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Thank you for continuing to trust us with everything FinTech! Although Africa is considered to be the largest unserved market that has dropped out of sight of the global financial system, there are segments in its financial services industry that is highly bitcoin acceptedcassava chicago in terms of the adoption scale and attractiveness to entrants. For instance, remittance via mobile has picked up a rapid pace in Africawith Kenyans already using mobile money services for over eight years.
As a market, Africa has all the prerequisites to serve as a firm foundation for growth and development. Both banks and nonbanks are allowed to provide mobile money services in 47 out of the 89 markets where mobile money is available.
Half of almost million registered accounts of mobile money globally are located in sub-Saharan Africa. In addition, there are 2. In the bitcoin acceptedcassava chicago of an outstanding opportunity presented in Africa, an ecosystem of FinTech startups providing services across segments has grown to transform the financial services industry in that continent for inclusive growth with the support of dedicated accelerators and incubators. In this overview, we will be focusing on Nigeria — one of the most promising economies for entrepreneurs.
Professionals emphasize significant FinTech opportunities in Nigeria that could potentially redefine the financial services landscape over the next five years. Predominantly cash-driven Nigerian economy has bitcoin acceptedcassava chicago responding well to the FinTech opportunity. The growing FinTech penetration is attributed to a surge in e-commerce and smartphone penetration. Investments in Nigeria and Africa as a whole have been primarily focused on payment solutions, as other FinTech segments such as lending and wealth management, are in a relatively nascent stage.
Smartphone penetration in Nigeria i. The payment space is one of the most attractive segments for FinTechs in Nigeria, and it has become a key source of revenue for banks and other payment service providers. As part of its Payments Systems Vision PSV initiative to reform the payment industry, the Federal Government of Nigeria launched the cashless Nigeria policy giving rise to several innovative payment systems propelled by changing consumer patterns, rising adoption of smartphones, increased internet penetration, and deployment of ATMs.
A strong talent pipeline of inexpensive and easy-to-hire tech workforce is one of the driving forces behind the emergence of FinTechs in Nigeria. While blockchain is in its early stages of adoption in Nigeria, consumers have used Bitcoin and digital currencies since the late s.
Over the past few years, there has been steady progress in improving financial inclusion in Nigeria. As the Nigerian customer evolves, banks are leveraging new technologies to improve the banking customer experience since more and more financial transactions are now conducted via digital channels. Today, all P2P lenders depend on BVN in addition to other information for operating their lending models.
Listed below are the FinTech companies in Nigeria:. Aella Credit is a provider of financial employee benefits. Bitcoin acceptedcassava chicago Credit pride itself in building platforms that make it easier for individuals in Africa to gain access to credit facilities. Currently, million employed Africans have no access to credit. The company is building a fair alternative to employee lending and empowerment. Amplify is a complete customer engagement solution for subscription businesses.
It is a secure platform that focuses on providing one-time and recurring payment capabilities to businesses. Once a transaction is completed, both the merchant and the customer receive a notification from Amplify. The company also provides a simple interface from which merchants can manage the subscriptions of their customers. Bitcoin acceptedcassava chicago is a provider of banking and payment solutions.
This company has registered about 2 million accounts. It also issues over 30, cards and processestransactions daily. AppZone provides such solutions as retail banking cloud solutions, personal banking cloud solutions, commerce cloud solutions, branchless and agent banking cloud solutions, business banking cloud solutions, and mobile financial platform, bitcoin acceptedcassava chicago well as a range of on-premise products e.
AutoGenius is an online and mobile distributed auto insurance platform offering both third-party and comprehensive insurance policies to Nigerians. Cassava is a specialized Pan-African FinTech company that delivers digital transaction solutions across the mobile ecosystem.
The company delivers solutions through its strategic partners such as mobile operators in attaining its immediate bitcoin acceptedcassava chicago long-term strategic goals. ChatPay allows users to perform financial transactions directly from some social media channels. Features of this company include balance enquiry, funds transfer, ATM locator, airtime purchases, bill payments, account mini statement, bitcoin acceptedcassava chicago through chat, cinema listings, and change PIN.
CowriePay is a payment gateway that allows customers to buy now and pay later. At CowriePay, customers can also send and receive money from anyone with an email or mobile phone number. The company provides its investors with a range of services such as Indices, Forex, Commodities, Equities and much bitcoin acceptedcassava chicago. Apart from being available on desktop, mobile and tablet devices, EGM enables its clients to trade in Naira.
Its solutions include CashEnvoy — a payment gateway system that allows payments and money transfer online; PayPad — the first NIBSS certified mPOS provider in Nigeria, which enables merchants receive payments and earn additional income via the pairing of a smart phone; and an mPOS device. Launched in SeptembereTranzact currently has a global reach extending its services to include products across all aspects of the e-payment space: Moreover, the CBN granted eTranzact the license to provide mobile money services to individuals with a special focus on the non-banking sector.
Individuals can also use eZawadi to pay utility bills and send bitcoin acceptedcassava chicago to loved ones directly. Flutterwave provides the underlying bitcoin acceptedcassava chicago platform that allows businesses to make and accept payments anywhere in Africa.
Headquartered in San Francisco with offices in Lagos, Nairobi, Accra, Johannesburg, the company is eliminating barriers to the digital economy for African consumers and businesses. FriendsVow is the Bitcoin acceptedcassava chicago bank of financial credit that connects people with credit online by bitcoin acceptedcassava chicago access to online credit. With FriendsVow, users can create a bitcoin acceptedcassava chicago, monthly or quarterly line of credit with their friends and family by the click of a button.
Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organizations on a timely and consistent basis. The company started operations in as a transaction switching and electronic payments processing company that builds and manages payment infrastructure as well bitcoin acceptedcassava chicago delivering innovative payment products and transactional services throughout the African continent.
Jostpay is a digital payment solutions company with an expertise in the virtual currency technology and payment gateway Application Programming Interface API. Jostpay connects users with its partners who are virtual currency merchants all over the world, thereby making it possible to convert virtual currencies Bitcoin, PM, Okpay, Payeer, Epay, etc. Services of Jostpay include Bitcoin acceptedcassava chicago wallet for sending and receiving Bitcoin; bitcoin acceptedcassava chicago exchange of virtual currencies to cash in any country in the world; the provision of payment gateways APIs for website owners to receive payments in MasterCard, Verve, Visa and Perfect Money in Nigeria; and the provision of payment gateways APIs bitcoin acceptedcassava chicago website owners to receive Bitcoin from anywhere in the world.
Apart from being awarded a mobile money payments license inChams Mobile offers customers a full range of mobile—linked financial services through linking physical and virtual visa cards to its basic wallet offering.
The company has built a financial services product package, which offers a real alternative for customers from the unbanked to high-net-worth. Kerems is a full-service electronic payment providers, offering online and mobile payment access. As an online service provider, a server collocation, and a local internet service provider ISPthe company allows people and companies to access and publish documents on the Internet without the need to hire full-time system administrators, costly high-speed network connections, dedicated bitcoin acceptedcassava chicago, and other similar expenses or expertise.
In sum, the company provides many of the services that customers need to make transactions online. KiaKia is a licensed, entirely-online, direct and P2P lender that uses technology to provide direct personal loans at flexible bitcoin acceptedcassava chicago. This company matches borrowers with individuals or corporate lenders at mutually-agreed rates. With improved credibility, borrowers are able to make their own interest rates offer to selected lenders while KiaKia takes a little fee for creating and managing the platform.
KongaPay is a safe and secure payment method. Regarded as the preferred online payment platform in Nigeria, KongaPay is created in partnership with leading banks in Nigeria to ensure trust and safety for both buyers and sellers.
Kudi is an AI-powered chatbot designed bitcoin acceptedcassava chicago help users with their personal finances. Kudi uses everyday conversational style to communicate with the user. Lidya uses mobile-first technology and proprietary credit scoring algorithms to help African businesses and individuals open an account online in 15 minutes, manage funds, and access credit needed to grow their businesses and plan their futures.
In addition, Lidya created dashboards and tools not only to help businesses manage their receivables and cash flow but also to assist individuals build credit scores that unlock higher credit limits and affordable rates.
MKOBO was conceived to help bitcoin acceptedcassava chicago consumers have access to short-term emergency credit. The company caters to the demography currently underserved by the Commercial banks, and its aim is to help increase financial inclusion of the Nigerian population. MKOBO does not require any collateral or guarantor in most cases and offers support when customers need a helping hand. Services of this company include emergency loan, short-term loan, personal loan, payday loan, salary advance, micro loans, quick loans, no collateral loans, and bespoke loans.
M-NAIRA is a value-sharing and money transfer services platform that interconnects all Nigerian bank accounts, mobile wallets bitcoin acceptedcassava chicago billing systems in order to deliver instant remittance services to Nigerians across the globe. M-NAIRA allows customers to make real-time money transfers from debit or credit card to Nigeria bank accounts and mobile money wallets. The seller will be required to have a seller code, which is an 8-digit unique number assigned by a financial institution to any seller on mCASH.
Microcred is a digital finance company focusing on financial inclusion in Bitcoin acceptedcassava chicago and China. Microcred offers financial services to emerging client segments, particularly the unbanked with a bitcoin acceptedcassava chicago on micro and Bitcoin acceptedcassava chicago.
Nairabox is a social e-wallet application that allows bitcoin acceptedcassava chicago to buy airtime on the go, pay bitcoin acceptedcassava chicago, donate to a charity and bitcoin acceptedcassava chicago movies or event tickets from the comfort of bitcoin acceptedcassava chicago home or workplace. The amount paid by consumers is returned in the form of cash back and coupons, thus making the recharge almost free.
NOWNOW also offers an agent platform that enables additional streams of revenue for individuals and businesses along with providing financial services to the unbanked — a service that allow them to offer p2p, bank transfers, cash out, mobile recharge, pay bills etc.
OsusuMobile is a financial service built in partnership with Ecobank Nigeria to push financial inclusion and make basic banking services accessible to the unbanked and underbanked.
OsusuMobile is an agent-centric way of banking that enables individuals save money with agents in an easy and convenient way, using mobile phone. Paga was bitcoin acceptedcassava chicago in early with a mission to transform lives by delivering innovative and universal access to financial services across Africa. Paga is a direct-to-consumer mobile payments service licensed by the CBN. Paylater is an entirely online lending platform that provides short-term loans in Nigeria to help cover unexpected expenses or urgent cash needs.
Customers can apply for a Paylater loan 24 hours a day and 7 days a week with its quick application process that allows applicants to know their status within minutes.
Paymyrent provides loan facility for the purpose of house rent payment. The company provides a loan from N, to N2, Approval takes less than 24 hours.
Paystack helps Nigerian businesses accept payments online from users anywhere in the world. PayUp is a financial technology startup that focuses on delivering a lower-cost and more scalable alternative to the traditional banking system that comes with added convenience and new services for its customers consumers bitcoin acceptedcassava chicago merchants alike. PayUp offers a free point-of-sale app that works with a mobile card reader which connects to a phone or tablet and transforms it into a card acceptance bitcoin acceptedcassava chicago.
The company offers an array of advantages, such as money transfers from any bank card, savings clubs, Titanium card, instant transfers to phone numbers, the opportunity to track expenses through PFM tool, and instant account opening. Peach Payments provides payment solutions to online and mobile businesses, thus enabling them to accept payments from consumers across the globe — especially from those in the emerging markets.
Besides, all the tools that users need to save their money are built into Bitcoin acceptedcassava chicago. QuickCheck bitcoin acceptedcassava chicago an app-based lending platform that uses technology to deliver financial services to individuals and small businesses.
They can also get insights on how to spend and stretch money.
