What the FinTech landscape in Nigeria looks like right now

June 24, 2016
4 min read

Over the years, FinTech has grown beyond money transfer platforms. It has expanded to include many forms of technological innovation in the financial sector. FinTech innovations have changed the way we do business and see (or don’t see) money. You don’t need to hold cash or go to the bank anymore. You can sort all that out with a mobile phone and internet connection.

The FinTech sector is one of the most crowded tech sectors in Nigeria. Almost every commercial bank has one FinTech platform or the other that they are backing; because they know that it is the future.

There are now so many platforms in Nigeria that you may not even know them all. So here’s an extensive (but not exhaustive) list of the FinTech platforms in Nigeria. I’ve categorised them to make the list neater. The platforms are grouped into payments, lending, merchant services, loyalty platforms, cryptocurrency, finance management, and banking services.

Payment platforms

This is the most saturated group of the lot.


BuxMe - BuxMe (by WEMA bank) is a mobile app that lets you send, receive money to and from any email or phone number, whether they have the app or not.

Quickteller - Perhaps the most popular of them all, Quickteller by Interswitch is a money transfer and bill payment platform. It charges ₦100 per transaction. There is also the Verve World app, which is an extension of Quickteller that enables cardless ATM withdrawals

SimplePay - SimplePay allows you transfer and receive money from any part of the world. It charges you 1.90% of whatever amount you are transferring + ₦10; that is for local cards. But if you’re using an international card, it will charge you 3.50% + ₦10.

VoguePay - VoguePay’s pricing for any transaction you want to make on its platform is quite extensive. Check out the full list here.

Remita - Remita does the normal money transfer, and it also lets companies automate their payroll. CBN and several other government bodies and banks in Nigeria use Remita’s platform for money transfer and payroll management.

Be the smartest in the room

Join 30,000 subscribers who receive Techpoint Digest, a fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

Cashenvoy - Cashenvoy is for business owners to handle payments online. It works with a couple of peripherals like Interswitch, debit cards and e-banking platforms.

Firstmonie - Firstmonie by First Bank is a mobile payment service that lets you use your phone number as your account number. Basically, your phone becomes your bank.

KongaPay - KongaPay is Konga’s effort to cut card payments and make the eCommerce experience faster.

Paystack - Paystack allows you use cards for online transactions, but as a one-off option. Once you input your details, you don’t need to do that ever again. It’s safe too (as it should be).

Paga - Paga works across several platforms including online and via SMS. You can use it to transfer money, pay bills and buy airtime.

PayPad - PayPad is an mPOS solution that enables merhcants accept card payments using a smartphone or tablet

Other payment platforms include Etranzact, PayWithCapture (by Access Bank), Amplify and Nairabox

Lending platforms

Paylater - This is a loan collection app by OneFinance. It allows you apply for a quick loan of not more than 10,000 at a time. It’s designed to meet urgent and short term loan needs.

C24 Limited – a consumer lending firm based in Lagos, Nigeria; created to bridge the financing gap in actualizing opportunities of employed individuals through technology and excellent service.

RenMoney - This app allows you apply for loans of up to ₦2,000,000, create fixed deposit accounts with interesting interest rates and start targeted saving towards a financial goal.

Aella Credit - On this platform, you can borrow between ₦100,000 and ₦1,000,000 without any collateral  at a 25.2% per annum interest rate.

Merchant services

One Credit - One Credit exists to meet the short-term loan needs of the average Nigerian. They grant loans from ₦40,000 to ₦2 million

Slimtrader - This one is an eCommerce solutions company. Its services go from inventory management to shopping cart and payment solutions for eCommerce businesses.

PayAttitude - This platform makes use of NFC (near field communication) technology. It allows people pay for items by tapping their mobile phones on a PayAttitude pad.


BitPesa -  BitPesa is a platform for global mobile money transfer. It allows you send and receive payment in different currencies.

Loyalty platforms

Suregifts - Suregifts is a gift card company, and their first platform is SureCredit. SureCredit gives employed Nigerians the chance to apply for a gift card/voucher loan to be paid back within six months with an interest rate of 24.8%.

Finance management

Piggybank - This service helps people save money using their debit cards. You decide how much money it automatically deducts from your account every month to help you save towards a financial goal.

Banking services

*737* - This is a mobile money platform for GTBank customers. It allows them transfer and receive money, and buy airtime from their phones.

eSuSu - This is Diamond Bank’s digital version of a savings platform. It allows their customers save, individually or within a group, towards a financial goal.

NB: This list is not exhaustive and so I will keep updating it as I get more information.

I'm always open to feedback and new ideas.
I'm always open to feedback and new ideas.
Subscribe To Techpoint Digest
Join thousands of subscribers to receive our fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
This is A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day! 
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

I'm always open to feedback and new ideas.

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved