Every day, we hear about new Fintech and how they are transforming the financial industry.
Ever wondered what Fintech means?
Fin-tech is short for Financial Technology and is simply a wider range of products, services, business models, and technologies that are digitizing traditional banking and financial systems.
Currently, Nigeria ranks 55th in the global fintech space. Hundreds of financial technology-enabled businesses emerge every year, paving the way and putting themselves on the international map.
Here are the top Fintech companies that are breaking barriers in Nigeria.
Chaka
Chaka is an online investment platform founded by Tosin Osibudu founded in 2019. Its primary mission is to enable Nigerians to buy, hold or invest in local and international stock markets from the comfort of their homes.
It has gained over 2 million dollars in pre-seed capital. The company plans to use this capital to spread its tentacles to other West African nations and, in no time, Africa as a whole.
Kuda
Kuda bank was founded in 2019 by partners Babs Okundeyi and Musty Mustapha. Formerly known as KudiMoni, an online lending platform before it restructured and rebranded to what is now known as Kuda Bank (The Bank of the People), it is the first Nigerian fully digital bank that is currently worth almost one billion dollars.
Its main vision is to make Nigerian banking more affordable and accessible.
Patricia
Founded by Fejiro Hanu Agbojie Patricia in 2017, Patricia is an online payment and e-commerce platform that facilitates the buying and selling of digital currency and other digital assets, e.g., gift cards. Patricia could boost its processing by over 10 billion nairas in transaction volume in 2019, making them one of the fastest-growing fintech in West Africa. They also have international deals and are major sponsors of national television programs, including Big Brother Naija Season 6 (Shine Ya Eye).
Piggyvest
Piggyvest is an online saving and investment platform founded in 2016 by a group of friends: Joshua Chibueze, Terry Kanu, Odunayo Enweniyi, Somto Ifeuze, and Nonso Eagle. Piggyvest has gained over 3.5 million users in just over three years since starting the saving platform. It also acquired the popular giveaway app ABEG. It rebranded it to Pocket, which is now a part of the Piggyvest conglomerate.
Interswitch
This company was founded by Mitchell Elegbe in 2002 and is regarded as one of the biggest payment platforms not just in Nigeria alone but in Africa as a whole. They created the first digital gateway that helped banks create banking solutions such as ATMs and eventually Points of Service (POS). It also revolutionized Nigerian payments and even revenue collection platforms.
Which of these FinTech companies have you used, and how have you found their platforms and services?
Are there ways you think these companies can improve in providing services?
Kindly Drop your opinion on these and more; let’s discuss them.
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Photo by m. on Unsplash
