With an estimated 200 to 250 Fintech companies in Nigeria, the country’s financial technology industry is rapidly growing. However, that also means that with so many choices now available, it can be a more challenging task to find the right financial technology provider for your business or personal needs. In this article, we’ll offer a guide to the different categories of fintech companies available in the country and what to look out for when selecting a service provider but first, let’s define what a fintech company is.
What is a Fintech company?
The word fintech was derived from the words “financial” and “technology” and refers to any business that uses digital and online technologies in providing banking and financial services to customers. With this definition, we can say that any company that offers software or internet-based tools to help users complete a range of financial tasks e.g. transfer funds, apply for credit, make investments, receive payments, manage personal finances, etc.
Categories of Fintech Companies in Nigeria?
Since fintech companies in Nigeria are diverse and offer a variety of financial services, it’s important to understand their differences and which financial needs they specialise in.
1. B2B Fintech Companies
Business-to-Business fintech companies in Nigeria specialise in providing digital financial services to businesses, corporate clients or financial institutions. A great example of B2B fintech companies is PelPay, a payment gateway service provider which enables eCommerce businesses to receive online payments from customers. Other examples include accounting software and payment switch services.
2. B2C Fintech Companies
Business-to-Consumer are the most common fintech companies in Nigeria. Unlike B2B, they provide digital tools and software directly to end users to help them complete everyday money-related tasks. A good example of a B2C fintech platform is Naira.com which offers users features like funds transfer, bill payments and mobile wallets. Other examples of B2C services include budgeting apps or quick lending apps.
Top 10 Services that Fintech Companies in Nigeria Offer
Whether B2C or B2B, Nigeria has many amazing platforms that provide convenient access to banking and financial solutions. Here’s a list of the top financial services provided by Fintech companies in Nigeria:
- Mobile payments
- Instant loans
- International money transfer
- Digital banking
- Investment
- Mobile wallet
- Payment gateways
- P2P lending
- Cryptocurrency
- Budgeting & saving
How to Find the Right Fintech Companies in Nigeria For Your Business or Personal Finance
When it comes to digital financial transactions, there is so much to be concerned about, like security, reliability and how affordable they are. If you’re looking for a fintech platform whether for personal finance like paying bills or instant loans or business solutions, we recommend you follow these tips before choosing one.
- Go with a platform that offers a variety of services all-in-one.
- Find out if they are security compliant and have anti-fraud measures.
- Pick a platform with years of proven performance in the fintech industry.
- Learn if they are easy to use and easily integrate into business platforms.
- Choose a platform that enables various forms of digital payment.
- Ensure their fees are affordable and transparent
The Best Fintech Companies in Nigeria
There are many upcoming and established fintech companies in Nigeria that offer great services to their customers, and our company Chamsswitch is arguably one of the topmost on that list. Chamswitch offers a wide range of digital financial services to both consumers and businesses. Our flagship platform Naira.com enables users to pay bills, send and receive funds, buy airtime or data and much more. We also offer integrated payment processing services to businesses from eCommerce gateway solutions to payment switch services.
In July 2022, Chams Plc, the parent company of Chamswitch which has been in the digital solutions space for over 38 years was awarded the Fintech Platinum Award by the Fintech Association of Nigeria.
To learn more about fintech solutions offered by Chamsswitch, visit chamsswitch.com.
