Dumebi.Okonji

Banking in Nigeria is currently experiencing a wind of change as financial technology start-ups are continuously emerging around the country. These start-ups are led by a host of young entrepreneurs whose disruption of the industry has secured a seamless transactional future for the average Nigerian. In 2018, Nigerian fintech start-ups received the bulk of investments in Africa from venture capitalists around the world, taking over from South Africa as the highest leading tech start-up funding destination. Here are three of the companies that have cut through the noise and bridged the payment gaps in financial services in Nigeria, giving the banking industry a run for their money. 1.Paga No alt text provided for this image As far as pioneering goes, Paga founder, Tayo Oviosu is one to applaud. Founded in 2009, and becoming fully operational with a license in 2011, Paga has since evolved from its initial offering of providing mobile money operations into a full-blown payments company. In 2019; 10 years after its inception, Paga processed about 72 million transactions worth $4.6 billion and recorded 12 million customers on the platform. The fintech company also secured funding worth $34.7 million from investors such as Tim Draper (one of the earliest Internet investors), Flourish (a venture of the Omidyar Group) and the Global Innovation Fund among others. 2. Paystack No alt text provided for this image A payment start-up founded by CEO Shola Akinlade and CTO Ezra Olubi in 2015. The platform helps businesses make simple, secure, and seamless payments via credit card, debit card, money transfer, and mobile money on their websites or mobile apps. Their services are open to customers ranging from individuals, SMEs to global businesses. Paystack has secured about $11.7 million in funding from investors such as Stripe, Visa and others. 3. PiggyVest No alt text provided for this image The savings platform launched in 2016 was previously known as PiggyBank.ng until the 11th of February, 2019 when co-founders; Somtochukwu Ifezue, Odunayo Eweniyi, and Joshua Chibueze officially announced the new trading name. Asides savings and investments, more innovative products such as Safelock, Target, Group Savings and PiggyFlex have been introduced on the platform over the years. PiggyVest aids customers to become more effective at financial management. In May 2018, the company closed $1.1 million in seed funding for license acquisition and product development. Beyond cutting long queues in banking halls across Nigeria, these start-ups have gone above the status quo and have given the financial industry a technological facelift, and we cannot wait to see what the future holds for them.