List of FinTech Startups in Nigeria and What They Do

List of FinTech Startups in Nigeria and What They Do
FinTech is the one area in this technology evolution that a lot of people agree has the potential to impact a lot of Nigerians. While there’s no universally accepted definition for FinTech; its acknowledged to cover tech startups focused on mobile money, payments, money transfers, loans, fundraising, etc.
Over the years, FinTech has grown beyond money transfer platforms. It has expanded to include many forms of technological innovation in the financial sector. FinTech innovations have changed the way we do business and see (or don’t see) money. In 2014, the global investment in FinTech ventures tripled to $12.21 billion from $4.05 billion. Venture investment growth in FinTech in 2014 was 201 percent compared to 63 percent in the global Venture-capital Investments.
Here in this article is an extensive (but not exhaustive) list of the FinTech startups and platforms in Nigeria and the different services they offer.



Amplify helps African businesses accept and manage recurring payments online. Amplify was officially launched in June 2015 with focus on recurrent payments making it Nigeria’s first company with such focus.
Essentially, what Amplify does is it provides a suite of tools to help businesses who have a need to accept and manage recurring payments. The startup allows businesses to quickly accept automatic recurring payments from all over the world using Amplify’s payment gateway.


CashEnvoy is a payment service that allows businesses receive payment online. The payment platform commenced operations in November 2009. Websites that integrate with CashEnvoy can accept payment from all the major Nigerian debit cards, international Visa/Mastercards and also from the CashEnvoy wallet.
CashEnvoy is owned by Electronic Settlement Ltd, an independent, private sector led, limited liability company located in Lagos, Nigeria focused on providing Innovative, Dependable, Easy-to-use, Affordable and Secure payment solutions.


Etranzact is Nigeria’s multi-application and multi-channel electronic transaction switching and payment processing platform. eTranzact has operations in Nigeria, Ghana, Kenya, Zimbabwe, South Africa, Cote d’Ivoire, and the UK and is currently expanding its business operations to other countries across the globe. Launched in September 2003, eTranzact currently has a global reach extending its services to include products across all aspects of the e-payment space: ATM, Internet, POS, and Mobile. eTranzact has also deployed its mobile payment solutions to banks and other financial institutions alike. Moreover, the CBN granted eTranzact the license to provide mobile money services to individuals with a special focus on the non-banking sector.


Flutterwave provides the platform that gives you the liberty to process credit card and local alternative payments, which includes mobile money and ACH, across the African continent. The solution makes it possible for global merchants to process payments like the normal local African company.
Founded in 2016 by a team of ex-bankers, entrepreneurs and engineers, Flutterwave provide the underlying technology platform that allows businesses to make and accept payments anywhere in Africa.

Invoice NG

Invoice offers a refreshingly simple and easy to use solution for small business owners, startups, entrepreneurs and freelancers to send invoices and get paid faster than ever before. Invoice is 100 percent free for unlimited invoices and unlimited clients.

Invoice Nigeria integrated payment systems make it easy for business owners to accept credit card payment directly from sent invoices. With Invoice there are no delays, once payment is made by the customer, the merchants’ bank account is instantly credited with the paid amount and a payment receipt is sent to the customer.


KongaPay is Konga’s effort to cut card payments and make the eCommerce experience faster. With KongaPay, a merchant will take a photo of any item he or she wants to sell and the company will generate a payment QR code for the seller. Just like that, merchants will be able to share the QR code on their favourite social media sites.
Features of KongaPay are: instant refunds; every phone is a POS; pay with just your phone number and 4-digit PIN; set up payment subscriptions and recurring payments; send money to any Nigerian phone number in your contacts, without asking for an account number; fully customizable iOS, Android and web SDKs to enable merchants to integrate and customize as necessary; pay offline and more.


Nairabox is a social e-wallet application that allows users to buy airtime on the go, pay your bills, donate to a charity and buy movie or event tickets at the convenience of your home or workplace.


Paga works across several platforms including online and via SMS. You can use it to transfer money, pay bills and buy airtime. Paga works on the most basic SMS enabled phone and on all mobile networks so customers have the liberty to have their Paga account available at their fingertips regardless of what phone or network they are using.


PayPad is a mPOS solution that enables businesses to receive payments via a smartphone. The PayPad device is paired with a smartphone installed with a mobile application via Bluetooth/NFC connectivity. PayPad grants its users access to functions such as E-marketing, smart printing, sales analytics, payment acceptance, seamless integration, multi-location support, invoice & order issuance


Paystack is a payments platform that makes the online payments process seamless for both the consumers and the businesses they are trying to pay. Paystack allows you use cards for online transactions but as a one-off option. Once you input your details, you don’t need to do that ever again. It’s safe too (as it should be).


PayWithCapture is powered by Access Bank Nigeria. This mobile app is designed to make online and offline payments in diverse ways through users’ bank accounts and debit and credit cards. The company offers an array of advantages, such as money transfers from any bank card, savings clubs, Titanium card, instant transfers to phone numbers, the opportunity to track expenses through PFM tool, and instant account opening.


Perhaps the most popular of them all, Quickteller by Interswitch is a money transfer and bill payment platform. It charges ₦100 per transaction. There is also the Verve World app, which is an extension of Quickteller that enables cardless ATM withdrawals.


ReadyCash is a secure mobile payment service designed to comply with the CBN’s (Central Bank of Nigeria) regulatory framework on mobile payment services in Nigeria under the NON-BANK LED model. It enables end users (especially the un-banked) with GSM phones to operate virtual accounts (wallets) by leveraging on a large network of agents (the Bank and individuals) for enrolments, cash deposit and withdrawals. In addition, end-users are able to make requests such as account enquiries, bill payments, funds transfer, purchases for goods and services, via their mobile phones.

The ReadyCash System is pre-paid based. That is, a value must exist in wallets prior to execution of transactions. Agents, the primary actors of the solution, will need to fund their ReadyCash accounts prior to rendering services. End users are also required to fund their wallets at Agent locations before transacting on their wallet.


Remita does the normal money transfer, and it also lets companies automate their payroll. CBN and several other government bodies and banks in Nigeria use Remita’s platform for money transfer and payroll management. Remita is used by individuals, all commercial banks in Nigeria, more than 500 microfinance banks, as well as several public and private organisations.
Adopted by the Central Bank of Nigeria, today, Remita is the preferred payment gateway for the facilitation of the Federal Government’s Treasury Single Account (TSA) – the largest and most impactful of its kind in Africa.
Remita also comes with an optional Payroll and HR solution for fully integrated processing.


With SimplePay, all businesses or consumers with an e-mail address and a bank account can securely, conveniently and cost-effectively send and receive payments online or through their mobile phone. Quite a salient process I think.
SimplePay allows you transfer and receive money from any part of the world. It charges you 1.90% of whatever amount you are transferring + ₦10; that is for local cards. But if you’re using an international card, it will charge you 4.0% + ₦10.


Thrivesend is an online service that allows you to transfer money for just N45, which is much lower than what many bank charges. It is an app that serves as a money transfer service and it would make it possible for anyone with a local or international Mastercard, Visa or Verve card to send money to any verified Nigerian bank account.


VoguePay allows site owners to receive payment for their goods and services on their website without any setup fee. The robust platform allows flexible solutions you could personalise to solve all your payment problems across a wide range of industries. provides access to financial products through phone numbers. With a wallet account, users can make payments for utility bills, recharge, send money anyone in Nigeria with just a phone number or directly into their bank account and make cardless ATM withdrawals. also allows individuals to accept payments online from local and international cards by giving users a personalized URL


Aella Credit

Aella Credit provides instant credit solutions that eliminate the hassle of standard loan applications and enables an employee to borrow at competitive and fair rates through their employers. Individuals can download the application through Android devices. Benefits of the platform are offered to employees, companies, and investors.


Lidya is a financial services platform to improve access to credit and finance across the frontier and emerging markets starting with Nigeria. Launched in November 2016, with a mission to close that yawning credit gap, both in Nigeria and across emerging markets where there is a $2.6 Trillion SME credit gap worldwide.
Businesses who are looking for $500 USD to $50,000 in working capital are able to apply online or via their mobile phone and get a decision in 24 hours. To assess credit risk, Lidya uses close to 100 data points to evaluate businesses, build a credit score unique to each business, and disburse loans in 24 hours or less.

C24 Limited

C24 Limited is a consumer lending firm based in Lagos, Nigeria; created to bridge the financing gap in actualizing opportunities of employed individuals through technology and excellent service.

Credit Direct Limited

Credit Direct Limited is a non-bank finance company with its Head-Quarters in Lagos, Nigeria. The company was established in 2007 and is focused on providing Payroll based consumer loans to eligible individuals.
The Company currently operates in 25 states in Nigeria including the Federal Capital Territory– Abuja.
The Company’s 12- hour quick turnaround loan product “sharp sharp“ is its flagship product and the core of the business. In 2011, it introduced its Asset-based loans product which offers customers the opportunity to purchase household items and also accommodate certain segments of the market which are averse to interest-bearing loans. Credit Direct Limited launched a new product – Empower the Corps ( in 2015. A product that provides loans to corps members to start up a small business, add a professional qualification or buy lifestyle or commercial assets.


Paylater is a loan collection app by OneFinance. It allows you apply for a quick loan of not more than 10,000 at a time. It’s designed to meet urgent and short-term loan needs. You can apply for a Paylater loan 24 hours a day, 7 days a week with our quick application process that lets you know your status within minutes.


RenMoney offers customers unsecured cash loans (i.e. not requiring collateral) of up to NGN4 million for a tenor that ranges from three (3) to nine (9) months for new customers. But, a returning customer enjoys a longer tenor of twelve (12) months. Customers can either be salary earners or self-employed as long as they can provide a verifiable source of income



PayAttitude is a Chip+Pin Tag-type contactless solution based on NFC (Near Field Communication) technology that converts a subscriber/customer’s mobile phone handset to an NFC device and links the handset to the subscriber/customer’s Debit or Prepaid account Plus ePurse account enabling the subscriber/customer to debit his/her account(s) for different payment transactions. PayAttitude allows people pay for items by tapping their mobile phones on a PayAttitude pad.


Slimtrader is an eCommerce solutions company. Its services go from inventory management to shopping cart and payment solutions for eCommerce businesses.



Nairaex is a Nigerian Bitcoin exchange where users can buy and sell bitcoin and other e-currencies with Naira through the company’s trading platform.


Tanjalo is a new bitcoin exchange promising to allow anyone in Nigeria to buy or sell bitcoin in Nigeria.
The trading platform also promises to power cross-border money transfer across West Africa and increase access to cryptocurrencies in the region according to its founder Tim Akinbo. As of the time of this publication, Tanjalo does not have an option for selling of Bitcoin.

Bitkoin Africa

Bitkoin Africa is a person-to-person bitcoin trading platform allowing users to sell and buy bitcoin from other users and is also based in Lagos, Nigeria. Bitkoin Africa founder Timi Ajiboye said Bitkoin Africa aims to be the continent’s most secure payments and settlement platform with a secure Bitcoin Wallet.



Suregifts is a gift card company, and their first platform is SureCredit. SureCredit gives employed Nigerians the chance to apply for a gift card/voucher loan to be paid back within six months with an interest rate of 24.8%.



CowryWise is a personal finance platform that helps users automate their savings, taking away the stress and planning required to save on a regular basis. Co-founded by Razaq Ahmed and Edward Popoola, the startup was launched with the aim of making personal savings, asset and wealth management services available to everyone. Users simply set daily, weekly or monthly saving plan(s), link their bank accounts, and CowryWise ensures the set amount is saved automatically on specified days.
CowryWise promises to offer users a minimum of 10% per annum on every saving they make, and up to 15% of users who are on the Fixed Savings Plan.


OsusuMobile is targeted at helping the unbanked and underbanked save money in a better way. Unlike all others, OsusuMobile users that do not have access to the Internet can save conveniently by making deposits using an SMS-enabled mobile phone. All that’s required to open an OsusuMobile account is a phone number, after which you can start saving with an agent near you.
According to the founder, Rodney Jackson-Cole, OsusuMobile was inspired by the African Ajo practice and with the right level of digitization, it is one to help solve the issue of financial inclusion, making financial services more affordable and accessible. Although savers are also encouraged to sign up on the website, Mobile Agents are a critical part of the solution offered. These agents earn attractive commissions every time a saver makes a deposit.
For users who have saved for 3-6 months, they are also able to benefit from the OsusuMobile Micro-loans.


Piggybank helps people save money using their debit cards. You decide how much money it automatically deducts from your account every month to help you save towards a financial goal. enables Nigerian debit card holders to save little amounts of money frequently with minimal effort. They help automate the process of saving tiny amounts daily, weekly or monthly as you might prefer and then gives you the liberty to withdraw for FREE on ONLY set withdrawal dates thereby practically making saving possible for you by eliminating the temptation to withdraw.


Founded by JR January, REΛCH is an app that helps individuals and people in groups to set, track, and achieve their financial goals. Using SMS transaction alerts users receive from their banks, REΛCH tracks income and spending and provides users with a breakdown of where how they spend their money each week; insights on how to spend and stretch your money; and a budget tool to keep them on track and enable them to make smart money decisions.


SusuAI is a mobile-based artificial intelligence savings planner that helps users manage and automate all their bills. Through the platform, the co-founders, Kennedy Yinusa and AbdulRasheed Lawal, are creating a seamless and convenient platform for Nigerians to effectively manage all their billings right from their mobile phone.
For someone who wants to ensure his/her house rent bill is ready on/before the due date, he/she can tell SusuAI the House Rent Target, Contribution Type – daily or weekly or monthly and Duration. SusuAI then calculates the recurrent amount and cycle and always notify users when it’s time for each scheduled payment.
Once saving is complete, users can instruct SusuAI to push funds to the specified account.

PLEASE NOTE: This list is not exhaustive and I will keep updating it as I get more information. If there is any FinTech startup or platform that is still functional and not listed here, feel free to let us know in the comment box below. Thank you.

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3 responses to “List of FinTech Startups in Nigeria and What They Do”

  1. You did not include ReadyCash mobile money, very powerful mobile money platform

  2. Wow. I never knew we had these many fintech startups in Nigeria.

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