Just recently, a report emerged that FinTech startups have attracted interest both within and outside the continent, raising more funds amounting up to US$31.4 million – than the other sectors tracked in a 2016 report. This has made us give the startups affected especially in Nigeria the courtesy of listing them out. Now, this is not in an order of hierachy.
One thing spectacular about these startups is that some of them even have more outreach than some banks which is very laudable and is commendable especially considering that these are private and lesser institutions financially. Just stay with me as i take you through the list.
Paga is a pioneering payments and Digital Financial Services company. They have a mission to deliver innovative and universal access to financial services for individuals and businesses across Africa.
They got their full operating license from the Central Bank of Nigeria in November 2011, and has been working to make that mission a reality by building a nationwide network of agents, innovating new services, product categories and evolving into the best payments solution for Nigerians.
Paystack operates as a payments platform which enables the online payments process very easy on the part of both the consumers and the businesses they are trying to pay. In explicit terms, they make easy for merchants to accept credit and debit card payments online from customers.
VoguePay prides themselves as a unique online payment processor and they hold a vision to offer buyers and sellers a secure and easy-to-use means of transacting their business online.
The processor allows site owners to receive payment for their goods and services on their website and this comes without any setup fee. They believe that they are able to distinguish theirself from other online payment processors with the array of features guided by core values like: Security, User Friendliness, Reliability.
With SimplePay, all businesses or consumers with an e-mail address and a bank account can securely, conveniently and cost-effectively send and receive payments online or through their mobile phone. Quite a salient process I think.
Thrivesend is an online service that allows you to transfer money for just N45, which is much lower than what many bank charges. It is an app that serves as a money transfer service and it would make it possible for anyone with a local or international Mastercard, Visa or Verve card to send money to any verified Nigerian bank account.
Piggybank.ng enables Nigerian debit card holders save little amounts of money frequently with minimal effort.
They help automate the process of saving tiny amounts daily, weekly or monthly as you might prefer, and then gives you liberty to withdraw for FREE on ONLY set withdrawal dates thereby practically making saving more possible for you by eliminating the temptation to withdraw. Their vision is to empower people through saving.
CashEnvoy is the safest, easiest and most convenient way to make payment, send money and get paid online. It is an e-commerce business that allows payments and money transfers to be made through the Internet. A Cash Envoy account can be funded with Nigerian debit cards or through online bank transfer from specific local banks
Flutterwave is an API that gives you liberty to process credit card and local alternative payments, which includes mobile money and ACH, across the African continent. The solution makes it possible for global merchants to process payments like the normal local African company.