Nigeria’s top 10 fintech companies. Due to the mixing of financial service delivery with advancing technologies, the phrase “financial technology” has gained popularity in Nigeria. The top 10 Nigerian fintech companies for 2022 are then examined after a thorough description of fintech in Nigeria.

Before FinTech took off, there was a protracted chasm between the provision of financial services and the development of technology. FinTech is currently on practically everyone’s attention, as things in the banking sector have changed recently.

Describe FinTech.

Modern technology is employed by many companies in the FinTech sector to increase the effectiveness and efficiency of financial services.

FinTech is merely a technology tool that supports and streamlines the provision of financial services in the end.

Through computer software, several FinTech companies offer financial services to the general population. These businesses can operate more freely than traditional banks since they are not constrained by antiquated operating systems.

Businesses in the fintech industry are sophisticated, adaptable, and able to come up with new ideas and work with experts in information and technology. Soon, a thorough discussion of Nigerian fintech businesses will be provided.

Nigerian FinTech companies

The Nigerian financial sector has advanced significantly since its establishment. Banks have increased the quality of their services as they compete for customers.

If we’re being completely honest, we’ll see that the foundation still has a few gaps. To give consumers the greatest financial service possible, much work needs to be done.

Customers are undervalued in Nigeria’s banking industry. For instance, access to services is a problem in rural areas; even urban citizens cannot obtain certain financial services, including loans, because of regulations governing the banking sector.

The Fintech sector in Nigeria is still in its infancy. The financial sector has so far established a number of innovative ideas that have benefited the general public, including addressing worries about rigid savings, quick lending methods and investments, online payment gateways, and seamless payments, among others. Next, this article gives you a list of the top 12 fintech businesses operating in Nigeria as of 2022.

List of Nigeria’s Top 10 FinTech businesses for 2022

  1. Flutterwave
  2. Paystack
  3. Accelerex
  4. PiggyVest
  5. Paga
  6. Interswitch
  7. Kuda Bank
  8. E-tranzact
  9. Remita (SystemSpecs)
  10. Carbon Paylater


Flutterwave is currently difficult to ignore in light of its prior successes. The African FinTech company was founded in 2006 by Olugbenga Agboola and Iyinoluwa Aboyeji, and throughout the years, it has progressively built a reputation.

One of the greatest in the nation, this Nigerian FinTech company allows customers to send, receive, and pay invoices. It has handled more than 100 million transactions with partners from more than 40 banks in African nations.

The Flutterwave app is available for iOS and Android. The business created Barter and Rave, two of the most widely used financial service applications today.

The Flutterwave platform, with offices in Lagos and San Francisco, is used by over 280,000 businesses. The leading Fintech company in Nigeria has operations in 20 African countries.


We place Paystack as the second-best FinTech business in Nigeria for the year 2022. The company is among the most well-known and rapidly expanding financial technology companies in Nigeria.

The CEO and CTO of Paystack, Shola Akinlade, believed that while starting a business is challenging, receiving payment shouldn’t be. Paystack was established in 2015.

Paystack’s enhanced simplicity and predictability in online payments help businesses and customers. Through invoices and payment pages, users can accept payments through the Paystack online payment gateway.

Your business can accept Visa, Verve, and Mastercard payments from clients all across the world thanks to Paystack. It is now considered one of Nigeria’s top Fintech companies as a result.


In 2022, Accelerex will be the centre of attention in Nigeria due to its significant contributions to the e-payments revolution in Africa. Since the company started operating in 2013, it has satisfied clients’ expectations for speedy and secure fintech products, solutions, and services.

The company has continued to dominate Nigeria’s Payment Terminal Service Providers in terms of transaction value since 2019. The program, which is supported by 95% of the nation’s banks, supports over 90,000 merchants across Nigeria’s 36 states.

The Central Bank of Nigeria’s incredibly renowned Cashless Driver Award is only one of the awards and honours that Accelerex has received. Additionally, Great Place to Work, a global authority on workplace culture, employee experience, and leadership behaviours, named it one of Nigeria’s best places to work.


With PiggyVest, saving money has never been simpler. In comparison to traditional banks, PiggyVest offers a higher interest return for savings. It belongs to the top FinTech companies in Nigeria.

With PiggyVest, various savings plans are available. The platform’s PiggyBank feature allows you to set up automated daily savings of a particular amount.

When the time for withdrawal is selected, it will be deducted from your account each day and stored in PiggyVest until then. At that point, you can withdraw the money with the appropriate interest (current 8 per cent).

You can select a time frame for the Safelock function to keep your money secure. You can withdraw the money once it has attained maturity. Similar to a standard fixed deposit account offered by a Nigerian bank, you can set the period and receive up to 13% interest (upfront).



Paga is a recent entry into the FinTech industry. Making it simpler for individuals to send and receive money in Nigeria, it will rank among the top 12 FinTech companies in Nigeria in 2022.

It was founded by Tayo Oviosu in 2009 and is now one of Nigeria’s top FinTech companies. It was listed with Paystack in the top 250 global FinTech companies.

A safe and secure way to make payments is through Paga. Customers can pay even if they don’t have an internet connection by simply phoning *242#.

The first goal of Paga was to make all money transfers free of charge, regardless of the amount being sent. However, the business introduced features over time that enable bank deposits, bill payments, and the capability to pay at certain businesses.

In March 2020, Visa and Paga began working together on payments and technology. With the help of this cooperation, Paga users will now be able to execute transactions on the Visa global network.


Interswitch is a well-known name in Nigeria’s FinTech industry. The owner of Quickteller provides solutions and payment gateways for online transactions. Online buyers have been significantly impacted by their goods and services.

The company was established in 2002 by Mitchell Elegbe and started out as a processor and changer of electronic payments.

A number of financial services are provided by Interswitch, such as point-of-sale terminals, internet payment systems, and the Verve debit card.

It is a startup with a focus on African businesses that integrates digital payments into the trade. It has a long history as one of Nigeria’s first FinTech companies.

In May 2019, the business Interswitch executed more than 500 million transactions. In the same year, it also acquired a 60 per cent stake in the health technology company eClat.

The corporation also owns the Verve Debit Card, SmartGov, Retailpay, and numerous ATMs across the country.


The Kuda Bank brand is well-known in the FinTech industry. It will rank among Nigeria’s top 12 FinTech companies in 2022. When utilizing Kuda Bank, you won’t have to be concerned about the fees connected with conventional banks.

There is no typical paper trail at Kuda Bank because everything is done online. With this online-only bank, customers may open an account in as little as a few minutes.

Making customized Mastercard ATM cards with no transaction fees or ongoing maintenance expenses is another service offered by this top FinTech company in Nigeria. Deposits are also provided at no cost.


It is also among the first FinTech startups in Nigeria. Nigerian fintech companies consider it to be among the best in the world. Thanks to this service, businesses in Nigeria may now accept payments online.

The CEO and creator of the business are Niyi Toluwalope. A few of the financial service providers controlled by the company are Mobile Topup, PocketMoni, CorporatePay, BankIT, and ATM CardlexCash.

When E-tranzact was established in 2003, it managed payment requests made through ATMs, point of sale terminals, the internet, and automated transactions made using cell phones and tablets. It accepts a variety of credit cards, including MasterCard, AMEX, and VISA.

One of Nigeria’s top 12 FinTech companies right now is E-tranzact. It earned the Best Corporate Turnaround and Transformation category as part of the 2019 Business Day Top 25 CEOs and Next Bulls Awards for the company’s transformation.

For instance, outside of Nigeria, E-tranzact is also accessible in countries like Zimbabwe and Cote d’Ivoire. Additionally, it is present in the UK.


Remita has repeatedly been selected Nigeria’s Software of the Year, and several FinTech businesses in Nigeria have been impacted by it.

Remita was developed by SystemSpecs, which John Obaro started in 1991. Businesses use non-profit organizations (NGOs), government entities (including multinational enterprises), and people to make payments electronically.

Remita has been granted permission by the Federal Government of Nigeria to act as the foundation of the Treasury Single Account (TSA). This company has changed over the years in terms of software sales.

Remita is used by more than 500 microfinance institutions to transfer money to more than 1,000 SMEs, enterprises, and other organizations. Each year, it manages transactions worth more than $30 billion.

Paylink was developed by SystemSpecs in addition to Remita. Paylink was established in 2020 as an instant payment service that enables customers to accept payments right into their bank accounts without disclosing their bank login information.

Carbon Pay Later

The lending app Carbon, originally Paylater, was created especially for Nigerians. Nigerians can now acquire loans without having to deal with the hassle of interacting with traditional banks thanks to this program.

This lending platform, which went live in 2016 and is now disbursing loans, is run by One Finance Limited. The website’s services are available to everyone, and users are not required to submit any papers in order to obtain a loan.

The fact that Carbon is quick, simple to use, well-designed, and efficient is another amazing feature. No matter where you are in the country, you may quickly receive a loan here.

The software does not require collateral or a guarantor, while Nigerian institutions demand both a guarantor and collateral before approving a person for a loan.


The top ten fintech businesses in Nigeria were covered in this article. In Nigeria, financial technology (FinTech) is becoming more prevalent. These top ten rankings only represent a very small portion of the FinTech companies and startups that are currently operating in the country.

Even though these companies have been able to employ technology from the financial services sector, there is still a lot of unrealized potential and uncharted areas in the industry.


About Lekan Dankazeem

My name is Olalekan Dankazeem. I hail from Kwara State and I am a web content creator. Kindly Reach me through my mail if you have business and adverts. We are here at your service.

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