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There are always updates about new startups launching in the Fintech space whose goal is to create financial inclusion. There are more than 100 Nigerian startups but we will highlight the top 5 Nigerian startups reshaping the fintech industry alone. It is agreed that Nigeria is becoming one of the key regions when it comes to financial technology.

First, what exactly is Fintech?

Simply put, FinTech means Financial Technology which is a way of using technology to improve activities in finance. Unlike traditional finance which has to do with physical financial services that manage funds,fintech has made financial transactions easier and faster with little or no hassles.

With the huge number of fintech startups in Nigeria, it would seem as though innovators and entrepreneurs favour fintech startups ideas. One evidence is that fintech in Nigeria has grown by 55% since 2017, with about 100+ fintech startups in Nigeria having about $700M funding in total. In addition, financial technology startups are challenging and changing the banking sector, forcing banks to be more innovative and customer-centric or run the risk of becoming obsolete.

Top 5 Nigerian Startups Reshaping The Fintech Landscape

Bearing this in mind, let’s highlight 5 Nigerian startups reshaping the fintech landscape.


PiggyVest is a Nigerian Fintech startup formerly known as Piggybank which was founded by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze. PiggyVest is an online saving and investment platform with over 1 million users and saved up to $80 Million.

Piggyvest was launched in 2016 and it enables Nigerian debit card holders save little amounts of money frequently with minimal effort on its Platform, PiggyVest savings comes with 8% interest rate.

The PiggyVest app is available on both Android and iOS, with a 5-star rating. It requires no deposit or monthly fees, and the interface of both the web and mobile applications are user-friendly.


Carbon is a Nigeria Startup loan app which launched in 2012. Carbon gives short loans through its mobile app and ensures paperless and quick transactions. It was formerly known as Paylater before rebranding to Carbon.

Carbon is bridging the bank between you and loans, making loan taking in Nigeria smooth and seamless. It completely eliminates the stress of going to banks and filling forms just to get a loan. Carbon is a service provided by One Finance & Investment Limited. The Carbon loan App can be downloaded on Android from Google Play store.


VoguePay is a Nigerian Fintech Startup founded in 2012 as a payment solution to unregistered businesses to be able to accept and receive online payment in Nigeria. The startup only needs your National ID and Bank account to get onboard.

VoguePay was founded by 5 co-founders named Akomolafe Adesina, Leke Ojikutu, Michael Simeon, Mohammed Ibrahim Jega, and Quam Ojikutu . VoguePay is accelerating small businesses in Africa with its payment gateway.

VoguePay launched its free integration with over 17,000 SMEs online and  has offices in Bahrain, Estonia, UK and Nigeria providing service support to clients and partners in Ghana and Uganda.


Nairabox is an indigenous Fintech Startup in Nigeria that offers Cinema tickets sales, event tickets, food ordering, and bills payment as well as buying airtime. Nairabox was founded by 3 co-founders named Jay Chikezie,Tokunbo Adetona, and Damilola Jegede in 2012.

Nairabox has grown to become one of Nigeria’s largest platforms providing event and food services to customers, It has secured partnerships and clients with Mastercard, Quickteller, and 13 major banks across the country. The Nairabox app is currently available for both Android and IOS.

Kuda Bank

Kuda Bank, a Nigerian Fintech Startup licensed by the central bank of Nigeria has kickstarted a revolution in Nigeria’s banking sector. Kuda provides full services directly with its app on Android and IOS phones without the burden of bank charges. 

It  was formerly called Kudi Money before it was rebranded to Kuda Bank, the startup was founded by Babatunde Ogundeyi in 2017. Kuda Bank is only designed for smartphones and it eliminates ridiculous charges while helping you spend smartly and save more alongside.

The bank provides its customers with a free debit card which can be requested on its app after creating an account and submitting necessary details.

These top 5 Nigerian startups are reshaping the fintech landscape and transforming the tech space. More fintech startups will launch, so expect more Nigerian startup stories from Techkonet.




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