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Top 12 Fintech Companies in Nigeria. : A new term, “financial technology,” has emerged in Nigeria due to the blending of financial service delivery with developing technologies. FinTech in Nigeria is described in depth, followed by a look at Nigeria’s top 12 FinTech firms for 2022.

For many years before the emergence of FinTech, there existed a significant disconnect between the delivery of financial services and the advancement of technology. However, things have changed in the banking industry in recent years, and FinTech is on almost everyone’s mind these days.

What is FinTech?

Many firms in the FinTech sector use cutting-edge technology to improve the efficiency and efficacy of financial services.

In the end, FinTech is nothing more than a technological instrument that supports and facilitates the supply of financial services.

Many FinTech firms provide financial services to the general public via computer software. Due to the lack of restrictions imposed by long-established operating systems, these firms can operate more freely than conventional banks.

Businesses in the FinTech sector are elegant, versatile, and capable of generating new ideas and collaborating with professionals in information and technology. FinTech businesses in Nigeria are going to be discussed in detail shortly.

FinTech companies in Nigeria

Since its inception, the banking system in Nigeria has seen significant development. As banks compete for consumers, the quality of service they provide has improved.

If we’re honest, we’ll realize that there are still a few holes in the foundation. Much work has to be done to provide customers with the best possible financial service.

Customers in Nigeria’s banking sector are underappreciated. Rural communities, for example, lack access to services; even urban residents are unable to get some financial services, such as loans, due to restrictions governing the banking industry.

Many individuals in the nation who utilize the banks’ financial services are dissatisfied because of the poor user experience.

FinTech firms in Nigeria are currently working to fill the voids left by these and other factors. The best FinTech firms in Nigeria have seized the opportunity to provide better financial tools and services for the public.

Nigeria’s Fintech industry is still in its infancy. Some creative concepts that have helped the public, such as resolving concerns of inflexible savings, rapid lending strategies and investments, online payment gateway, and seamless payments, amongst others, have been developed by the financial sector thus far. Next, this article provides you with the list of the top 12 best fintech companies in Nigeria in 2022.

List of the Top 12 best FinTech companies in Nigeria in 2022

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

Top 12 best FinTech companies in Nigeria in 2022

More than 200 FinTech businesses are now operating in Nigeria. The Nigerian FinTech sector raised around $600 million in financing between 2014 and 2019.

This year, African Fintech companies made $122 million (or 25% of the $491,6 million total) in revenue.

Mintyn Bank

A digital banking platform in Nigeria, Mintyn Bank offers to assist its customers in saving and increasing their money via banking products, including mutual funds and investment savings accounts. Mintyn Bank’s features, products, and overall service have been designed to provide consumers with a better financial services experience and higher quality.

For foreign internet purchases, Mintyn is a virtual dollar-denominated card. It’s possible to pay with Mintyn without revealing your credit card details to the websites you purchase at or the marketplaces you sell on. Paying with a Mintyn Visa card is easy since it works with any merchant recognizing Visa payments.

It is possible to pay for overseas services like Netflix, Apple Music, and Amazon using Mintyn’s Virtual Dollar Card, a virtual dollar-denominated card.

Both mutual funds and savings accounts are available to customers of Mintyn. Mintyn has preselected various mutual fund products for investment by customers using Mintyn Mutual Funds. People who don’t plan to utilize the money in the near term might put it in long-term investments with lock-in periods.

Flexibility and set returns are the hallmarks of Mintyn Investment Savings products. It’s a solid option for short- to medium-term savings, with a decent profit margin.

It takes less than a minute to activate a personal Virtual dollar card on the Mintyn app and enjoy the various advantages it provides. Once you’ve downloaded the Mintyn app, you need to sign up as a member of the experience. Activating a personal Virtual Dollar card is straightforward when you’ve completed the registration process.

There are no costs for using Mintyn at over 40 million establishments globally. It never expires, making it ideal for extended holidays, business travels, or you must maintain spending money overseas at a cheap cost.


September 2021 saw the debut of Fincra, a payments infrastructure for fintech and worldwide corporations. It offers payment solutions that enable merchants to take payments securely, make worldwide settlements in many currencies at a reasonable cost with no hidden fees, and extend their business across borders with no additional costs or fees.

Fincra’s unique solutions for merchants include a wide range of cross-border payment options, such as the following:

Customers in the UK, EU, Nigeria, the United States, and other African countries can easily make payments to businesses via virtual accounts in GBP, NGN, and EUR. The funds are instantly deposited into the business’ Fincra wallet. There are no additional fees or hassles associated with international banking. Africans and other developing or frontier markets will also be helped by the company’s efforts to conduct digital transactions with the developed world in a low-cost and fast manner.

Fincra’s core concept is that Africa has the potential to become a global commercial powerhouse. By creating an API architecture, Fincra aims to make it easier for African enterprises and other international organizations to exchange information. The outcome is that African and international enterprises may connect, and vice versa. Businesses in Africa benefit significantly from this since it increases operational efficiency, enhances performance, boosts productivity, and expands market reach.

Payment infrastructure with cross-border capabilities enabling financial institutions, fintech, and global enterprises to accept payments, be settled, and transfer money across borders in numerous currencies is provided by Fincra. Customers located outside of the United States will be able to do business and conduct transactions with you more quickly and simply.

Using Fincra, users may take payments from all around the globe, including in Africa. Therefore, Fincra accepts payment in many currencies, guaranteeing that your company can cover the majority of nations worldwide.


In light of their previous achievements, it’s hard to ignore Flutterwave at this moment. Olugbenga Agboola and Iyinoluwa Aboyeji launched the African FinTech firm in 2006, and it has slowly acquired a reputation over the years.

Customers may send, receive, and pay bills with this Nigerian FinTech business, which is ranked as one of the best in the country. With more than 40 banks across African countries as partners, it has handled more than 100 million transactions.

This leading Nigerian FinTech firm is on a mission to build strong ties between African firms and businesses on other continents. Flutterwave and Visa launched a consumer payment solution called Alipay and GetBarter in 2019.

As a result of this relationship, Nigerians may now purchase Bitcoins using their local currency, the naira, thanks to this Nigerian FinTech firm’s partnership with Binance.

Flutterwave was hailed for raising $170 million, which put the company’s valuation at more than $1 billion. The Nigerian payment startup has raised at least $225 million and received at least $200 million in capital.

After the news of Flutterwave’s $1 billion valuations went viral, the firm announced that it is cooperating with PayPal to allow companies in Nigeria and other African nations to take payments. This statement was made shortly after the first.

“This eliminates the barrier for African businesses to take PayPal since once you have @theflutterwave for business, PayPal is now one of your payment methods,” said Flutterwave CEO Olugbenga Agboola on Twitter.

Android and iOS versions of the Flutterwave app are available. Barter and Rave, two of the most popular financial service applications in use today, were developed by the company.

Over 280,000 firms use the Flutterwave platform, headquarters in Lagos and San Francisco. The top Nigerian Fintech firm has operations in 20 African nations.


Paystack is ranked as the second-best FinTech company in Nigeria for 2022 by us. The business is one of Nigeria’s most prominent and fastest-growing financial technology firms.

Paystack was founded in 2015 by Shola Akinlade, CEO, and Ezra Olubi, CTO, believing that although starting a business is difficult, getting paid should not be.

Businesses and customers benefit from Paystack’s improved convenience and predictability in online payments. Users may accept payments through Paystack’s online payment gateway through invoices and payment pages.

Paystack makes it possible for your company to accept Visa, Verve, and Mastercard payments from customers all around the globe. As a result, it is now regarded as one of Nigeria’s greatest Fintech firms.

Nigerian FinTech startup Paystack has more than 17,000 corporate customers, including Betway, MTN, IrokoTV, and Domino’s Domino’s Taxify, making it one of Nigeria’s top FinTech businesses. Along with two other Nigerian firms, it has been included in a list of the world’s top 250 FinTech firms.


There will be a lot of attention on Accelerex in Nigeria in 2022 as it continues to make major progress in the e-payments revolution throughout Africa. The firm has met customers’ needs for quick and secure fintech products, solutions, and services since it began operations in 2013.

Since 2019, the firm has maintained its position as Nigeria’s leading Payment Terminal Service Provider in transaction value. Over 90,000 merchants throughout Nigeria’s 36 states are supported by the service, which is supported by 95 percent of the country’s banks.

For electronic payments in Nigeria, the brand Accelerex is a byword for trustworthiness and cutting-edge technology. Because of this, we’ve been able to take the brand’s activities to three more African countries: Ghana, Kenya, and the Democratic Republic of the Congo (DRC).

Products and solutions from Accelerex are designed to make e-payment and business operations more efficient. This includes the Accelerex Agent Network Platform (ANP), a sophisticated web-based platform specifically developed to service all players in the Agency Banking industry and make their business operations more accessible and more convenient.

With a focus on speed and security in creating goods and solutions, RexRetail, an SME-tailored comprehensive solution for all retail business requirements, was created.

SMBs may digitize their retail operations around inventory management, cashier management, and payment acceptance while having the ability to remotely control shop operations and analyze the success of each outlet with the help of this software. As a result of RexPay, retailers may be paid promptly and securely.

This client-focused corporation offers a 24/7 state-of-the-art contact center to respond to inquiries, resolve complaints and provide customer assistance.

With the establishment of regional offices in key geopolitical zones in Nigeria, Accelerex can better serve its clients in its major geopolitical regions.

When Accelerex Holdings Group received a $20 million investment in 2020 to fuel growth and new product development throughout the firm, it entered the club of Fintechs that have garnered investment.

Accelerex has won several accolades and honors, including the highly prestigious Cashless Driver Award from the Central Bank of Nigeria. It has also been recognized as one of Nigeria’s finest places to work by Great Place to Work, the worldwide authority on workplace culture, employee experience, and leadership behaviors.


Saving money has never been easier than with PiggyVest. A better interest rate is available for savings with PiggyVest than you can earn from regular banks. It’s one of Nigeria’s greatest FinTech firms.

Different savings programs are available with PiggyVest. You can automatically use the platform’s PiggyBank function to save a certain amount of money each day automatically.

It will be debited from your account each day and held in PiggyVest until the time for withdrawal is chosen, at which point you may withdraw the money with interest specified (current 8 percent).

The Safelock function allows you to choose a period for which you want to keep your money safe. When the money has reached maturity, you will be able to take it out. It’s like a regular Nigerian bank’s fixed deposit account, except you set the term yourself and earn up to 13% interest (upfront).

You can save in dollars, earn interest, and send money to anybody on PiggyVest using the Flex Dollar function, which allows you to save in dollars, earn interest, and transfer money.


Paga is a newcomer to the world of FinTech. It is one of Nigeria’s top 12 FinTech firms in 2022, making it easier for people to send and receive money in Nigeria.

As one of Nigeria’s leading FinTech businesses, it was created by Tayo Oviosu in 2009. It was included with Paystack in the top 250 FinTech businesses throughout the globe.

Paying with Paga is a safe and secure method of making payments. Simply dialing the number *242# allows consumers to pay, even if they don’t have an internet connection.

First, Paga aimed to make money transfers free of charge, no matter how much money was exchanged. However, over time, the firm added capabilities that allow for bank deposits, bill payments, and the ability to pay at select establishments.

Visa and Paga established collaboration on payments and technology in March 2020. Users of Paga will now be able to conduct transactions on Visa’s worldwide network thanks to this partnership.

Besides Nigeria, Paga has been expanding internationally since 2020. In January 2020, Apposit, an Ethiopian software development business, was bought, and a Mexican branch was formed.

This leading Nigerian FinTech firm has more than 12 million customers and employs over 20,000 people throughout the nation.


In Nigeria’s FinTech business, Interswitch is a household brand. The proprietor of Quickteller offers payment gateways and solutions for online transactions. Their products and services have had a significant impact on online shoppers.

In 2002, Mitchell Elegbe launched the firm, which began as a processor and switcher of electronic payments.

Interswitch offers a variety of financial services, including internet payment systems, point-of-sale terminals, and the Verve debit card.

It is a digital payments-integrated commerce startup that focuses on African enterprises. As one of Nigeria’s first FinTech firms, it has a rich history.

More than 500 million transactions were processed by the company, Interswitch in May 2019. It also bought a 60 percent share in health technology firm eClat in the same year.

Other brands owned by the company include Verve Debit Card, SmartGov, Retailpay, and many ATMs around the nation.

Kuda Bank

The FinTech community knows a lot about Kuda Bank. For the year 2022, it will be one of Nigeria’s top 12 FinTech businesses. You won’t have to worry about the fees associated with regular banks while using Kuda Bank.

Everything is done electronically at Kuda Bank; thus, there is no traditional paper trail. Users may establish an account with this online-only bank in as little as a few minutes.

Another service provided by this leading FinTech firm in Nigeria is the creation of personalized Mastercard ATM cards with no transaction fees or ongoing maintenance costs. Deposits are also complimentary.


It is also one of Nigeria’s oldest FinTech startups. FinTech firms in Nigeria see it as one of the finest in the world. Businesses in Nigeria may now take payments online thanks to its service.

Niyi Toluwalope is the company’s founder and CEO. Mobile Topup, PocketMoni, CorporatePay, BankIT, and ATM CardlexCash are only a few of the financial service providers owned by the corporation.

When E-tranzact was formed in 2003, it handled payment requests through ATMs, POS, the web, and automated transactions using smartphones and tablets. It’s compatible with VISA, AMEX, and MasterCard, to name a few.

On one of the company’s platforms, an N11 billion scam was said to have taken place in 2018. The CBN acted on this by ordering the immediate dismissal of a number of the FinTech company’s most influential directors, including the company’s former CEO, Valentin Obi.

In 2018, the corporation suffered a net loss of N3.1 billion due to the scandal, damaging its public image. However, the next year, the firm made a profit of N96 million after-tax, bringing it back to life.

E-tranzact is now one of Nigeria’s top 12 FinTech firms. As part of the Business Day Top 25 CEOs and Next Bulls Awards in 2019, it won the Best Corporate Turnaround and Transformation category for the company’s transformation.

For example, E-tranzact is also available in nations such as Zimbabwe and Cote d’Ivoire outside of Nigeria. It also has a presence in the UK.

Remita (SystemSpecs)

Remita has been named Nigeria’s Software of the Year on a number of occasions, and many Nigerian FinTech startups have been influenced by it.

SystemSpecs, founded in 1991 by John Obaro, created Remita. Businesses use electronic payment services, non-profit organizations (NGOs), government bodies (including multinational corporations), and individuals.

The Federal Government of Nigeria has licensed Remita to serve as the Treasury Single Account (TSA) backbone. When it comes to software sales, this organization has evolved through time.

As an API service that provides various solutions, including rapid lending products for lenders, Remita is the center of its efforts. In 2017, the mobile app was released.

Over 500 microfinance institutions utilize Remita to send money to over 1,000 businesses, SMEs, and other organizations. It handles more than $30 billion worth of transactions each year.

In addition to Remita, SystemSpecs has created Paylink. In 2020, Paylink was founded as an instant payment service that allows consumers to receive payments immediately into their bank accounts without revealing their bank credentials.

Carbon Paylater

Carbon, formerly known as Paylater, is a lending app designed specifically for Nigerians. As a result of this software, Nigerians can receive loans without dealing with the headache of dealing with conventional banks.

One Finance Limited is the company behind this lending platform, which went live in 2016 and is already making loans. The site doesn’t need users to submit any paperwork to acquire a loan, and its services are open to everyone.

Another wonderful thing about Carbon is that it’s fast, easy to use, well-designed, and efficient. Regardless matter where you are in the nation, you may get a loan here fast.

You don’t need a guarantor or collateral to secure a loan using the app, and Nigerian banks need both a guarantor and collateral before approving a person for a loan.

Payvest, a Carbon feature, allows customers to save money. Lendable loaned Carbon $5 million in the first quarter of this year. Amplify Pay was bought shortly afterward, allowing the Fintech firm to implement new banking capabilities quickly.

Since the beginning of 2019, this leading Nigerian Fintech business has produced up to $10.4 million in income and granted loans totaling at least $35 million.

Carbon was recognized as Africa’s best financial technology solution at the AppsAfrica Awards and has maintained its position as a leading Nigerian financial technology firm.


This article discussed the top 12 fintech companies in Nigeria. Financial technology (FinTech) is on the rise in Nigeria. Only a tiny percentage of the FinTech businesses and startups presently functioning in the nation are included in this top ten ranking.

But even though these firms have been able to use financial services sector technology, there are still many untapped potentials and unexplored territory inside the business.

One of Nigeria’s fastest-growing sectors is financial technology. With rising brands and services flooding the market on a yearly basis, it is simple to realize the influence and value it is providing to companies and economy of the nation at large.

Payment processing firms are now required by a large number of businesses and e-commerce sites in order to guarantee the successful completion of transactions and the effectiveness of company operations. In the world of cross-border payments, B2B cross-border payments, and payment processing.

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