Financial Technology – 18 Fintech Banks In Nigeria
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Digital banks are becoming more popular due to their ability to provide easy access to banking services and various transactions without the need for physical branches. This trend is also noticeable in Nigeria, where digital banks are increasingly gaining popularity.
However, many people may not be aware of the benefits and features of digital banking, and that is the main aim of this article.
Lidya aims to facilitate access to financing and the development of credit scores for exceptional business owners through a lending process that is simple and motivating.
Lidya provides unsecured business loans to individuals in Nigeria, allowing companies to obtain funding without the need to visit a traditional bank and without being subject to undisclosed charges.
Bamboo is a Nigerian investment firm that offers an app for investing in both local and foreign stocks. It is based in Lekki, Lagos and has received funding from investors such as LoftyInc Capital Management and Saison Capital.
OPay is a mobile payment service that operates in Nigeria, allowing users to conduct various financial transactions such as paying bills, transferring and receiving money, accessing loans, and saving money through its application.
The company aims to provide its users with a convenient and rewarding payment experience by offering free transfers, cashback on airtime and data top-ups, and more. It boasts a high success rate of payment processing, claiming to handle over 60% of mobile money transactions in Nigeria.
V bank is an emerging digital bank in Nigeria that VFD Microfinance Bank established. Apart from the standard banking features that are available on most banking apps in Nigeria, V Bank also provides users with the ability to monitor their expenses and earnings, manage budgets, and define spending limits.
VFD Microfinance Bank is a completely digital bank headquartered in Lagos, Nigeria, that provides free banking services to Nigerians.
Remita / SystemSpecs
Remita is a top online payment company in Nigeria that assists individuals and businesses to manage their finances and make payments across multiple banks.
SystemSpecs, after selling software products and creating its successful HumanManager Payroll/Human resources management Software, developed Remita, which has become one of Nigeria’s leading fintech solutions.
Remita became the sole revenue collector system for the Nigerian government, after which it evolved into a fully functional payment platform for individuals and organizations.
SystemSpecs has established itself as a leader in the Nigerian e-payment industry with its Remita solution, which enables easy and efficient payment and collection of funds for individuals and corporate organizations, both public and private, on a single inter-bank platform.
Flutterwave is a fintech company based in Nigeria that offers payment infrastructure to payment service providers and global merchants across the African continent. Recently, Flutterwave became an African Unicorn.
It provides an online payment platform that enables African businesses and artists to conveniently make and receive payments from anywhere in the world.
Risevest is a wealthtech firm that provides Nigerians with investment opportunities in dollars. The company specializes in managing people’s wealth by providing investment options such as US real estate, US stocks, and fixed-income opportunities.
Interswitch, a payments company in Nigeria, was among the first to digitize the payment system in Africa.
It commenced operations in 2002 and initially focused on transaction switching and electronic payment processing. Since then, it has evolved into an integrated payment services provider, creating inventive payment and financial products in Africa.
Carbon, an innovative financial technology company in Nigeria, was originally established as a digital loan provider. However, it has now evolved into a digital banking platform where customers can perform various financial transactions such as bill payments, money transfers, and instant loan applications.
Paystack is a Nigerian-based company that specializes in online payments. It serves as a catalyst for the growth of innovative businesses and creative individuals in Africa by providing seamless payment solutions both online and offline.
Paystack was acquired by Stripe, an Irish-American financial services company, for $200M in 2020. Its head office is situated in Lagos, Nigeria.
Paga is a well-known fintech company in Nigeria that offers a mobile payment platform for sending and receiving money with ease. Its services include depositing and saving money, purchasing prepaid phone credit, paying bills, and making payments to retailers.
Paga operates as an online payment platform that resembles traditional bank accounts, providing users with a digital or virtual bank account that enables them to send and receive payments as well as save money that can earn interest.
Paga also has an online wallet where users can save money and earn up to a 4% interest rate based on their transaction level and daily account balance.
Bankly is a Nigerian financial technology company that focuses on granting access to financial services to individuals who are typically excluded from mainstream banking. They consider themselves intermediaries between Nigeria’s informal and formal financial systems.
Bankly offers a range of financial products, including financing, savings, deposits, bill payments, and a point of sale (POS) service. They allow customers to quickly deposit cash into their bank accounts, transfer funds to beneficiaries with ease, and provide savings access to Bankly Customer App users, earning a commission as they save.
Bankly account holders can access float and overdrafts based on their usage.
Eyowo is a bank that the Central Bank of Nigeria regulates. It combines various financial tools that enable users to pay, receive, budget, and save money in one convenient location. Furthermore, Eyowo provides its users with the safest card in Nigeria through its partnership with Mastercard.
Essentially, Eyowo is a financial platform designed for individuals in Nigeria to easily manage their finances using only their phone numbers. This platform enables users to send and receive money, as well as save and borrow money. Additionally, Eyowo offers a product for retail businesses in Nigeria.
Tranzact is a payment processing platform that is highly regarded in Nigeria and is the only payment processing platform listed on the Nigerian stock exchange.
The company has established partnerships with over 50 commercial banks and microfinance institutions across Africa, and it also has connections with some of the largest international payment companies such as Paypal, Western Union, Money gram, and Transferwise.
Kuda Technologies, a fintech company that operates in Nigeria and the UK, was established in 2019 by Babs Ogundeyi and Musty Mustapha. In 2021, Kuda was recognized as one of the seven African technology startups by WEF.
The company provides mobile banking services and features that include free transfers, zero card maintenance fees, and automatic savings to Nigerian customers.
Initially, Piggyvest commenced operations as an internet-based savings platform in Nigeria. However, it has broadened its range of offerings by including investment products.
Presently, Piggyvest has a customer base of roughly 2 million Nigerians who leverage the convenience of their smartphones to save and invest. Piggyvest is a reliable and secure platform that fosters saving habits by combining flexibility and discipline to help customers grow their savings.
Fairmoney is a well-known fintech firm in Nigeria that initially provided immediate online loans in the country. However, it has since evolved into a digital bank in Nigeria with a microfinance bank license.
The Fairmoney loan application asserts that it can provide speedy loans in less than five minutes using its mobile application.
Credpal is a unique fintech company in Nigeria that specializes in credit cards and Buy Now Pay Later services. Its credit cards enable users to conveniently and instantly pay for goods and services while also earning cashback rewards.
Additionally, the company’s user-friendly app allows for easy management of finances, including payments, savings, investments, and credit access, all while on the go.