Fintech companies apparently have come to stay and we all want to see it affect our lives more and of course, positively.
In recent years, Nigeria have seen the emergence of some Fintech companies who have had a direct impact on the way we live daily. One major area has been in money transaction which has become faster and easier.
Before we continue to some of the Fintech companies in Nigeria, let’s clear the air on what Fintech companies are, how they work and the services they render.
What are Fintech Companies?
Fintech companies are companies that employs technology to manage our finances. The aim is simple; it’s to enhance the already-in-use financial practices, also replace some arms of the established financial structures the banks have put in place.
How Do Fintech Companies Work?
One thing one must know is, Fintech companies are not building new wheels but rather are reinventing, they bring nothing new really but just changing the way we managed our finances before now with a little tweak here and there.
Fintech companies rely on the established structures like the ATM card and BVN to run its operation. This makes the conventional brick and mortar banks still relevant in this Fintech age even though these companies have brought about a disruption.
What Services Do Fintech Companies Render Exactly?
A typical example of technology in today’s finance is making of payment over the internet. In today’s world, we make payment using a mobile app several times daily – whether you’re buying data or making an order through a mobile app, that is you making use of Financial Technology (Fintech).
Let’s list services offered by these Fintech Companies:
- Payday Loan: These are quick loans offered under 24 hours meant for emergency situations they are short-term. Example Branch Loan app.
- Flexible Savings: Haven’t you heard about the Piggyvest saving app? That’s a perfect example of a saving app. As the name implies, saving apps help you put your spending in check by helping you save periodically.
- Payment: This has to be the most widely used financial technology. From payment of tuition fees in varsities to buying of goods in a grocery store you can name it. People are making use of these payment gateways by the second. A good example is Remita.
Top 5 Fintech Companies in Nigeria
1. Piggyvest Saving App
Piggyvest is one of the most used Fintech apps in Nigeria. A lot of people out there have the Piggyvest app installed on their phone. Pigyyvest help users control how they spend money it also help people save to reach a target amount.
I still make use of Piggyvest but the experience during my school days was the best. I always saved very little for the rainy days where I have no way to turn then my little savings was there saved on Piggyvest.
If you haven’t used Piggvest before you can try them and thank me later, I mean what are friends for? Click HERE to sign up on Piggyvest.You can also read our full Piggyvest reveiew.
2. Kuda Bank
Kuda bank is a mobile-only bank, the first in Nigeria and has the license from Central Bank of Nigeria (CBN) to operate. Among the things that make Kuda bank interesting is it free charges on so many services conventional banks charge for. Don’t get this wrong, there are still charges but way lower from what banks charge.
What you Don’t pay for on Kuda Bank:
- No maintenance fee.
- No ATM card fee.
- No fee in the first 20 transaction every month.
And the platform is secure.
Paystack is a payment platform founded in 2015 by Shola Akinlade and Ezra Olubi. This makes it possible for business owners to receive payment in Nigeria and beyond.
Needless to say the impact it has brought in making payment a breeze. A lot of businesses rely on Paystack today to enjoy seamless payment in both ways – one-time or subscription payment.
4. Branch Loan App
Branch loan app is one of the first instant loan apps to enter the Nigeria market. Fintech has really been harnessed in this direction in the past few months with a host of loan app emerging to solve the problem of emergency financial needs.
You can read our full review of the Branch loan app HERE.
Anther payment platform on our list. With remita you can buy electricity token, buy airtime, pay an invoice, checkout an order and many.
The federal government of Nigeria uses Remita to receive tax, levies and tariffs. It’s that big.
There are a lot of many other fintech companies in Nigeria that have affected the way people live life in Nigeria. One of such is BuyPower.com.ng, a platform where you can subscribe for electricity.