Financial transactions are the bedrock of any business, globally there’s been a trend towards making bettering these transaction processes.
Fintech is simply the use of technology to offer transaction solutions, these fintech solutions tend to make transactions easier and faster.
Fintech in Nigeria is said to have grown in leaps and bounds as various fintech startups have emerged over a short period. With the improved performance of these startups, Nigerians have come to rely a lot on these transaction mediums.
As the market size grew, the fintech startups in Nigeria also grew. Due to the varying needs of clients, these different startups emerged with tailored solutions to provide for the needs of the market.
Various forms of Fintech startups tend to specific needs of clients they include Mobile wallets and payments, these technologies are used mainly for cash transfers, paying utility bills, deposits and businesses use it for their transactions.
There’s Agrotech, where the fintech startup serves as a platform where people can pull money and invest in a farm and then generate interest as the farm produce is harvested and sold.
There are fintech startups mainly for savings and investment, they help their clients save money with added interest more than the traditional financial institutions offer and present investment ventures for their clients to make more money.
Crowdfunding platforms are also solutions provided by fintech as it’s easier for people to raise money and monitor how long it took for them to reach their target.
People can raise money for personal problems like hospital bills or due to societal issues like renovating and equipping a dilapidated school in a community.
Cryptocurrency before its ban in Nigeria was one of the needs fintech startups built their solution around.
Quidax is a fintech startup that helps people invest and trade with any form of cryptocurrency directly without having to go through the hassles of money exchange.
There are trends recently observed in the fintech startups in Nigeria, top on that list is lately the competition from telecommunication companies as they are launching transactions solution such as mobile money and these are rivalling fintech startups as these telcos already have clients that uses and trusts their products, so it’s easier for the client to jump on this added service.
Some fintech startups in Nigeria include:
Paystack
One of the leading fintech startups in Nigeria, launched in the year 2015. This startup offers users the ability to make payments through mobile transfers deducting 1.5% on local transactions and 3.9% on international transactions.
Brass
This is a fintech startup backed by First City Monument Bank, it’s solutions lie in their ability to offer a partnership to entrepreneurs and businesses as well as provide current accounts. Brass also monitor the growth analytics of the business
Kudi
This startup offers users financial services which include cash withdrawals, payments and money transfers.
OneFi
Founded by Chijioke Dozie and Ngozi Dozie in 2012, this fintech startup offers its users’ action solutions such as airtime recharge, bill payment and then money transfer. OneFi is now Carbon.
Chipper Cash
Launched in the year 2018, it offers users free transaction charges and currently, Chipper Cash is in seven countries.
TeamApt
This is a white label solution that aids banks and other financial institutions make payments. UBA and Zenith bank are examples of banks affiliated with TeamApt.
Okra
This fintech startup gives individuals access to their bank account from their platform as it allows the individuals to make direct debits and the linking to the bank accounts enables them to connect to other lending and banking apps.
Onepipe
This provides service mainly for businesses, their solution serves as a medium for banks and other financial institutions to share information.
About the author
Chibuzor Elizabeth Chijioke a graduate of Abia State University is a Nigerian-based entrepreneur and content writer. She trained as a digital marketer at Innovation Growth Hub. She is committed to teaching people how to apply technology to better their lives and businesses. She spends her leisure reading sci-fi and fantasy novels.
Don’t miss important articles during the week. Subscribe to techbuild.africa/blockchain weekly digest for updates.