Meaning of FinTech
Fintech, which means Financial Technology, is a specialized software, mobile application or algorithm that increases the efficiency and automates the use of financial services for businesses or individuals. The best Fintech companies utilize this technology to help businesses and consumers improve their financial operations such as mobile payments, investments, cryptocurrency, mobile banking, etc.
Fintech software and mobile applications can be used on a computer or mobile phone. They can serve as peer-to-peer payment services, automated portfolio managers, mobile banking platforms, trading platforms and so on. Technologies utilized in Fintech include Artificial intelligence (AI), cloud computing, Robotic Process Automation (RPA), big data and Blockchain.
Since the founding of PayPal in 1998, which was part of the first Fintech companies that primarily rendered its services online, Fintech has been revolutionized and expanded further to give more services to consumers and businesses, and the number of Fintech companies has skyrocketed giving different varieties with different kind of services. Fintech examples include CashApp, Venmo, Robinhood, PayStack, Interswitch, etc.
Some of the best Fintech companies in Nigeria include;
1. Flutterwave
Flutterwave is one of the best Fintech companies in Nigeria, and it is a payment startup by Nigerian co-founders, Olugbenga Agboola and Iyinoluwa Aboyeji. Flutterwave company is based in the United States. It provides services that allow sending and receiving money across countries thereby lessening financial worries for businesses and organizations in their financial transactions.
2. Paga
Paga is a top Fintech company founded by Tayo Oviosu in 2009, that renders services like paying bills, payment transactions, bank deposits, top-ups, remittance services, etc. With the increase in difficulty in accessing Nigerian banking services and platforms, Paga helps provide efficient financial services to African businesses and residents. Paga has up to 17 million users benefitting from its services.
3. PayStack
PayStack is considered the best Fintech company in Nigeria due to the standard platform and services it provides its merchants and customers. PayStack is a Fintech industry used around the world for financial operations which accept Verve, Mastercard and Visa cards. They have more than 60,000 customers and users. PayStack provides offline and online payment services with different payment options such as USSD, bank transfers, mobile money, card, Apple Pay, etc.
4. Interswitch
This is a commerce and digital payment company. Interswitch is a Fintech company that provides a convenient platform for online transactions among individuals and organizations. It renders a payment management platform, card issuance, disbursements, transactions, etc, and is looking into a Blockchain-based infrastructure.
5. Piggyvest
Piggyvest is a top online saving and investment Fintech platform that allows users to store the funds they would not require anytime soon. Savings can be as low as $1 each day and users can also set withdrawals to specific dates of their choice. This type of Fintech builds their customer’s savings discipline by limiting access to their savings. Piggyvest has up to 6 million customers investing and saving on its platform.
6. Kuda
Kuda is a totally online bank that is operated predominantly on smartphones. Kuda Bank is a Fintech that renders a digital-only bank with zero bank charges such as free deposits, no transfer fees, no atm maintenance fees and so on. They also give a free customized Mastercard or Verve ATM card and offer budgeting and spending control.
7. Remitta
Remitta is also considered part of the best Fintech companies in Nigeria. They render electronic payment transactions for organizations, schools, government agencies, NGOs, educational institutions and individuals in Africa. Remitta’s services range from salaries, taxes, invoices, utilities, etc.
8. Carbon
This Fintech company is a digital banking mobile app which renders short loans to its customers. The Carbon banking app is user-friendly and easy to navigate and offers a loan and investment platform where money can be borrowed instantly online by anyone without being physically present. The usual banking features are also available like bill payments, P2P payments, debit cards, etc.
9. E-tranzact
This is an electronic payment solution provider that supports most payment networks such as Mastercard, AMEX, Visa, etc. E-tranzact accepts payment requests from multiple channels like POS, ATM, web, etc and conducts efficient financial transactions across Nigeria.
Other Fintech companies include FairMoney, Opay, Okash, Vogue Pay, Lidya, Bamboo, V bank by VFD, Moniepoint, Trove App and so on.
