Fintech Startups in Nigeria

Fintech Startups in Nigeria

Fintech Startups in Nigeria

Fintech has revolutionized how people bank and invest over the years. Fintech? Yes! Fintech has evolved to perform a more strategic and focused role in Nigeria. What do you think Fintech is?


Fintech stands for Financial Technology. It specializes in technology growth to support banking and financial institutions. Fintech is a broad category that encompasses many different technologies. Still, the primary objectives are to change the way consumers and businesses access their finances and compete with traditional financial services.


Financial technology has been around for decades. A few years ago, people had to visit a bank or financial company to apply for a small business loan or transfer funds from one bank to another. Today, Fintech has made it possible to invest, borrow, save and transfer funds through online and mobile services without stepping foot inside a bank.


Fintech Startups in Nigeria

Fintech in Nigeria was brought into the board to serve as a platform for developing the financial technology industry in Nigeria and to be a forum for exchanging ideas and disseminating information by and between various stakeholders in the Nigerian financial technology services industry.


The association is a self-regulatory organization incorporated in Nigeria by the Corporate Affairs Commission CAC and a global body member of Global Fintech Hubs Federation. It is not profit-making and as well non-political. Fintech startups brought a significant change in our economy and significant changes to making payments.


The payment system has changed the way we all conduct business. Fintech segments in Nigeria include insurTech, Cryptocurrency; Lending; Payments, Mobile Money, Digital Banking, etc.


1. Insurtech

The InsurTech segment focuses on improving access to insurance by providing marketplaces for insurance. These platforms offered improved customer experience and have since extended their offerings towards delivering more value-added services to consumers. InsurTech startups in Nigeria are:

  • AutoGenius

AutoGenius offers Auto Insurance, Insurance brokerage, comparison, and claim services. With their Technology savvy team, AutoGenius services are provided digitally.

  • Casava

This insurtech offers both general and life insurance services. Cassava is registered with the National Insurance Commission ( NAICOM).

  • Curacel

This insurtech offers various insurance services, including health, travel, auto, and security insurances. Clients get to select which insurance service they want and the plan that meets their needs.

Fintech Startups in Nigeria

2. Cryptocurrency

The Cryptocurrency segment focuses on local currency and foreign currency exchange. Nigeria has witnessed growing cryptocurrency adoption, driven by a predominantly young digital-savvy population, inflationary local currency, stringent foreign exchange policies on inflows and outflows, and high demand for remittances among Nigeria’s diaspora. Cryptocurrency startups in Nigeria are:

  • Ellcrys

Ellcrys pursue restructuring the way innovators work together in Nigeria using Blockchain technology.

  • Buycoins

As a blockchain startup established to help Nigerians begin their journey into the open financial structure through technology, they thrive on solving the struggle of spending and acquiring money in Nigeria.

  • Nairaex

Nairaex is the most popular and active Bitcoin exchange in Nigeria; however, it serves as a medium for Nigerian traders to purchase or sell the Naira currency for cryptocurrency with convenience.

  • Bitkoin Afrika

This Lagos-based startup aids ready Nigerians to trade popular cryptocurrencies like Ethereum and Bitcoin.


3. Lending

Digital lending remains a thriving FinTech sub-sector primarily driven by retail lending. Many Fintech’s are leveraging payments data to create unique credit scoring models to enable retail lending. Some examples include Carbon, Fairmoney, and so on. Commercial banks like GTBank QuickCredit, Access Bank’s QuickBucks, and Sterling Bank’s Specta are also responding by developing strong digital retail lending propositions to compete with the FinTechs Lending startups include:

  • Quickcheck

QuickCheck is a modern lending platform for individuals and small businesses. QuickCheck uses mobile technology to enable individuals and small businesses to gain access to financial credit.

  • One-Fi

Formerly known as One credit, the One-Fi loan repayment cycle is typically between 3 – 12 months, with loan amounts ranging from N40,000 to N2 million. One-Fi is a credit facility company that offers short-term consumer loans to credit-worthy individuals with limited access to finance.

  • Grofin

GroFin provides Small and Medium Enterprise finance/business loans across Africa & the Middle East. If you have investible numbers and want to expand your business, GroFin is your best short.

  • Kiakia.Co

KiaKia is a digital money lender for Nigerian businesses. KiaKia utilizes psychometry, big-data, machine learning, and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.



Read Also: Companies Seeking for Distributors in Nigeria

Fintech Startups in Nigeria


Payments, Mobile Money and Digital Banking

Payments continue to be a significant focus area for investors, with demand driven by favorable policies promoting financial inclusion and growth in infrastructure supporting mobile payments. Nigeria is increasingly becoming a cashless economy mainly due to the regulatory drive for financial inclusion promoting growth in digital payments. Startups include:

  • Opay

OPay’s mobile money service gives users the ability to pay for utilities, make P2P transfers, and save as well. The company also offers an offline banking service through which users who don’t have smartphones can still carry out transactions.

  • Paga

Paga is a mobile money solution that offers transfers, bill payments, top-ups, and even remittance services. The company has 17 million users and is accessible to unbanked offline users through a mobile money agent network.

  • Kuda

Kuda accounts have a free debit card, budgeting, spending controls, and transfers and savings functions. The bank has also killed maintenance fees and provides users with a specific list of free transfers each month.

  • PiggyVest

PiggyVest provides its three million customers with savings and investment tools, but it’s not exactly a full-fledged digital bank. The company offers fixed, flexible, goal-oriented, and automated savings options and pre-vetted low-medium risk primary and secondary investment avenues for 6 – 12 months.



The rapid growth of Fintech has strengthened the belief that Fintech will disrupt banking because the country’s fintech startups are becoming just as valuable as banks. Therefore, entrepreneurs need to continuously keep up to date with FinTech developments as a vital part of their daily life to enable their business to grow as Fintech grows.

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