In recent years, Nigeria has emerged as a technological hub in so many sectors, with tech startups taking the lead. These companies are leveraging technologies to tackle issues in society and transforming the economy.
What are Tech Startups?
Tech startups are young, innovative companies that aim to solve real-world problems in society, create job opportunities, and improve lives by using technology.
These startups operate in a diverse set of sectors such as e-commerce, agriculture, healthcare and finance. They aim to bridge the global gap between Nigeria and the world by bringing Nigeria closer to the world using technology.
Top 10 Tech Start-ups to Watch in Nigeria
Here are the top 10 Tech Start-ups to watch in Nigeria.
1. Nomba
Nomba Financial Services Limited is a FinTech licensed by the Central Bank of Nigeria. It was founded in 2016 by the name Kudi and was rebranded to Nomba in April 2022.
This company offers financial services by providing payment solutions that accept payment from customers using mobile transfers, QR codes, or card payments. Also offers loan services of amounts ranging from ₦5,000 – ₦500,000, at an interest starting from 5% monthly, and provides AI-powered credit scoring that uses artificial intelligence to ensure customers credit worthiness. In 2023, Nomba raised a huge amount of $30 million in series B round.
2. Moove
Moove, founded in 2022, is a leading fintech company offering different financing options, including vehicle financing, vehicle leasing, insurance, maintenance, and fuel financing.
By partnering with Uber drivers, Bolt drivers, private drivers, and logistics companies, they are able to provide funding and renting services to drivers and companies who need them. Moove secured $23 million series A funding round in 2021 and $105 million series B funding round in 2022 and has so far won several awards.
3. MoniePoint
MoniePoint is a Nigerian FinTech company formally known as TeamApt Was founded in 2015 but was rebranded to MoniePoint in January 2023.
The rebranding of MoniePoint pioneered a change in the company from providing a back-office payment infrastructure for banks to offering digital banking solutions.
Since MoniePoint was introduced, it has processed the majority of POS transactions in Nigeria, amounting to over $10 billion in transactions and serving over 600, 000 businesses. MoniePoint has since expanded to Kenya, Ghana and South Africa.
4. Kuda Bank
Kuda Microfinance Bank, founded in 2019 but launched in 2020 and licensed by the Central Bank of Nigeria, popularly known as Nigeria’s Digital Banking Disruptor, led the forefront of the digital banking revolution in Nigeria.
Additionally, Kuda has provided mouthwatering service offerings for both individuals and businesses, thereby posing a great dominance in the digital banking sector.
Kuda have so far processed billions of naira in transactions, provided swift and fast payment services, and created employment for many.
5. Opay
Opay was established in 2018 and is licensed by the Central Bank of Nigeria. Aimed at making financial transactions easy and seamless, Opay has provided for instant account openings from the comfort of homes and instant transfers, thereby solving problems with delayed transactions facing most Nigerians.
Opay has since processed billions of Naira in transactions and expanded to Egypt and Pakistan, providing seamless mobile payment services to customers.
6. Flutterwave
Flutterwave, the African leading financial giant, was founded in 2016. The company has made easy processing of payments for businesses and individuals alike.
In addition, Flutterwave has since gained dominance in Africa, operating in 20+ currencies and reaching a $1 billion+ valuation, serving over 500,000+ businesses in Africa and processing millions of transactions monthly.
These several strides have gained them popularity and several awards in the financial sector and technology industry.
7. Lemfi
Lemfi, formally known as Lemonade Finance, is a fintech company founded in 2020. This startup has provided payment solutions to send and receive money internationally for individuals and businesses while focusing on competitive exchange rates and low fees.
The company operates in 21+ countries, including Canada, United Kingdom, United States, Nigeria, Ghana, Kenya, and Tanzania. They aim to simplify international financial transactions; help promote financial inclusion, and empower Nigerians globally.
8. Sabi
Sabi is a leading e-commerce tech startup that offers infrastructure for digital commerce to Nigerians and Africa at Large. The startup raised $38 million in series B funding and is valued at $300 million.
9. Helium Health
Helium Health is a Nigerian health tech company that focuses on providing innovative healthcare solutions to Nigerians through technology.
Additionally, Helium Health offers electronic health record systems for hospitals, telemedicine services for virtual consultations, and health insurance services.
Lastly, Helium Health having stood out in its services, secured $10 million in funding in Series A. And also partnered with over 300 healthcare facilities and served over 1 million+ patients.
10. Fair money
Fairmoney, a Nigerian FinTech company founded in 2017, provides financial services while focusing on providing lending and credit solutions for individuals and small businesses.
The company raised $20 million in Series A funding, served over 1 million+ customers, and recorded 100,000+ loan disbursements to individuals and businesses.
Conclusion
These startups have so far Bridged financial, health and e-commerce gaps by providing accessible lending and payment solutions, Revolutionized healthcare and e-commerce, created job opportunities; and promoted economic growth, thereby Positioning Nigeria as a hub for technological advancement in Africa
