FinTech in Nigeria: Everything You Need to Know. As a quick primer, Fintech refers to the field of financial technology. Mobile banking and peer-to-peer payments, as well as distributed ledgers and digital currencies, are all examples of financial technology innovation. Posts related to top online payment transaction technology trends
Many fintech solutions are designed to connect customers’ finances with technology for convenience of use, while the term is also applied to B2B technologies as well. NIN Nigeria – Everything You Need to Know About the National Identity Number
Finance and information technology (Fintech) has evolved over the years to disrupt and transform the way people do business by using cryptocurrencies like Bitcoin to conduct transactions, make financial investments, manage their assets, provide insurance, and more. E-learning, Fintech, and remote work are also on the list of the most popular Nigerian IT trends.
Nigeria’s Fintech Companies of the Year
Fintech Companies in Nigeria, Everything You Need to Know. To address Nigeria’s present financial challenges with technology, these companies/startups/products are now taking use of these chances.
In Nigeria, how many fintech firms are there? In 2022, we use over 230 fintech startups in Nigeria. The number of startups in this industry has increased in recent years as compared to earlier years. In Africa, Nigeria boasts among of the greatest concentrations of fintech businesses.
Listed here, in no particular order, are a few of Nigeria’s most promising fintech businesses, who are working to make financial services more readily available to the country’s citizens.
Read Also: First Bank Mobile App: All You Need To Know
Top Fintech businesses in Nigeria in 2022 are listed below:
- Flutterwave
- Paystack
- Accelerex
- PiggyVest
- Paga
- Interswitch
- E-tranzact
- Carbon Paylater
- Remita (SystemSpecs)
- Kuda Bank
Flutterwave in Nigeria
In light of their recent accomplishments, who hasn’t heard of Flutterwave by this point in time? African FinTech was formed in 2006 by Olugbenga Agboola and Iyinoluwa Aboyeji. Customers can send, receive, and pay bills with the help of this Nigerian FinTech startup. It has worked with more than 40 banks in Africa and completed over 100 million transactions.
One of the most prominent Nigerian FinTech firms is poised to forge formidable alliances that would link African businesses with those on other continents. Consumer payment product Alipay and GetBarter were launched in 2019 as part of a partnership between FlutterWave and Visa. Nigerians can now purchase Bitcoins using the naira thanks to this FinTech startup established in Nigeria and its relationship with Binance.
Flutterwave was hailed as a success after raising $170 million, making it worth more than $1 billion. A total of $225 million has been raised and over $200 million has been obtained by the Nigerian payment company. An statement by Flutterwave announcing a partnership with PayPal to enable businesses in Nigeria and other African nations to take payments quickly followed the news that the company was valued at over $1 billion.
“This removes the barrier for African merchants to take PayPal because once you have @theflutterwave for business, PayPal is now one of your payment kinds,” Olugbenga Agboola, CEO of Flutterwave, wrote on Twitter. Both Android and iOS users can access the Flutterwave mobile app. Barter and Rave, two of the most popular financial service apps in use today, were developed by the company.
In Lagos and San Francisco, Flutterwave has more than 280,000 businesses using its platform to conduct business. This leading Nigerian Fintech firm is currently active in over 20 African countries and territories.
Paystack in Nigeria
We’ve ranked Paystack second on our list of Nigeria’s top 10 FinTech businesses for 2022. The company is one of Nigeria’s most prominent and fastest-growing financial technology firms. If you work hard to build a business, getting paid shouldn’t be hard. Paystack was founded in 2015 by CEO Shola Akinlade and CTO Ezra Olubi.
Businesses and customers alike benefit from Paystack’s improved convenience and predictability in online payments. User-created payment pages and electronic invoices are both supported by the PayStack payment gateway. Paystack allows your business to accept Visa, MasterCard, and Verve payments from anywhere in the globe. This makes it one of Nigeria’s leading Fintech companies.
Nigerian FinTech company Paystack has more than 17,000 business clients, including Betway, MTN, IrokoTV and Domino. Along with two other Nigerian firms, it was included in a list of the world’s top 250 FinTech firms.
Accelerex in Nigeria
One of Nigeria’s leading fintechs, Accelerex, will continue to make big progress toward advancing e-payments throughout Africa in 2022. Fast and secure financial technology products, solutions, and services have always been a priority for the company since it was founded in 2013.
Since 2019, the company has maintained its position as Nigeria’s leading Payment Terminal Service Provider in terms of transaction value. Over 90,000 merchants across Nigeria’s 36 states are supported by the service, which is supported by 95 percent of the country’s banks.
Electronic payments in Nigeria are synonymous with the brand Accelerex. In the wake of its success, the company has begun expanding into other African countries such as Ghana, Kenya, and Democratic Republic of the Congo (DRC). This is expected to happen by the end of the year.
PiggyVest in Nigeria
PiggyVest is an excellent platform for saving money. Saving money at a greater interest rate than regular banks is possible with PiggyVest. It’s one of Nigeria’s best FinTech firms.
Save money with PiggyVest and its various options. You can use the platform’s PiggyBank feature, which allows you to set the amount of money you’d like to save each day and have it done for you.
PiggyVest will automatically deduct the specified amount from your account each day and hold it in escrow until the specified period for withdrawal has passed (current 8 percent p.a).
The Safelock feature allows you to set a time period for which you want to keep your money safe. When the money has reached maturity, you will be able to take it out. Fixed deposit accounts at Nigeria’s traditional banks are comparable to this account, except that you can set the tenor and earn up to 13% interest (upfront).
The Flex Dollar function on PiggyVest allows you to save in dollars, collect interest, and transfer dollars to anyone else using PiggyVest as a platform.
Paga in Nigeria
Paga is another another FinTech company generating headlines. One of Nigeria’s top 10 FinTech companies by 2022, the company has made it simple for customers to send and receive money in Nigeria. As one of Nigeria’s leading FinTech businesses, it was created by Tayo Oviosu in 2009. It has been included in a list of the world’s top 250 FinTech companies, alongside Paystack.
Paga is a well-established mobile payment provider with a solid reputation for speed, reliability, and security. Users can make a payment even if they don’t have access to the internet by phoning *242#. Paga’s original purpose was to allow customers to send money free of charge, no matter how much they sent. But as time went on, the corporation rolled out other capabilities, such as the ability to make bank deposits, bill payments, and even pay in some retail establishments.
Visa announced a cooperation with Paga on payments and technology in March 2020, saying the two companies had entered into an agreement. Paga users can now access Visa’s global network to complete transactions. Since 2020, Paga has been making attempts to expand its business beyond Nigeria, a goal that has been met. After acquiring Apposit, a software development firm based out of Ethiopia, in January 2020, the company created a Mexican branch.
Over 12 million people use this Nigerian FinTech organization, which has more than 20,000 agents across the country.
Fintech’s Hottest Trends for 2022
Fintech’s Hottest Trends for 2022 Top FinTech trends to watch in Nigeria, fintech trends to watch in 2022, and all you need to know about FinTech in Nigeria. The advancement of financial technology, or FinTech, is gaining momentum right now. There are several advancements in this field that are aimed at helping financial services organizations and their clients better manage their finances.
The following are the most important Nigerian FinTech Trends to Monitor in 2022.
- Biometric Security Systems
- Customer-centric applications
- Autonomous Finance
- Big Data Management
- Voice Technologies
- RegTech in financial services
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