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Fintech Companies in Nigeria | Top list

Fintech Companies in Nigeria | Top list

Fintech companies are becoming very common in Nigeria. There's no other reason than they have helped the country's economy. With COVID-19, many people lost their jobs, and businesses were affected. Since then, fintech companies have provided financial services for individuals and businesses needing it. Here are a few Fintech companies in Nigeria.


What is Fintech?

Fintech refers to financial technologies, such as mobile banking apps, peer-to-peer lending platforms, crowdfunding websites, and more. These new technologies are revolutionizing finance and changing the way we interact with our finances. They also provide opportunities for entrepreneurs who want to start businesses or create innovative solutions for existing industries.

Nigeria has become a global leader in fintech innovation and has the fastest-growing fintech startups in Africa. In addition, the Nigerian government recently announced plans to launch its national cryptocurrency, NairaPay. This will be the first of its kind in West Africa and among one of the most advanced nations in the world.

Why Do We Need Fintech Companies in Nigeria?

The current financial system in Nigeria is inefficient because it relies heavily on paper money that can often take days to clear. It's not only slow but there's also a lack of transparency when dealing with traditional banks. The cost of sending remittances abroad is high while transferring funds within the country isn't always possible.

Innovative fintech companies allow Nigerians to send money abroad without paying expensive fees. They enable customers to transfer money internationally from over 200, and it's free to open an account.

Also, fintech companies help consumers save money by providing easy access to credit cards and loans. Peer-to-peer lenders connect borrowers and investors through online networks. So, borrowers get affordable loans at competitive rates, and investors make returns by sharing the risk.

Some fintech companies even offer digital payment systems. For example, Paystack allows users to pay bills, shop online, and withdraw cash quickly using just a phone number.

How Many Fintech Companies Are There in Nigeria?

There are currently over 50 fintech companies operating in Nigeria. However, this number is expected to grow significantly in the coming years.

Many fintech companies are based in Lagos, Abuja, and Kano. Others operate globally, including London, New York City, and Singapore.

List of Top Fintech Companies in Nigeria


Flutterwave is one of the top fintech companies in Nigeria. Many people use Flutterwave to make online payments, including sending money to friends and family members. They are known for being fast, reliable, and secure.

This tech startup is rated one of Africa's top 10 FinTech companies. It helps customers send money to each other via mobile phones. Also, it offers free international remittance transfers up to $500 per person.

In 2018, Flutterwave partnered with over 40 banks in different parts of Africa. Their goal is to reach 200 countries within five years, and they are now expanding into the European market.


Kuda Bank, a Nigerian fintech startup launched in September 2018, is a mobile-only banking app that allows customers to manage their finances without carrying multiple cards. This bank offers zero monthly card maintenance fees, free international money transfers, and automatic savings to Nigerian customers. Founded by a group of former executives and technologists, Kuda is designed to help people save money while managing their finances anywhere in the world.

In addition to providing financial solutions, Kuda is committed to supporting social causes such as education, healthcare, and women empowerment. The idea behind Kuda is simple: people are often forced to pay high monthly fees to keep their accounts active. So why not make it easy for everyone to avoid those fees altogether? And since most banks charge hefty annual fees for international wire transfers, why not offer something better?

The app works across iOS and Android phones and tablets. Users can set up their accounts within minutes and don't even need a credit card.


Interswitch is one of the leading payment companies in Africa. Founded in 2002 as a transaction switch and electronic payment processing company, it has since evolved into an integrated payment solutions provider. Its mission is to provide convenient, affordable, secure money transfer solutions across Africa. With over 10 years of experience in the market, Interswitch offers end-to-end payment solutions for businesses and consumers in Nigeria and beyond.

The company offers cross-border remittance, mobile money, merchant acquirers, prepaid cards, eCommerce, cashless ATM networks, and consumer banking products. Interswitch also operates a Money Transfer Business Licensee in Ghana, West Africa.


Opay is a Nigerian startup that offers a mobile payments service similar to PayPal. Founded in 2018, the company claims it processes over 50 million monthly transactions across Africa. Its primary focus lies in providing financial services to unbanked consumers in the African market.

In addition to sending and receiving money, making bill payments, using credit cards, and even applying for online loans, the app allows users to save money quickly on purchases. Users can choose how much money to deposit into their account and how much they want to spend daily. For example, you can set up a budget for yourself and your partner, allowing you to monitor spending and avoid unnecessary expenses.


PayStack is one of the fastest-growing fintech companies in Africa. The startup is headquartered in Lagos, Nigeria, with offices in London and New York City. It provides innovative solutions to make online payments easy and convenient for businesses and consumers.

The company offers free e-commerce solutions for small businesses and startups across Africa. Its mission is to provide a reliable gateway for local entrepreneurs and creatives to grow their businesses. By providing a simple and secure way to accept payments, it aims to make transactions easier and faster.

The company was founded in 2015 by Shola Akinsole and Ezra Olubi. PayStack aims to provide a solution for every Nigerian. With a strong team of 30+ people, PayStack offers products such as Paystack Invoice, Paystack Payment Gateway, Paystack Mobile Wallet, Paystack Merchant Account, and Paystack Web Hosting.


Another top company among the fintech companies is FairMoney. The idea behind FairMoney is simple: it provides credit and loan products to small businesses in emerging markets like Ghana, Kenya, Nigeria, Senegal, Tanzania, Uganda, and Zambia. These loans are secured against collateral such as real estate, vehicles, machinery, and inventory.

The platform works like this: A loan request goes into the system and gets processed within 24 hours. If approved, the money gets transferred to the borrower's bank account. There are no fees associated with the process.

Unlike traditional banks, FairMoney does not charge interest rates. Instead, borrowers pay fees based on how much money they borrow. For example, a borrower paying 0.25% per month on a $100,000 loan would pay $2,500 over one year.

In addition to providing loans, FairMoney offers microloans, which range from $1,000-$20,000. Borrowers can use these funds to start businesses or build assets such as houses. They can also buy food, medicine, or school supplies.


Paga is another fast-growing fintech company in Nigeria. Founded in 2009, Paga is headquartered in Lagos. It provides an alternative payment method for merchants who do not have access to traditional banking systems.

Paga works like this: Merchants connect their bank accounts to the Paga network via a smartphone application. Once connected, customers can send and receive money through the app. This eliminates the need for cash and reduces the risk of theft.

Merchants can also offer discounts to customers who pay with Paga. Customers can earn points when they shop at participating stores. Also, you can redeem points for gift cards, merchandise, or other rewards.

Paga currently has more than 1 million registered users. It plans to expand its services to include mobile phone bills, utility bills, and insurance premiums.


Cowrywise is another financial institution that focuses on financial inclusion. It helps individuals save money by offering them low-cost savings accounts. Users who open an account with Cowrywise deposit money into it and set up automatic transfers from their checking account. When they reach certain thresholds, they get rewarded with bonus deposits.

Also, users can choose between fixed and variable rate accounts. Fixed-rate accounts give higher returns but require a minimum balance. However, varying rate accounts allow users to invest their money and earn high returns. Cowrywise is available in Nigeria, Ghana, Kenya, South Africa, and Rwanda.


PiggyVest is one of the best online savings accounts in Nigeria. This FinTech company offers different saving plans, including PiggyBank, PiggyMoney, PiggyCash, PiggyMortgage, PiggyInvestment, PiggyCredit, PiggyDebt, PiggyInsurance, PiggyCar, and PiggyLife.

The PiggyVest app allows you to earn interest on your savings. This is because it pays you interest on the money you deposit into your PiggyVest account.

You can use the platform's piggybank feature or keep your savings separate. If you’re interested in earning high returns on your savings, then the piggybank option might be better suited for you.

With the piggybank feature, you can limit how much you want to save each month. The app will deduct the specified amount from your account daily and add it to the piggyvest balance. When you withdraw, you will receive the same amount of interest paid out to you over the chosen period.


Palmpay is a mobile payments solution provider based in Nigeria founded in 2014. It enables consumers to make purchases using their phones. Also, it uses NFC technology to facilitate transactions without needing a card reader.

With Palmpay, consumers can scan QR codes or barcodes to complete a transaction. Palmpay supports multiple currencies, including Naira, Euro, Pound Sterling, US Dollar, Canadian Dollar, Australian Dollar, Japanese Yen, Chinese Yuan, Indian Rupee, and Bitcoin.

In addition to making purchases, users can also transfer funds to friends and family members. They can also redeem loyalty points for gift vouchers.


Carbon Financial Services Limited, one of the pioneering fintech companies in Africa, has been making waves over the past few years. With a mission to drive financial inclusion easier for Nigerians, it has increased from a simple online lender to a full-fledged digital bank offering cashless payments, mobile banking, and even insurance products.

The company started as a digital lending firm called Paylater. Then, it rebranded itself as Carbon Financial Services Limited and launched its app. Recently, the company announced the launch of its credit card, enabling customers to use their phone numbers to receive credit cards without needing to apply online.


Bundle is an innovative Nigerian startup that provides a marketplace where people can buy and sell used items. The company helps individuals and businesses sell their old things at a fraction of the cost they would pay if sold through traditional channels.

It works by connecting buyers with sellers who are looking to purchase items. Sellers list their items on the site, and buyers browse them and select what they want. Once both parties agree on a price, the seller ships the item directly to the buyer.

eNaira Wallet

eNaira wallet is a mobile payment service provider in Nigeria. The company claims to have over 1 million registered users and processes more than $1 billion worth of transactions per year. Its services include mobile wallets, prepaid cards, merchant processing, remittance solutions, and other financial services.


Chipper Cash was founded in 2018 by Ham Serunjeogi and Maijid Moujaled. They are both entrepreneurs from the Middle East based out of San Francisco, CA.

The idea behind Chipper Cash came about when Ham and Maijid realized how expensive international remittances could be. In fact, the average cost of sending $100 is around $8.50 internationally. Most people couldn't send money overseas because of the high fees charged by Western Union and MoneyGram. So, they set out to change this.

The app allows you to send money across borders instantly via SMS. You simply enter the amount you want to transfer, choose the recipient, and hit "Send." Once the transaction is completed, you receive an email confirmation containing a link to download the receipt. All transactions are done in real time, and there are no hidden charges.


The Accelerex Group is a Fintech Company established in 2008. They are a payment gateway provider that provides financial services such as Mobile Money Transfer, Merchant Payments, and Electronic Clearing Services. Their vision is to become the most trusted and preferred choice for online payments in Africa.

Accelerex provides high-quality customer support and technical assistance to our clients. They work closely with our partners to ensure we deliver the best possible solution to meet their needs. Also, they are committed to providing innovative technology, superior customer service, and exceptional value to our clients.


Nigerians use mobile money transfer applications from leading fintech apps like e-tranzact. The company is also one of the older FinTech companies in Nigeria and one of the best FinTech companies in the country. It is also one of the solutions to payment issues in Nigeria.

According to Mr. Toluwalope, the company's founder and chief executive officer, the Nigerian government had been working on the issue of payment systems since 2009, but nothing came out of it. He added that no single platform could handle all forms of payments. Further, he stated that most people still use cash to pay for goods and services.

Toluwalope said that he founded the e-tranzact because he wanted to make it easier for people to send money across borders. He noted that his company offers a solution to the problem of sending money abroad.


Bankly is a mobile banking application that enables customers to access their smartphone accounts. It has partnered with some of the top banks in Nigeria, including Access Bank, Ecobank, First bank, Zenith bank, Diamond Trust Bank, GTBank, UBA, Standard Chartered Bank, and Stanbic IBTC Bank.

This app is available for Android and iOS devices, and you can download it from Google Play Store or the Apple App store.


Lidya is another fintech company in Nigeria that uses AI and machine learning to help customers manage their finances better. It leverages data from different sources, such as social media, financial institutions, and third-party apps, to score each customer. The idea is to provide users with personalized recommendations based on spending habits, saving goals, and risk tolerance.

As part of their ongoing effort to provide customers with the most relevant information possible, they will launch Lidya's Credit Score feature. This tool provides real-time insights into a consumer's creditworthiness based on their previous payment history and current account activity. Lidya aims to help consumers make better financial decisions by providing a scorecard.


TeamApt is a fiscally responsible financial technology (fintech) company that builds digital banking, payment infrastructure, and mobile money products and services. With over 30 years of experience in the industry, it offers innovative solutions to banks and financial institutions worldwide.

The company also operates the most prominent mobile money platform in Africa. Over 10 million customers use its products and services every month.

Remita (SystemSpecs)

Remita is an online remittance platform that allows individuals to send money to friends and family members living outside Nigeria. Remita was launched in 2014 and is headquartered in Lagos, Nigeria. It is owned by SystemSpecs Limited, a subsidiary of SystemSpecs Group Plc., a UK-based software development firm.

Today, Remita is one of the largest eCommerce platforms in Africa. Remita offers various financial services, including mobile money transfers, credit cards, loans, insurance, investment banking, remittances, and merchant processing.


Bamboo is a mobile wallet that connects consumers with merchants through its proprietary B2C marketplace. Merchants post items for sale on the site, while buyers search for deals and purchase them using the app.

Bamboo works with more than 100,000 small businesses in Nigeria, helping them sell directly to consumers. In addition, the company helps consumers find local merchants and connect with them via chat, email, and phone calls.

Bamboo launched its stock trading app, Bambu. In addition to offering investors access to global markets, it provides price alerts, market data, and portfolio management tools.

The app allows users to invest in domestic and international shares listed on the NYSE, Nasdaq, London Stock Exchange, and Tokyo Stock Exchange. Users can track prices and gain insight into companies via news feeds and financial reports. They can also monitor portfolios and see how much money they have invested.

Users can use Bambu to buy shares directly from the app or transfer funds to their bank accounts. Once purchased, they can sell the shares within 24 hours.

Trove App

Trove is an online investment app that allows you to invest in Nigerian and US stocks. You can buy shares in companies like PepsiCo, Coca-Cola, Nestle, Johnson & Johnson, Microsoft, Apple, Facebook, Amazon, Twitter, Samsung, Tesla Motors, etc.

The app uses machine learning to recommend stocks based on your preferences. If you are interested in buying stocks, you can use your phone camera to scan barcodes of products to access information about those companies.

You can also choose to invest in ETFs and mutual funds. For example, you can purchase a Fidelity Growth Fund that invests in large-cap stocks such as Exxon Mobil, Chevron, Ford Motor Company, General Electric, etc.

There is also a Vanguard Diversified Equity Fund for investors looking to diversify their portfolios. This fund invests in small-cap stocks like Uber Technologies, Inc., Zulily Inc., Pandora Media Inc., Yelp Inc., etc.


Credpal is one of the few fintech companies in Africa offering credit cards and Buy Now Pylons in Nigeria. In addition to providing customers access to credit cards, the Nigerian startup allows them to make purchases online via Cashback. This makes it easy to buy items without worrying about paying later.

Its credit card allows customers to make purchases online without worrying about paying them off immediately. Customers can use the card to purchase anything online, even items that require immediate payment, like groceries, utilities, rent payments, etc.

The company wants to change how Nigerians think about borrowing money. They believe there is no reason why everyone cannot borrow money to pay for things they want to purchase.

Mintyn Bank

Mintyn Bank is a microfinance institution (MFI) that offers loans to individuals and SMEs at affordable interest rates. It has branches across Nigeria, including Lagos, Abuja, Port Harcourt, Ibadan, Kano, Kaduna, Benin City, Enugu, Onitsha, Aba, Owerri, Jos, and more.

In 2017, Mintyn Bank partnered with Mastercard to offer digital banking services. Nigerian banks are known for charging high fees for basic transactions. However, Mintyn Bank charges only 0.5% per transaction.


Risevest is a digital savings account that offers interest rates up to 6% per year. It was founded by two former Goldman Sachs executives who wanted to create a platform where people could save money easily.

The company has partnered with over 300 banks across the globe, including Barclays, HSBC, Standard Chartered Bank, and UBS. Risevest’s goal is to help people build wealth through saving. It operates in Nigeria, Ghana, Kenya, Tanzania, Uganda, Rwanda, South Africa, and Zambia.


Fint is Nigeria’s pioneer peer-to-peer lending marketplace. It allows individuals and businesses to borrow money from investors looking for high-yield investment opportunities.

Its mission is to make it easy for people in Nigeria to borrow money and invest in projects that matter to them. Also, its goal is to build a sustainable financial ecosystem where everyone wins.

The startup provides loans ranging from N500,000 to N25 million ($1,200 - $5,400). Investors receive monthly interest payments on their loans while borrowers pay back the principal amount plus interest over 3-6 months.

Wallet Africa

Wallet Africa is a fintech startup based in Lagos, Nigeria. Its goal is to become the leading digital wallet provider in Africa. The company offers mobile banking, remittance, prepaid debit card products, and e-commerce solutions.

The company says it wants to reach the following billion people coming out of Africa and offer them easy ways to pay, save and make purchases online. To do that, it has developed unique features like virtual dollar cards, similar to credit cards, and naira cards — physical versions of those same virtual cards.

Vbank by VFD

V bank is one of the fastest-growing digital banks in Nigeria and Africa. VFD Microfinance Bank founded it. This mobile application helps you manage your finances and you can easily access it anywhere. Besides managing your money, it also lets you keep tabs on your expenses and income, group budgeting, and set spending limits to help you save money.

The app lets you view your balance, transactions, and recent activity. You can even make payments online or offline. It also alerts about pending charges, and no fees are involved.


Eyowo is a financial app that allows you to send, receive, store and borrow money via SMS text messages. You can use it to pay bills, buy items online, transfer funds to friends, lend money to family members, or even invest in stocks and bonds.

Eyowo realized that many Nigerians don’t have bank accounts because they believe opening one is too expensive or complicated. This is why Eyowo launched its first product, Eyowo Pay, where customers could use their debit cards to transfer money into their accounts. Today, Eyowo has over 10 million registered users across Africa.


Fincra is an innovative platform that connects consumers and small businesses with lenders. It does this by matching potential borrowers with microlenders (individuals) and larger institutions (banks, non-banking finance companies.). Fincra claims to be able to reduce the cost of borrowing for both parties.

It uses technology to match borrowers with lenders and vice versa. Borrowers apply through the website and get matched with lenders within 24 hours. Then, lenders review the applications and decide whether to fund the loan. If approved, the lender transfers the money directly to the borrower's account.


Migo is a Nigerian payment service provider that enables individuals and businesses to send and receive money using their phones. The company is a middleman between buyers and sellers and charges a fee for each transaction.

Migo started in 2013 to create a way for people to send him money without going through traditional banks. He used his savings to start the business. Today, Migo has more than 1 million active users and processes over $1 million in transactions monthly.


Konkola is a peer-to-peer lending platform that offers loans to individuals and SMEs at low-interest rates. It partners with local banks to provide funding for its clients. Konkala says it makes money by charging a commission on the loans it issues. Also, the company claims to have given over $100 million in loans since 2015.


VoguePay is a mobile payment system that allows customers to make purchases without signing up for an account or filling out lengthy forms. Its main advantage over competitors like Apple Pay and Android Pay is that it does not require merchants to install additional software on their devices. Instead, it uses a QR code scanner built into the phone’s camera. This makes it easy for customers to pay, especially those unfamiliar with technology.

The company’s founders say that their goal is to simplify online shopping experiences for people who don’t want to deal with credit cards or bank accounts. They believe the market opportunity is huge because millions of smartphone owners worldwide do not use banking apps.

Aella Credit

Aella provides financial services where employees can apply for loans in Nigeria. It provides a service that allows people who do not have traditional bank accounts to borrow money. Aella also helps companies provide better incentives to their employees.

The founders were inspired by the need for an alternative way to help people access credit. They wanted to create a platform allowing people without traditional banking accounts to access loans. The company was founded in 2015 and has grown into one of the largest microfinance providers in Africa.

247 Cash is an online lending marketplace that provides credit facilities to the informal and formal sectors of the African economy. It connects potential loan applicants to financial institutions that provide them with short-term financing. 247 Cash also earns a fee from each successful loan application.


ChatPay's electronic wallet for WhatsApp has features including a balance inquiry, funds transfers, ATMs, airtime purchases, bills payment, mini account statements, customer support through chat, movie ticket booking, and changing the PIN.


AutoGenius is an online and mobile distribution auto insurer for Nigerians. It provides insurance coverages such as car insurance, home insurance, health insurance, life insurance, and motorbike insurance. AutoGenius says it is the first Nigerian startup to offer insurance products via a mobile app.


Jostpay is an online payment solution provider with expertise in digital currency technology and API. It connects people with their partners who are virtual currency merchants all over the globe, thereby allowing them to exchange virtual currencies for cash anywhere in the globe.

Jostpay provides services, including bitcoin wallets for sending and receiv­ing bitcoins. It also offers exchanges of virtual currency to cash in any country worldwide, the provi­sion of payment gateways (APIs) for website owners to receive paym­ents in Mastercard, Verve, Visa, and Perfect Money in Nigeria.


KiaKiaDirect loans money directly from their own accounts to borrowers who need cash quickly. This company matches lenders with borrowers at fixed interest rates. By making their own interest rate offers, borrowers can get better terms from lenders than they would otherwise be able to obtain.


Kudi is a peer-to-peer lending platform that connects individuals looking for small amounts of capital with investors willing to lend those funds. Kudi claims to be more transparent than other P2P platforms by providing information about its users' backgrounds before they make a loan request.


Lendy is a peer-to‑peer lending platform that connects borrowers with investors. The company says it uses artificial intelligence to match borrowers with investors based on risk tolerance. Investors receive monthly payments from Lendy.


Moneo is a fintech company that aims to improve the lives of consumers and businesses in Nigeria. It says it has developed a new model for consumer finance in Nigeria. Instead of charging high-interest rates, Moneo charges low rates and allows customers to repay their loans early.


MoneyNet is a peer-to-peer lending platform that enables microfinance organizations to raise capital from individual investors. The company says this approach reduces costs and increases efficiency.


Mpesa is a mobile money transfer service that Safaricom Limited created. Mpesa is used to send money using text messages.


NairaExchange allows anyone to buy or sell Naira against foreign currencies. Users can see the current market price of the Naira against different currencies and then use the NairaExchange website to convert the amount into another currency.


NigerianCou­ is a website where you can convert nairas into dollars, pounds, euros, and many other currencies. You can also check the exchange rates between the two countries.

PaymentGateway is a Nigeria-based company that provides APIs for businesses to accept credit card payments.


Peer Street is a peer-to‐peer lending platform that connects investors with entrepreneurs. Peer Street says it helps companies grow by offering funding solutions unavailable before its launch.

Safaricom is an online portal through which people can send money to each other via text message.


SMSMarketplace is a Nigerian company that provides SMS messaging services. The company says it has over 20 million subscribers across Africa.


TigoCash is a mobile wallet that works with most major carriers in Nigeria. Its prepaid option lets users load money onto a phone number. With a postpaid plan, users pay bills and top up their phones as needed.


Microcred is a peer-to­-peer lending platform that focuses on serving the unbanked population of developing markets such as Nigeria. The company says it partners with local banks and financial institutions to offer affordable loans to these underserved populations.


Kerems is an online payment provider that provides services for individuals and organizations who want to create websites. It offers shared hosting, reseller hosting, VPS hosting, cloud computing, and colocation services. To summarize, the business offers these services for people to conduct online transactions.

Users of Financial Technology

There are four broad categories of fintech users. They include:

  • B2b for banks

  • Business clients

  • B2c for small businesses

  • Consumers

As fintech continues to evolve, we will see an increase in the number of people who access their finances through mobile devices, greater usage of data, more accurate analytics, and more decentralized access to financial products and service providers. As for the general population, as with any new technological advancement, the younger you are, the more likely you will be familiar with and able to explain what fintech allows.

Who Regulates Fintech?

The Central Bank of Nigeria, NDIC, SEC, NAICOM, NCC, and NITDA regulate these companies. They ensure compliance with these companies' laws and regulations governing financial products and services.

The regulatory framework includes the following provisions:

  • The Securities Act requires that every offer and sale of securities must be registered with the SEC;

  • Capital Market Law requires issuers of securities to file periodic reports with the SEC;

  • The FSC Act prohibits fraudulent practices in the issuance of security certificates;

The Central Bank of Nigeria

Since 2016, the Central Bank of Nigeria (CBN) has been working toward regulating fintech companies offering financial services to consumers. In 2017, the regulator published its draft regulations for fintech firms operating within the country. These rules are now finalized and expected to be effective during the third quarter of 2018.

These include requirements such as obtaining a license from the CBN, having adequate capitalization, complying with anti-money laundering laws, ensuring consumer protection, and maintaining sufficient liquidity reserves.

In addition, the CBN requires that fintech companies provide information about themselves, including their address, contact number, registered office, registration number, type of business, products offered, payment methods accepted, and customer identification procedures.

The Nigeria Deposit Insurance Corporation

The National Deposit Insurance Corporation (NDIC), established under Section 15(1) of the National Deposit Insurance Corporation Act, 2006, is mandated to insure deposits placed with licensed banking institutions within the corporation's jurisdiction.

Section 2 of the NDIC Act provides that every person dealing with a bank shall be deemed to deal with the NDIC. This includes persons who provide services to banks, such as payment and clearing agents, remittance agencies, and other intermediaries.

A licensee is a person holding a license granted by the Central Bank of Nigeria to operate a bank or branch thereof. They hold a valid license to carry out activities specified in his/her their.

Licensed banks are those banks whose licenses are approved by the CBN and listed in the Register maintained by it. They must maintain certain minimum capital requirements stipulated in the relevant sections of the NDIC Act.

Deposits are funds a licensee receives from customers for safe keeping, including funds in trust accounts, savings accounts, term deposits, and certificates of deposit.

The Nigerian Communications Commission

Nigeria is one of Africa’s most populous countries, with over 200 million people. With the rapid growth of internet access, e-commerce, and financial technology (fintech), it is becoming increasingly important for the government to ensure that the telecommunications sector plays a role in supporting such developments. To do this, the Nigerian Communications Commission (the “NCC”) was established under the Nigerian Communications Act, 2013. This act empowers the NCC to regulate the telecommunication sector in Nigeria.

In addition to regulating the telecoms market, the NCC regulates fintech companies offering mobile payment solutions. These include companies like Mpesa, Airtel Money, MTN Mobile Money, GloMoney, Payoneer, BitPesa, Zong, and others.

Companies that perform mobile payments within Nigeria are required to apply for a license from the NCC. They are also required to comply with certain conditions set out in the Licence Framework for VAS.


Nigeria’s Central Bank introduced the CAC – the Central Anti-Money Laundering & Combating Financing of Terrorism Act – in 2017. Under the law, financial institutions must register with the CAC within 30 days of setting up operations in Nigeria. This includes banks, insurance companies, investment firms, stock exchanges, credit unions, mutual funds, money transfer operators, remittance providers, payment processors, and cryptocurrency businesses.

In addition, the law requires companies doing business in Nigeria to maintain records of transactions related to the financing of terrorism. These records include transaction data, customer information, and ownership information. Companies found to be violating the act face fines of N100 million ($2.5 million), imprisonment of 10 years, or both.


The Nigerian Association of Insurance Companies (NAICOM), the umbrella body representing the country’s insurers, says it is ready to fight against any move by President Muhammadu Buhari to scrap the agency. The association says it is prepared to defend the interests of the industry. In a statement signed by its president, the group decried what it described as the government’s lack of policy clarity on the matter.

In January 2018, the federal government set up a committee by retired Supreme Court Justice Adeniyi Ademola to review the agency's operations.

But according to the chairman of the committee, the panel has been unable to complete its work because of the absence of key stakeholders, including the regulator. He added that there are no plans to hold public hearings on the issue.


The National Information Technology Development Agency (NITDA), established under Section 4(1) of the National IT Policy Framework Act 2006, is responsible for promoting, developing, and regulating information technology infrastructure in Nigeria. By the provisions of Section 2(2) of the NITPA, it is mandated to establish and maintain a national database containing records relating to the use of electronic communications networks and systems in Nigeria.

The agency is also responsible for ensuring that such databases' safety, confidentiality, integrity, and accessibility are protected and safeguarded against unauthorized access, modification, disclosure, destruction, or loss.

In addition, the agency is tasked with providing technical assistance to public agencies, businesses, and individuals to enable them to meet their obligations under the law.


FinTech companies that intend to raise capital from public markets must now register their offerings with the Securities and Exchange Commission and comply with the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the rules. These requirements include filing Form N-1A, Form ADV Part 2, and Form D.

In addition, FINRA Rule 8310 requires broker-dealers and investment advisers to provide certain disclosures about the offering to prospective investors. Broker-dealers and registered representatives must disclose information about the issuer, including financial statements, management, and directors; the terms of the offering; how the proceeds will be used; and whether the offering involves security. Registered representatives must give similar disclosure to clients about the offering.


The Federal Communications Commission (FCC) recently announced the creation of the Financial Technology Advisory Committee (FTAC), which will advise the agency on how best to regulate financial technology companies. It will have 15 members appointed by the Chairman and Vice Chairmen of the five FCC Commissioners. As part of its work, the committee will review existing rules governing the activities of financial institutions, including those that provide financial advice, brokerages, investment advisers, and others. Among other things, it will consider whether there are gaps in current regulations that could be addressed by updating the regulatory framework.

In addition to reviewing federal laws, the FTCAC will examine state consumer protection laws, such as those covering deceptive advertising and unfair competition. It will also study the impact of emerging technologies on consumers, businesses, and markets. Finally, the committee will identify areas where further research needs to be conducted.

Frequently Asked Questions

1. How does FinTech differ from traditional banking?

Traditional banks offer checking accounts, savings accounts, credit cards, mortgages, and other services. They typically require customers to open an account and deposit money before they can begin using these products. With FinTech, customers often use digital wallets to make payments and transfer funds between themselves and merchants. Sometimes, they may not even need to set up an account.

2. Why should I care about FinTech?

As more people turn to digital payment methods, traditional bank branches become less necessary. For example, many Americans already use mobile banking apps like Apple Pay and Google Wallet to pay for store purchases. The same trend has occurred in Europe, where debit cards are becoming increasingly popular.

As a result, traditional banks struggle to adapt to this new market. Many are closing down or merging with other financial institutions. Others are trying to compete by creating innovative products. However, most of them still rely heavily on physical locations and branch offices.

3. Is FinTech safe?

Yes. There are several reasons why FinTech is safer than traditional banking.

  • Transactions are faster and easier to process because it uses digital wallets instead of paper checks. When you use a digital wallet, your personal data is stored securely on your device rather than in a central database.

  • If something goes wrong, you can contact customer service through text messages or phone calls. FinTech providers usually charge lower fees than traditional banks do.

  • FinTech firms generally don’t hold large amounts of cash, so they aren’t vulnerable to robberies.

4. Are FinTech companies regulated?

Yes. Like all financial institutions, FinTech companies must comply with federal law. They must also follow guidelines issued by the Consumer Financial Protection Bureau (CFPB). These include requirements related to privacy, security, and fair billing practices.

5. Who regulates FinTech?

The Federal Trade Commission (FTC) oversees the CFPB. It enforces federal laws against fraud, deception, and unfair business practices. It also investigates complaints filed by consumers who believe their rights were violated.


In recent years, Fintech companies in Nigeria have grown rapidly. As a result, there have been concerns that it could harm consumers. But FinTech isn’t inherently bad. Instead, it offers opportunities for both consumers and businesses.


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