The financial service sectors in alignment with technology, “Fintech” (which has played a massive role in the rise of the financial sector) in Nigeria has advanced extremely and is still growing. This story highlights the various Fintech companies by their sectors and how they’ve helped improve the economy of Nigeria. The sectors are as follows: Payment & Transfer, Savings/Investments, Insurance, Lending, and Others (remittance, cryptocurrency).
Under the payment & Transfer sectors, you see companies like Paystack helps businesses in Africa get paid by anyone, anywhere in the world and give customers a seamless payment experience through any of the following means: card, bank Account, GTB 737, Visa QR, and Mobile Money.
Flutterwave accepts payments, makes payouts and manages your business funds from one integrated platform that helps you connect globally. They offer different modern payment products like the Payments Platform, Merchant Marketplace, and Everyday Payments.
Wallet.ng offers an easier way to transact across Africa by just having the app and a card. That’s used to send money locally and internationally, spend online locally and internationally with just a mobile phone.
Fetswallet plans to enhance the lives of its customers by providing convenient, reliable, and affordable payment solutions.
Other startups in this sector are MobiKwik, NetPlusDotCom, Quickteller, Paga, Teamapt, and Cellulant.
Companies in the Savings/Investments sectors, Alat by Wema is for businesses that perform transactions of up to 2 billion naira, Alat also has a dedicated mobile app, a real-time report from POS terminals, and tax and bill payments.
Payday Investor is a simple and secure way to put money aside for the things you want and make more profits on your investments over time.
PiggyVest helps you achieve financial freedom by enabling you to save responsibly and invest on the go.
KoloPay helps you easily save little by little towards your goals and you get up to 10% interest, all for free. Your personal information is encrypted and transactions are securely processed.
CowryWise allows you to save money on your own terms and with just one account, you can save in multiple different ways. Regular savings, life goals, halal savings, and saving circles.
Insurance Fintech companies: AutoGenius has made insurance easy as ABC: Assurance, Best rates, Convenience. With this company, you buy insurance, compare insurance, and get vehicle documents.
Compare Insurance offers a hassle-free experience and guides you every step of the way through their help desk.
Cassava Smartech is a diversified smartech group, with a mandate to use digital solutions to drive socio-economic development and to improve the overall quality of life for all Africans.
Avon HMO empowers customers to live fuller, healthier lives and no matter your stage in life, they have a health plan for you.
Lidya loans give you the opportunity to expand your business and generate more income and provides financing based on the cash flow in your bank account and without collateral.
PayMyRent helps you save small-small daily, weekly or monthly towards your house rent and even earn up to 20% interest on your savings.
Kiakia is a swift, smart, convenient way to borrow and lend out money in real-time. It’s the digital financial marketplace.
Others (that include remittance, cryptocurrency) are: EGM, SureRemit helps send value, airtime, payments, and donations back home faster and cheaper than popular remittance providers.
Luno is a bitcoin-related company that facilitates bitcoin storage and transactions such as buying, selling, and paying through their bitcoin wallet services.
Technology has played a critical role in enabling this evolution and the future is optimistic for Fintech in Nigeria and hopefully, more products and services will be developed to solve the challenge of financial inclusion. It’s also noteworthy to state that technology, investment, and people have contributed to the growth of Fintech.