Over the last few years there has been a surge in the number of fintech startups in Nigeria. You most likely will be familiar with startups like Flutterwave, Paystack, Pagatech, Quickteller by Interswitch (if you consider it one) and a number of others. Here is a great list of a good number of the fin-tech startups in Nigeria. We have interviewed a few of these startups, this article focuses on them. Let’s dive into them, shall we?
Fintech Startups in Nigeria: NairaBox
NairaBox is a digital wallet app which allows you buy movie and event tickets, pay for bills, purchase airtime and donate to charity through ‘the click of a button’. Jay Chikezie, Tokunbo Adetona and Damilola Jegede founded the startup in December 2015. The goal of the startup, it appears, is to help users make payments and donations in record time. The app is available for download in the Google Play and iTunes store.
The app is social in the sense that it allows you send money to other NairaBox users or any of your phone contacts.
Fintech Startups in Nigeria: Aella Credit
Aella Credit is a lending platform that allows people access loans instantly. Akin Jones founded the startup after quitting his job at a financial services company. In his interview with Faith History, Mr. Jones mentioned that his team did zero marketing when they launched the startup. The simple reason is that everybody needs money. Money doesn’t need marketing, does it? However, it is worthy of note that Aella Credit rode on its relationship with certain partner companies to acquire thousands of borrowers. Smart move, huh?
The platform is integrated with the major credit bureaus in Nigeria. Its strategy is to lend money to only credit-worthy borrowers. The application is built to identify such borrowers. You can read a bit more about the startup here.
Fintech Startups in Nigeria: PiggyBank.ng
While the previous startup lends you money, this one helps you save it. PiggyBank is a secure online savings platform. This startup makes you save! It does this by automating the process of saving. In simple terms, it deducts directly from your bank account. It only allows you withdraw for free on certain dates however, you get penalized for withdrawals outside these dates. These features are in place to make you disciplined.
United Bank of Africa houses the savings from PiggyBank.ng. The startup has also partnered with Metro Microfinance Bank. Listen to the interview with Faith History and read a bit more about the startup here.
Fintech Startups in Nigeria: Amplify Pay
Amplify Pay helps businesses collect and manage recurring payments. Segun Adeyemi relaunched the payments startup after previously calling it SlushPay. The startup’s focus is to take on the $32 billion recurring payments opportunity in Nigeria. Segun graduated with a degree with Economics but his love for technology came out of a knack to solve problems. He met Maxwell Obi his Co-founder during the MEST ((Meltwater Entrepreneurial School of Technology) recruitment exercise. They both got into the MEST program and the rest like they say is history.
Fintech Startups in Nigeria: Social Lender
Social Lender is a fintech solution that lends individuals money based on their social reputation. Users sign up on the platform with their social media account. The platform’s proprietary social algorithm will then perform an audit. After the audit, a social reputation score will be generated. Following this, users can apply for the loans they need. Loans available currently range from 1,000 Naira to 100,000 Naira. Funds will typically be made available within 10 minutes.
Bincom ICT Solutions is the mother company of the Social Lender platform. The startup recently partnered with CGAP (Consultative Group to Assist the Poor) to explore how social data can predict the loan repayment behavior of low-income earners. This pilot program will make loans available to low-income earners to meet emergency needs. Listen to Faith History’s interview with Bade Adesemowo, CTO & Co-founder – Social Lender here.
We are continually looking to connect startups with millions of Nigerians every week. We will continue to update the list as we interview more fintech Founders and startups. Drop us a comment or send us an email via firstname.lastname@example.org.