Fintech Startups In Nigeria: How You Can Benefit From Them
Over the years, there has been an emergence of lots of fintech startups in Nigeria and they come with lots of benefits. This article hopes to help you identify some of the leading fintech startups in Nigeria and how you can benefit from them. You must have heard that the secret of wealth creation is saving and investment. Believe me; it is very difficult to save money on your own without tampering with it before investing.
Some of these fintech startups in Nigeria are specially established to help you in saving and investing wisely. Currently, lots of Nigerians make use of these financial technologies (fintech) firms to pay bills, save and invest money, transfer cash, borrow money, etc. There is no doubt that these fintech startups in Nigeria have brought lots of disruptions in the financial services market. The effectiveness and efficiency of these fintech firms in Nigeria are really the reasons they have been rooted in Nigeria.
Going by the antecedents of these fintech startups in Nigeria, there are definitely lots of benefits for Nigerians. If you are asking who regulates fintech companies in Nigeria, it is the job of the Central Bank of Nigeria (CBN). The evolution of fintech in Nigeria is really intriguing as it is surprising as well. Although the fintech regulation in Nigeria is a little it tough, there has been some relaxations on the part of the regulatory bodies. This is all in the bid to support the fintech industry in Nigeria.
Although this article is to enlighten you on ways you can benefit from these fintech startups in Nigeria, you would need to do your due diligence before committing to any of them.
Leading Fintech Startups In Nigeria
The list of the different fintech startups below follows no particular order. This is simply to help you make an informed decision when choosing or opting for any of their services.
Sumobank (sumobank.ng) is a rapidly rising fintech startup in Nigeria with lots of benefits to its users. It is primarily an online savings and investment platform where you can save at least #100 daily, weekly or even monthly with 10-15% annual interest. One interesting thing about sumobank is that it also has an entrepreneur academy where it helps its users who want to start a business of their own. Sumobank is also working in line with the fintech regulation in Nigeria.
Through this entrepreneur academy, they provide mentors, materials, etc that will help you in your line of business. Every user is allowed to have stipulated four different withdrawal dates. Also, in order to encourage its customers to save more, sumobank places a 4.5% charge on any customer that wants to withdraw his/her money before the stipulated date. Sumobank also has sumopay that allows you to pay or receive money from anyone in any part of the world. There is no doubt sumobank is one of the leading fintech startups in Nigeria.
This fintech company has been in operation for quite a while now in Nigeria and they have been providing lots of benefits as well. You should know that paystack provides payment services for about 17, 000 different businesses in Nigeria. The company is also responsible for 15% of all online payments that occur in Nigeria every day. Just last year, Paystack was quoted to have raised about $8 million through its series A funding.
In the year 2018, Paystack was among the three Nigerian fintech startups that were ranked by CB Insights (a global intelligence machine) as among the 250 fastest growing fintech companies in the world. This fintech firm is mainly responsible for payment services. Paystack is arguably one of the leading fintech startups in Nigeria. They are always following the fintech regulation in Nigeria. As one who regulates fintech companies in Nigeria, the CBN has given paystack license to operate in Nigeria.
Another one of the fintech startups in Nigeria that you can benefit from is Branch International. This fintech firm provides personal finance loans to small business owners and entrepreneurs. It is also one of the 3 fintech startups in Nigeria ranked among the 250 fastest growing fintechs in the world by CB Insights. The Branch International currently has branches in the USA, Kenya, Tanzania, and Mexico. You really need to watch out for what this company has in store in the second half of 2019.
This is another fintech startup in Nigeria that you really need to watch for in this year 2019. There has been news making the rounds that Fint claims to be the number one loan market place in Nigeria. They specialize in using technology to connect credit-seeking and worthy individuals with competitive interest seeking lenders. Fint says the goal is to link both borrowers and lenders in transactions that often always end in a win-win situation.
There is no denying the fact that loans are very important in every business environment if development is to continue to grow.
Undeniably one of the oldest fintech companies in Nigeria, KongaPay helps you to pay for goods and services online. One very good thing about this fintech firm is that you can use it for shopping both internationally and locally. KongaPay also has affiliations with some of the commercial banks in Nigeria.
This finetch company provides an avenue that allows businesses to make payments across the continent of Africa. Over the last few years, flutterwave has grown quite rapidly, processing over $1.2 billion across 10 million transactions. The company has branches in Lagos, Accra, Nairobi, and Johannesburg while the headquarters is in San Francisco (USA).
It is a money transfer services platform that has the ability to interconnect your Nigerian bank account, mobile wallets, and billing systems in order to deliver instant remittance services. This platform allows you as a user to make real-time money transfers from debit or credit card to Nigerian bank accounts and mobile money wallets.
There are still other fintech startups in Nigeria like microCASH, Nairabox, OsusuMobile, piggybank.ng, Remita, RenMoney, QuickCheck, CowriePay, etc. I strongly advise that you make out time to carry out your own research before settling for any of the aforementioned fintech startups in Nigeria.