Fintech companies and startups in Nigeria 2024

Entering the world of fintech in Nigeria is an exciting journey of innovation and technological advancement that is not only changing the way people manage their finances but also revolutionizing the economic landscape of the country. Nigeria’s fintech industry is attracting global attention due to its dynamic and fast-growing nature, as well as its potential to deliver innovative solutions aimed at removing financial barriers and making services more accessible to all segments of the population. In this article, we will explore key aspects of the fintech industry in Nigeria, its impact on the local economy and future prospects, and talk about major fintech companies in Nigeria.

Key factors driving market growth:

• High mobile penetration: There are over 180 million cell phone users in Nigeria, making mobile platforms an ideal channel for financial services.
• Underdevelopment of the traditional banking system: A significant portion of the Nigerian population lacks access to traditional banking services, creating opportunities for fintech companies to fill this niche.
• Government support: The Nigerian government is taking steps to support the development of the fintech industry, such as creating a regulatory sandbox and introducing financial inclusion initiatives.

Key trends in Nigeria’s fintech market:

• Growth in mobile payments: More and more people are using mobile devices to pay for goods and services, leading to the growing popularity of mobile payment solutions.
• Development of fintech startups: More fintech startups are emerging in Nigeria offering innovative products and services.
• Use of Artificial Intelligence and Machine Learning: Fintech companies are using AI and machine learning to improve their services, enhance security and personalize offerings for customers.

Top fintech companies in Nigeria

Flutterwave

Founded in 2016, Flutterwave has become a major player in the fintech market, not only in Nigeria but globally. The company provides seamless payment solutions across multiple platforms and is known for its robust and scalable infrastructure that supports both small businesses and large corporations. Flutterwave has attracted significant investment and achieved “unicorn” status, which underscores its important role in Africa’s payments ecosystem.

CEO:

Olugbenga Agboola, also known as GB, is the co-founder and CEO of Flutterwave. He plays a key role in the strategic development of the company and its expansion into international markets

Revenue:

In 2023, Flutterwave had annualized revenue of approximately $16.4 million. The company continues to grow its revenue, aiming for further growth in 2024 due to increasing demand for its money transfer and currency exchange services
Number of Employees:
Flutterwave has approximately 255 employees as of 2024. The company has offices in San Francisco (US) and Lagos (Nigeria), enabling it to efficiently serve clients in Africa and beyond

Employee Salaries:

Flutterwave employee salaries vary depending on the position. For example, software developers can earn about $5,970 per year, while sales employees earn about $3,483 per year. Total compensation includes not only base salary, but also bonuses, equity and other types of incentives

Flutterwave’s role in the market

Flutterwave provides a wide range of payment processing and financial technology services. The company serves over 290,000 customers and processes millions of transactions, making it one of the leaders in Africa’s fintech sector. In 2023, the company has been aggressively growing its consumer payment services such as Send App and Swap, but corporate services remain its main source of revenue
This data highlights Flutterwave’s relevance in the African and global fintech market, demonstrating its ability to adapt and grow in a changing economic landscape.

Interswitch

Founded in 2002, Interswitch is one of the pioneers of the fintech space in Nigeria. The company is known for its payment processing solutions including the popular Verve card and Quickteller platform. Interswitch’s influence extends beyond Nigeria to several African countries, and the company continues to introduce new services such as digital address verification and blockchain-based payment infrastructure. Interswitch has also achieved ‘unicorn’ status, which emphasizes its significant market impact

Management

The CEO and founder of the company is Mitchell Elegbe. Under his leadership, Interswitch has made significant strides and has been recognized as one of the leading fintech companies in Africa. Elegbe has been recognized for his achievements on numerous occasions, including being named one of The Financial Technology Report’s Top Fintech-CEOs of 2023

Financial performance and profitability

Interswitch has attracted significant investment and has a strong financial base. In November 2019, the company was valued at $1 billion, making it the first fintech unicorn in Africa. Interswitch has been expanding aggressively in recent years, including acquiring a stake in Paynet Group, an East African payment service provider, and launching a $10 million investment fund for African payments startups.

Employees and offices

Interswitch currently has approximately 900 employees. The company is headquartered in Lagos and also has offices in Abuja and Port Harcourt . The company actively supports the development of its employees and creates favorable conditions for their professional growth.

Salary Level

According to data provided on Glassdoor, salaries at Interswitch vary depending on the position and experience of the employee. For example, an engineer can earn around $20,000 to $30,000 per year, while more senior positions such as senior manager or director can earn significantly more.
Interswitch continues to play a key role in the digital transformation of financial services in Africa, helping to improve access to financial instruments and increase financial inclusion on the continent.

Paystack

Paystack was founded in 2015 and quickly became a favorite among businesses for its robust online payment processing solutions. In 2020, the company was acquired by global payment giant Stripe, a testament to its quality and potential. Paystack supports over 60,000 businesses in Nigeria and other African countries, offering a variety of payment options including card payments, bank transfers and mobile money

Paystack more than just a payment gateway. It is a comprehensive platform designed to simplify and empower online payments for African entrepreneurs and businesses.
Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack has quickly gained popularity, becoming a dominant player in Nigeria’s online payments market. The company is headquartered in Lagos, Nigeria. The company employs about 120 people. The average salary of Paystack employees is $118,682 per year.

The secret to its success? Simplicity, reliability, and innovation

• Simplicity: Paystack makes accepting payments easy and affordable for any business, regardless of its size or technical capabilities.
• Reliability: The platform ensures safe and secure payment processing, protecting both merchant and customer data.
• Innovation: Paystack is constantly evolving, introducing new features and products to meet the growing needs of its customers.

In 2020, Paystack made a landmark move by being acquired by U.S. payment company Stripe for more than $200 million.
But that’s not the end of the story.
Paystack maintains its independence and continues to grow dynamically under the guidance of its experienced team.

The company has ambitious goals:

• Expanding into new markets in Africa and beyond.
• Improving customer experience and offering personalized solutions.
• Developing new financial products and services.

Paystack believes that the future lies in online payments and is poised to play a key role in transforming Africa’s financial system.

PiggyVest

Formerly known as PiggyBank, PiggyVest was founded in 2016. The platform has revolutionized the savings and investment process for Nigerians by offering automated savings plans and investment opportunities in various sectors such as agriculture and real estate. PiggyVest’s user-friendly interface and goal-oriented savings options have attracted millions of users, making it a leader in personal finance management in Nigeria.

What does Piggyvest offer?

• Investment options: Piggyvest offers various investment products such as:
  • Stock Investments: Allow you to invest in stocks of leading companies in the world.
  • Crowdfunding: Opportunities to invest in Nigerian SMEs.
  • Traditional Savings Accounts: Provide safe storage of funds with interest accruing.
• Financial Literacy: Piggyvest provides educational materials and tools to help people improve their financial knowledge and skills.
• Personalized Recommendations: Piggyvest uses technology and machine learning to offer personalized investment recommendations to its customers.

Where is Piggyvest located?

Piggyvest is headquartered in Lagos, Nigeria. The company also has offices in other cities across the country.

Why choose Piggyvest?

1. Piggyvest offers a number of benefits that make it an attractive choice for those who want to manage their finances more efficiently:
2. Ease of Use: Piggyvest’s platform is easy to use and easy to understand even for those who have no experience in investing.
3. Affordability: Piggyvest offers low minimum investment amounts, making it accessible to a wide range of people.
4. Reliability: Piggyvest is a regulated company and ensures the safety of its clients’ funds.
5. Innovation: Piggyvest is constantly evolving and adopting new technologies to improve its services.

Kuda Bank

Kuda Bank is a fully mobile bank founded in Nigeria in 2019.

Kuda Bank’s Mission:

• To make banking accessible and easy for all Nigerians.
• To give people the tools to manage their finances more efficiently.
• To create a financial system that works for the people, not against them.

Who founded Kuda Bank?

Kuda Bank was founded by three entrepreneurs:
Bismarck Igwe: An experienced technopreneur with a history of working at Google and McKinsey & Company.
Alfred Nwogu: A finance and technology expert who previously worked at First Bank of Nigeria and Barclays Bank.
Hadi Zakaria: A product and design specialist with experience at Amazon and Uber.

How many employees work at Kuda Bank?

Kuda Bank has over 400 employees. The company is growing rapidly and is always looking for talented people to join their team.

What is the average salary at Kuda Bank?

The average salary at Kuda Bank is around $50,000 per year. Salary depends on the position, experience level, and qualifications of the employee.

What does Kuda Bank offer?

1. Current Accounts: Kuda Bank offers free checking accounts with a high interest rate on the balance.
2. Savings Accounts: Kuda Bank offers savings accounts with competitive interest rates to help you reach your financial goals.
3. Debit Cards: Kuda Bank issues debit cards that can be used for online and offline purchases and ATM withdrawals.
4. Money Transfers: Kuda Bank makes it easy to send and receive money transfers in Nigeria and abroad.
5. Personalized Financial Advice: Kuda Bank uses technology and machine learning to offer personalized financial advice to its customers.

What makes Kuda Bank different from other banks?

1. Mobility: Kuda Bank is a fully mobile bank, which means that all its services are available through a smartphone app.
2. Ease of use: Kuda Bank’s app is easy to use and easy to understand, even for those who are inexperienced in using banking services.
3. Affordability: Kuda Bank offers free current accounts and low rates for all its services.
4. Innovation: Kuda Bank is constantly evolving and adopting new technologies to improve its services.

Kuda Bank has received a number of awards and recognitions such as:

1. Best Mobile Bank in Nigeria 2021 by BusinessDay
2. Africa’s Most Innovative Fintech Startup of 2022 by African Fintech Awards

Conclusion

Nigeria’s fintech industry is experiencing rapid growth driven by favorable macroeconomic conditions, adoption of mobile technology and growing demand for affordable financial services.  Fintech companies are playing an important role in transforming the country’s financial system and making financial services more accessible to a wide range of people.