Technology

Top 10 Players in Nigerian Fintech Space

Published

5 years ago

14/09/2020

By Adedapo Adesanya

The Nigerian financial technology space, like the sky, is wide enough to accommodate many players as the ways of doing financial transactions have been disrupted by digital innovations.

Contrary to what many might believe, the Nigerian government saw the possibility of this and in 2007, the Central Bank of Nigeria (CBN) launched the Payment Systems Vision 2020 (PSV 2020). This singular vision from the apex bank can be viewed as the catalyst that spurred the need for fintech companies to start multiplying over the years.

This CBN’s activity of 2007 can be considered as the birth of another era. The PSV 2020 was the first time the CBN set forward a reasonable policy for a future cashless society.

Prior to this, there were technology companies in existence but then, they were not able to sit at the table with traditional banks, who had the largest share of the buffet. But within the space of 15 years, rapid growth has changed the narrative.

Now, the fintech space in Nigeria is very competitive as there are countless numbers of fintech startups/companies competing for market share. This means even the traditional banks are being forced to innovate to guarantee their survival amidst the spread of fintech startups or digital banks.

As at the past decade, the fintech industry was somewhat a $20 billion market but the estimated size as at now is $128 billion and this is expected to rapidly expand with an annual average of 24 per cent and could top $310 million in 2022.

In Nigeria, there are an estimated 250 fintech companies with their skin in the game, all jousting for offer services from agriculture technology to savings and investments to crowdfunding to mobile payments to cryptocurrencies.

The diversification of these offerings is making it possible to align with places where traditional banks may not be located and are pushing to achieve the CBN’s goal of financial inclusion. The CBN has said that Nigeria will attain 95 per cent financial inclusion by 2024 and one cannot but wonder the role which fintechs will play to ensure this.

Business Post has streamlined the long list of players to 10 game-changers who are driving digital transactions and offering solutions that will not only close the gap in banking but are revolutionising how Nigerians pay for services, save and borrow money, make international payments, and even improve financial relationships among companies and even countries.

Interswitch

Interswitch is one of the early players. It burst into the scene in 2002 and was founded by Mitchell Elegbe as a transaction switching and electronic payments processing company. Today, Interswitch’s technology processes over 500 million transactions a month while its Verve payment card is the largest domestic debit card scheme in the country and has expanded outside of Africa.

Interswitch created the first electronic switch whereby Nigerian financial institutions could communicate and thereby operate ATMs and point of sales operations. The company now provides much of the transaction systems for Nigeria’s online banking system.

In 2019, Interswitch confirmed a $1 billion evaluation after Visa, an American multinational financial services corporation invested $200 million for 20 per cent of its stake.

FlutterWave

As an umbrella fintech, Flutterwave founded by Iyin Aboyeji in 2014, completes payment services from more than 68 online payment gateways in Nigeria. It allows clients to tap into its application programming interface (API) and work with Flutterwave developers to customize payments applications.

The company majorly offers business to business (B2B) payments services for companies operating in Africa to pay other companies on the continent and abroad. Some of its customers include Uber, Booking.com and Jumia.

In 2019, Flutterwave processed 107 million transactions worth $5.4 billion, according to data on its website.

Paga

Founded by Tayo Oviosu and Jay Alabraba, the mobile payment company enables people to digitally send and receive money and creating simple financial access for everyone. In Nigeria, Paga has over 9 million customers and 17,000 agents.

It was initially launched in Nigeria to profit from the buildup of cash money in the financial industry and to execute financial services for all residents in Africa. However, it was one of the early birds to tap into mobile banking with customers able to access it multitudes of service offerings by dialling *242#.

PiggyVest

PiggyVest is an online savings platform that empowers savers to put away funds that they would prefer not to withdraw effectively. Founded by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze, the fintech as at 2019 has over one million users and has saved up to $80 million.

PiggyVest doesn’t just allow users to save, it also allows them to invest their money while offering a return within a period. It offers between 10 – 15.5 per cent on savings. Investments can get up to 22 per cent returns in one year.

One key feature that has found home with users is the SafeLock feature which was modelled after treasury bill transactions, where a buyer is paid a fixed percentage of their capital depending on how long you permit the government to hold your money.

Business Post understands that the average amount in a Piggyvest SafeLock is about N500,000 and is typically locked for between 4 and 6 months.

Paystack

Founded by Ezra Olubi and Shola Akinlade, Paystack offers payment solutions to businesses in Nigeria. They are one of the leading online payment gateways in the county. The fintech company, which was founded in 2015, has quickly become one of the favourite payment solutions for tech startups in the country.

Its last round of funding came in August 2018 when they raised $10.2 million in Series A funding led by Stripe and had previously recorded four previous fundings in seeds and non-equity assurance.

eTranzact

Also, one of the early players, it was launched in 2003 as a multi-application, multi-network and multi-channel electronic payment platform that supports every significant network; including AMEX, VISA and MasterCard.

eTranzact is one of the Fintech companies in Nigeria designed as a credible option in contrast to all transaction which is either cash or cheque based. The platform capacity is with the end goal that any arrangement driven by customer payment can be automated on the platform.

eTranzact as a Switch processes payment requests from various channels – Web, ATM, POS, mobile-utilizing automated procedures.

The switching platform validates transaction requests subsequent to running security checks on the payment cards.

Nigerians use it to pay at cinemas, event shows, and for other payments. The company has tech solutions for players in various sectors of the economy including banking, education, the financial market, travel and transportation, telecommunications, and public administrations.

Paylater (Now known as Carbon)

Carbon is a mobile-only digital bank founded by Chijioke and Ngozi Dozie. It provides innovative financial services to the financially underserved. It was formerly known as Paylater. Carbon offers bill payments, fund transfer, and savings products, in addition to loans.

They offer instant loans to Nigerians without collateral. With a very competitive interest rate, they have dominated the fintech sector. The app is used by over 1 million people to secure loans and other financial solutions.

In 2019, they secured $5m debt investment from New York and Nairobi-based debt platform Lendable. Mostly known for giving instant loan, they have since diversified into many areas such as mobile top-ups, investment and digital banking.

Business Post reported earlier this year that as at last year, the fintech had disbursed over 975,000 loans. This boosted its revenue as it recorded over 25,000 loans top-up, bring about a N6.3 billion in revenue.

Remita

Remita made the cut because of its affiliations to small and medium scale enterprises, multinationals, state governments, government agencies, NGOs, schools and educational institutions alongside Individuals to receive and make payments electronically.

Developed by SystemSpecs, Remita processes over two million salaries per month for Nigerian companies. In 2016, Remita processed N1.36 trillion for the Nigerian government when it consolidated all federal ministry and agency accounts under the Treasury Single Account (TSA) scheme.

The company started out as a developer and reseller of human resources and accounting tools. It eventually developed HumanManager, an HR and payroll system for corporate environments. Its payroll system has since expanded to Ghana, Benin Republic, Equatorial Guinea, Sierra Leone, Zimbabwe and South Sudan.

Kuda Bank

Kuda is the first digital-only bank in Nigeria with a standalone license. Unlike others, it is not fintech that has a mobile wallet or a mobile app affiliated with an existing bank, it is a bank on its own.

Based in Lagos and London, following its banking license from the Central Bank of Nigeria (CBN), this gives it a status different from other fintech startups.

Part of its offerings includes: checking accounts with no monthly fees, a free debit card, savings and peer-to-peer (P2P) payments options on its platform.

Customers can open an account within five minutes and will get an account number and can request a physical debit card afterwards.

CowryWise

Considered the direct rival of PiggyVest, it was founded by Edward Popoola and Razak Ahmed. The fintech allows users to save for long-term goals including home, vacation, family, emergency, education, business, retirement, among others.

A user can invest in Nigeria’s money market via mutual funds. The platforms list funds like Afrivest Plutus Fund, United Capital Money Market Fund, Meristem Money Market Fund and more. Users can access Dollar mutual funds.

Cowrywise also offers between 10 – 15 per cent on savings while Mutual funds on its platform can get up to 20 per cent per annum.

Up Next

79% of Nigerian Parents Don’t Track Children’s Location

Don't Miss

Yabx Enters Mexico to Expand Latin American Market Share

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Technology

Nigeria, Google in Talks for New Undersea Cable

Published

5 days ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian government is in advanced talks with Google for a new undersea cable to strengthen the country’s digital connectivity and resilience.

The country wants to augment existing undersea links with Europe, said the chief executive of National Information Technology Development Agency (NITDA), Mr Kashifu Inuwa Abdullahi, as per Bloomberg on Tuesday.

Mr Inuwa said this was necessary at this time, calling Nigeria’s current reliance on cables that follow the same path “a single point of failure.”

Google earlier this year said it plans to expand its digital presence significantly in Africa with the development of four new strategic subsea cable connectivity hubs in the north, south, east, and west regions of the continent.

Already, Google is investing $2.1 million to accelerate Nigeria’s artificial intelligence (AI) growth, aiming to create one million digital jobs and bolster the country’s expanding technology economy.

This is aligned with Nigeria’s National AI Strategy, which is expected to play a meaningful role in the nation’s broader digital transformation. Projections indicate that AI could contribute up to $15 billion to Nigeria’s economy by 2030.

The fund will support partnerships with local organisations. To achieve these aims, the funding will support partnerships with local organisations working in digital skills development and cyber security.

The investment further signals global trust in Nigeria’s technology sector and underlines the nation’s role as a leader in Africa’s digital transformation. As new opportunities emerge, Google believes it support is set to help shape Nigeria’s economy and its place on the global technology stage.

Technology

Airtel Africa, SpaceX to Launch Starlink Direct-to-Cell Connectivity

Published

2 weeks ago

17/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

An agreement for a satellite-to-mobile service that will benefit millions of people in Africa has been entered into between Airtel Africa Plc and SpaceX.

This service is through the introduction of Starlink Direct-to-Cell satellite connectivity across all the 14 markets of Airtel Africa that serve 174 million customers.

Through this partnership, Airtel Africa customers with compatible smartphones in regions without terrestrial coverage can have network connectivity through Starlink, which is the world’s largest 4G connectivity provider (by geographic reach).

The satellite-to-mobile service will begin in 2026 with data for select applications and text messaging.

This agreement also includes support for Starlink’s first broadband Direct-to-Cell system, with next-generation satellites that will be capable of providing high-speed connectivity to smartphones with 20x improved data speed. The rollout will proceed in line with country-specific regulatory approvals.

Airtel Africa is the first mobile network operator in Africa to offer Starlink Direct-to-Cell service, powered by 650 satellites to provide seamless connectivity to its customers in remote areas.

The partnership reinforces Airtel Africa’s commitment to bridge digital divide and offer seamless connectivity to its customers.

Airtel Africa and Starlink will continue to explore additional collaboration opportunities to further advance digital inclusion across the continent.

“Airtel Africa remains committed to delivering great experience to our customers by improving access to reliable and contiguous mobile connectivity solutions.

“Starlink’s Direct-to-Cell technology complements the terrestrial infrastructure and even reaches areas where deploying terrestrial network solutions are challenging.

“We are very excited about the collaboration with Starlink, which will establish a new standard for service availability across all our 14 markets,” the chief executive of Airtel Africa, Mr Sunil Taldar, said.

Also commenting, the Vice President of Sales for Starlink, Ms Stephanie Bednarek, said, “For the first time, people across Africa will stay connected in remote areas where terrestrial coverage cannot reach, and we’re so thrilled that Starlink Direct-to-Cell can power this life-changing service.

“Through this agreement with Airtel Africa, we’ll also deliver our next-generation technology to offer high-speed broadband connectivity, which will offer faster access to many essential services.”

Technology

Simplify Your Mobile Life with eSIM and Virtual Numbers

Published

2 weeks ago

15/12/2025

Dipo Olowookere

Managing phone numbers used to be a constant hassle. Between personal lines, work numbers, online registrations, and international travel, people often juggled multiple SIM cards, devices, or expensive roaming plans just to stay reachable. Today, eSIMs and virtual phone numbers offer a smarter way to handle communication. One device can manage multiple lines, switch between them instantly, and keep work and personal contacts separate—all without a physical SIM. For travelers, remote workers, and tech professionals, this setup offers efficiency, control, and flexibility that traditional SIM cards simply cannot match.

A virtual phone number is a digital line that exists independently of any physical SIM. Calls and messages are routed through the cloud, meaning the same number can function across multiple devices: smartphone, tablet, or computer. You can pick a local number in another country without actually being there, or maintain separate lines for freelance projects while keeping your personal number private. Virtual numbers also help protect privacy and streamline online activity. They are perfect for temporary projects, online sign-ups, or situations where you do not want to share your main number.

When paired with eSIM technology, virtual numbers become extremely convenient. Platforms like eSIM Plus let users download multiple numbers onto a single device, switch between them instantly, and manage personal and business lines without touching a physical SIM card. Travelers can maintain local numbers abroad, freelancers can manage multiple client contacts, and tech-savvy users gain complete control over their connectivity. eSIM Plus simplifies this process, allowing for seamless integration of digital numbers and minimizing the complications associated with traditional SIMs.

Businesses also find virtual numbers invaluable. They enable companies to create a local presence in multiple regions without the need for physical offices. Calls can be forwarded to employees anywhere, while integration with CRM tools allows monitoring and analytics of communication. For individuals, virtual numbers enhance privacy and simplify digital life. Whether signing up for online services, running a side business, or protecting personal information, virtual numbers provide flexibility and control that traditional numbers cannot offer.

Everyday Scenarios for Virtual Numbers

Virtual numbers are not just a tech gimmick—they solve real problems.

International Travel: A traveler can maintain a local number in multiple countries, avoiding expensive roaming fees while staying reachable by family, friends, and colleagues.
Remote Work and Freelancing: A consultant or freelancer can separate client communications from personal calls without carrying multiple phones. Multiple virtual lines can support different projects simultaneously.
Privacy Protection: Individuals can use temporary numbers for online registrations, dating apps, or marketplace accounts, significantly reducing spam and unwanted contacts.
Small Businesses and Startups: Companies can create local contact points in different regions, forward calls to employees, and integrate with communication software for better workflow management.

With eSIMs, managing these numbers becomes effortless. Instead of swapping physical SIM cards, users download the eSIM profile to their device, and virtual numbers become instantly available. This combination provides unparalleled flexibility for modern digital lifestyles.

How Virtual Numbers Work

Getting a virtual number is straightforward. Providers allow you to select a number online, link it to your smartphone or VoIP service, and manage it through an app. Common features include:

Call forwarding to any device
Text messaging and multimedia messaging
Voicemail management
Temporary numbers for short-term projects or verification purposes

When integrated with eSIM, the activation process is even faster. Download the eSIM profile to your device, and all your virtual numbers are ready to go. This approach is ideal for travelers, remote workers, and anyone managing multiple lines on a single phone without extra hardware.

Leading eSIM Providers

Several providers lead the market in combining eSIM technology with virtual numbers:

eSIM Plus: Offers digital SIMs integrated with virtual numbers, allowing multiple lines on one device. Users can manage personal, business, and international numbers seamlessly, making it perfect for remote workers, travelers, and freelancers.
Truphone: Provides global coverage with quick activation. Users can switch numbers without changing SIM cards, ideal for business professionals moving across regions.
Airalo: Focused on international travelers, offering cost-effective eSIMs for data and voice in over 190 countries. Airalo simplifies connectivity for tourists and remote workers abroad.
GigSky: Offers pay-as-you-go and subscription eSIM plans suitable for frequent travelers and digital nomads. GigSky supports multiple virtual lines on one device.
Ubigi: Enterprise-focused, enabling companies to deploy eSIMs and virtual numbers to distributed teams. Employees maintain local numbers across regions without physical SIM swaps.
Nomad: Travel-oriented eSIM provider supporting multiple virtual lines on one device. Ideal for digital nomads, remote professionals, and long-term travelers.

These services show how eSIMs and virtual numbers have evolved from niche tech to mainstream tools for managing modern communication efficiently.

Advantages Over Traditional Numbers

Virtual numbers have several key advantages over regular SIM-based numbers:

Multiple lines on one device: Manage work, personal, and international numbers without carrying multiple phones.
Privacy and control: Easily change or deactivate numbers for temporary projects, online registrations, or spam prevention.
Global accessibility: Make and receive calls from anywhere without costly roaming charges.
Integration with software: Works with VoIP apps, cloud platforms, and CRMs. Supports automated call routing, analytics, and communication tracking.

Traditional numbers cannot match this flexibility, efficiency, or convenience. Virtual numbers are built for modern workflows and digitally connected lifestyles.

Combining eSIM and Virtual Numbers

The combination of eSIMs with virtual numbers creates a flexible communication system. One device can handle multiple lines for home, work, or international use. Businesses can provide employees with local numbers in multiple regions without physical offices. Travelers can maintain home and foreign numbers without swapping SIM cards.

Consider a freelance consultant traveling across Europe: a virtual number in France, one in Germany, and a personal line—all on a single device. Clients reach local numbers, costs are minimized, and management happens from one interface. This setup highlights the efficiency eSIMs and virtual numbers provide.

Real-World Examples

Remote Work Across Time Zones: An employee in Asia receives calls from North American clients using a local virtual number, avoiding international fees. eSIM profiles allow switching lines based on work hours.
Maintaining Local Presence While Traveling: A business owner visiting multiple countries can maintain virtual local numbers. Clients call local numbers, but calls are forwarded seamlessly.
Privacy and Online Security: Individuals use temporary virtual numbers for online registrations, reducing spam to their primary number.

These examples show why eSIMs combined with virtual numbers are essential for modern digital workflows.

The Future of Connectivity

With the rise of 5G, cloud communications, and AI-powered tools, eSIMs and virtual numbers will become increasingly integral to daily life. Expect tighter integration with business applications, enhanced security features, and instant switching between personal and professional lines.

For travelers, remote workers, and anyone managing multiple contacts, eSIMs paired with virtual numbers are more than a convenience—they’re a smarter, more efficient way to control communication in today’s digital world.