back Back

4 FinTech companies in Nigeria transforming the financial space

By Pavithra R

December 08, 2020

  • Carbon
  • Fairmoney
  • Nigeria
Share

4 FinTech companies in Nigeria transforming the financial spaceLack of access to credit and financial services has been the main impediment to financial growth and poverty reduction in several emerging economies. The goal of FinTech companies in Africa is to make financial services easily accessible to the population, enhance financial procedures, promoting financial inclusion and ensure seamless payments across multiple platforms.

The article lists 4 such companies in Nigeria:

Carbon (2012)

Carbon by the Nigerian parent company OneFi, is a simple mobile platform for payments, bills, smart investments, credit reports, and instant loans to help cover unexpected expenses or urgent cash needs. It is compatible with both iOS and Android.

Carbon belives that access to credit and quality financial services is a human right. Its mission is to empower all people with the financial access they need to pursue a life of dignity and prosperity. The FinTech empowers individuals with access to credit, simple payments solutions, high-yield investment opportunities, and easy-to-use tools for personal financial management. Interest ranges from 1.75% – 30%, with an equivalent monthly interest rate of 1 – 21%. The Annual Percentage Rate (APR) on a Carbon loan ranges from 23 – 60.8%. The company recently launched its services in Kenya and is expanding its footprint to additional African countries.

Paga (2009)

Paga was founded in early 2009 by Tayo Oviosu, with a purpose to make it simple for one billion people to access and use money. It is a mobile payment company. The firm is solving two key problems that exist around the world – eliminating the use of cash for transactions and access to financial services.

In Nigeria, Paga is a mobile money operator licensed by the Central Bank of Nigeria. The firm is building an ecosystem to enable people to digitally send and receive money, and creating simple financial access for everyone. It offers a range of services such as: free money transfers, deposit to bank accounts, buying/sending of airtime, bill payments, remittances, bulk disbursements & collections that are accessible via online channels (web/app) and on any basic mobile phone via dialing *242#.

Interswitch (2002)

Interswitch is a technology-driven digital payments company, helping to shape the payments ecosystem across the growing e-commerce sector in Africa. The FinTech’s vision is to make payments a seamless part of everyday life in Africa. Its broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with credibility to expand across Africa.

Interswitch has critical mass in Africa’s rapidly developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions. ​It’s mission is to create transaction solutions that enable individuals and communities to prosper across Africa.

FairMoney (2017)

FairMoney is a licensed online lender, that provides instant loans and bill payments. Its journey began with a team of three young men who were determined to make loans easily accessible for everyone and especially for SMEs. It offers a platform that helps people access instant loans within 5 minutes through its agents and android app. The firm offers loans from N1,500 to N500,000 for a period of one to twelve months. The challenger bank is building the leading mobile bank for emerging markets.

Also, read WorldRemit to offer USD Payout Option in Nigeria.

Previous Article

December 08, 2020

NAB hires former Royal Bank of Scotland CEO as its COO

Read More
Next Article

December 08, 2020

RIMES Technologies appoints three new C-level executives

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

Carbon

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

SaaScada & Partes sign embedded finance partnership in Switzerland

Read More

July 11, 2024

BR-DGE launches white-label payment orchestration solution

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024