Technology
Top 10 Players in Nigerian Fintech Space
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.
Technology
Can Nigeria Build Enough Solar Panels? TechCartel Breaks Down the New Taxes on Imported Tech
There was a time when a solar panel on a Nigerian rooftop was a luxury, the kind of thing you saw at a hotel or a church with generous donors. That time has passed. Across the country, solar panels have become a defining feature of the skyline, appearing on rooftops and office blocks in nearly every neighborhood. Once viewed as a luxury, solar has transitioned into a fundamental necessity for millions of households and businesses. For many, it serves as the foundation of their daily power needs.
The Federal Government has now moved to change how those panels get into the country, and the implications are landing on an energy market that has quietly built its entire informal infrastructure around imported solar hardware.
According to a detailed breakdown published by TechCartel, one of Nigeria’s most closely watched tech publications for consumer technology, the government is not staging an overnight ban. What it is staging is a structured financial squeeze: higher import taxes on finished solar panels, lower duties on raw materials for local manufacturers, and a 2036 target for 100 percent local production.
The policy timeline started earlier than most people noticed. In March 2025, the Minister of State for Technology, Uche Nnaji, announced a Solar Import Phase-out Roadmap. The stated motivation was the import bill, which crossed ₦200 billion in a single year. By January 2026, the Rural Electrification Agency reported that local manufacturing capacity had grown from 120 MW to 300 MW. On April 1, 2026, the Minister of Finance signed the 2026 Fiscal Policy Measures, formally introducing Import Adjustment Taxes on finished solar goods. A Green Tax Surcharge follows on July 1, 2026.
For anyone who opened an import Form M before April 1, there is a 90-day window to clear goods at the old rate. After that, the new cost structure kicks in. The Secure Energy Project estimates a 15 to 25 percent rise in solar panel prices by late 2026.
Can Nigerians Still Afford to Power Themselves?
To understand why this policy lands differently in Nigeria than it would elsewhere, you have to understand what the grid has done to Nigerian electricity habits. Years of erratic supply, multi-hour daily outages, and voltage fluctuations that destroy electronics did not produce a population waiting patiently for the government to fix things. It produced a population that fixed things itself.
First came generators, petrol then diesel then gas. Then came inverters with lead-acid batteries, then lithium batteries, and then solar panels added on top to charge them without spending on fuel. The 1 kWh solar generator, once considered a niche product, is now a completely ordinary fixture in small households and one-room businesses. Some call them power stations, and that name has started to feel accurate. Provisions shops, phone repair kiosks, tailoring studios, and barbing salons run on them every single day. They are small enough to sit on a balcony, affordable enough for a two-month savings plan, and powerful enough to run lights, DC fans, and a phone charger without touching a NEPA bill.
The scale goes well beyond individual homes. Petrol stations that once ran generators round the clock have converted their canopy roofs into solar arrays, running hybrid systems where solar handles daytime load and the generator only kicks in at night. Pharmacies, internet cafés, printing shops, and cold rooms powering perishables now run on solar. The solar transition in Nigeria has been market-driven and it has moved fast.
That context is what makes the arithmetic in TechCartel’s breakdown so pointed. Nigeria’s local solar manufacturing capacity stands at 300 MW as of April 2026. The country’s estimated demand for energy stability is 3.7 GW. The gap is over 3,400 MW. Local manufacturers currently price their panels about 16 percent above imported alternatives. As import taxes rise, that gap will narrow, but the timeline is vital. If local capacity grows faster than analysts expect, the transition could be orderly.
The government’s $425 million commitment to eight new manufacturing plants, and the 150 percent capacity growth achieved in a single year, suggest the industrial ambition is real. Nigerian-assembled panels are already being exported to Ghana and Burkina Faso, which signals a manufacturing base serious enough to serve regional demand. The 2036 target is a decade away, but the trajectory is being built now.
For Nigerians planning a solar installation in the coming months, the window is clear. The Form M grace period runs 90 days from April 1. The Green Tax Surcharge begins July 1. Any installation completed before that first wave of cost increases arrives will avoid the opening price shock. After that, the cost of running your own power in Nigeria, already a choice made out of necessity, gets a little harder to justify on a budget.
By Adedapo Adesanya
The National Information Technology Development Agency (NITDA) has warned of an active, Artificial Intelligence (AI)-powered malware named DeepLoad targeting financial institutions and government agencies
The organisation warned that the new harmful malware is targeting Nigerian government agencies, financial institutions, businesses, and individuals.
In a tweet on its verified X handle, NITDA revealed that once the virus is executed, DeepLoad silently installs itself, harvests stored user credentials and sensitive data from browsers, evading antivirus software by leveraging AI.
NITDA further stated that upon infection, the malware can result in unauthorised access to bank accounts, mobile money services, and payment cards.
It reiterated that the malware also steals saved passwords, personal information, and documents.
It explained that these thefts enable criminals to impersonate victims for financial gains, disruption of public/private organisations’ workflow via document theft, and ultimately a threat to national security via the compromise of classified governance networks.
The agency outlined that the malware targets public and private institutions, Banks and Financial institutions, Critical infrastructure operators, and individual citizens using online banking and email.
The agency cautioned against pasting links and commands from untrusted websites into your computer or phone’s browser, as legitimate websites do not ask for such.
By Adedapo Adesanya
The Nigeria Data Protection Commission (NDPC) has signed separate Memoranda of Understanding (MoUs) with the Bureau of Public Procurement (BPP) and the Nigeria Governors’ Forum (NGF) to strengthen data protection, privacy compliance, and responsible data governance across Nigeria’s public sector and state institutions.
Speaking during the signing of the MoU with the Bureau of Public Procurement, the National Commissioner/CEO of the NDPC, Mr Vincent Olatunji, commended the leadership of the BPP for prioritising privacy and data governance.
“Data privacy is a global imperative for building trust, confidence, and credibility within the digital ecosystem. The NDPC remains committed to supporting the integration of robust data protection standards within Nigeria’s procurement sector.”
In his remarks, the Director-General of the BPP, Mr Adebowale Adedokun, reaffirmed the bureau’s commitment to ethical data management and compliance with global best practices.
“We recognise that the unlawful disclosure of government information is a criminal offence. As we embrace technology, there is a growing need to strengthen safeguards for the protection of sensitive information.”
As part of the collaboration, Mr Olatunji offered 50 Virtual Privacy Academy vouchers to BPP staff to support capacity development in data protection and privacy. Dr Adedokun welcomed the initiative and proposed broader training opportunities for the Bureau’s 453 procurement officers nationwide.
In a related development, the NDPC also signed an MoU with the Nigeria Governors’ Forum (NGF) to deepen data protection and privacy at the state level.
Speaking at the signing ceremony, Mr Olatunji commended the leadership of the NGF for its readiness to partner with the Commission in advancing responsible data governance at the state level.
“Compliance with data protection obligations is critical to strengthening privacy frameworks across our states, thereby accelerating nationwide adoption, enhancing investor confidence, and foreign direct investment.”
The Director-General of the NGF, Mr Abdulateef Shittu, reaffirmed the Forum’s commitment to strengthening data protection and privacy across the states.
“This partnership with the NDPC is a strategic step towards securing Nigeria’s digital ecosystem and advancing responsible data governance at the subnational level.”
To ensure effective implementation of both agreements, working groups were established by the NDPC with the BPP and the NGF, respectively, to develop actionable frameworks for swift implementation.
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