a few things you need to do in order to get started. The best idea is to start small and then expand globally if required. You will need to have a great idea, some capital, and the right team in place to get started.

When you’re starting a Fintech company in Nigeria, you need to pick a domain for your product. This can be anything from payments to loans to wealth management. You’ll also need to decide what features your product will have and how it will stand out from the competition.

Also, you need the requisite technology skills- back-end and front-end development. Secondly, you need to have a clear understanding of the Nigerian financial sector and what services your company can provide that is unique and beneficial to customers in the Nigerian market. Lastly, you will need some seed funding to get started.

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