Over the years, Nigeria has attracted a pool of promising startup companies. In this regard, tech companies have been the most favourable for founders because of their ability to solve problems for and answer questions from the citizens of the most populous country in Africa.
More often than not, a startup is a company or an establishment that’s in its early stages of development. It is usually started by one to three founders who seek to capitalize on market demand by building a feasible product, offering a peculiar service, or creating a problem-solving platform.
That being said, we’ll give you a rundown of the top 10 highest growing tech startups in Nigeria.
- OPay: OPay has recently emerged as the hottest thing in Nigeria’s fintech sector. Think Opay, think mobile payment services, affordable bike rides, food delivery. quick loans, and bus-hailing services. This Africa-based mobile payments startup was founded by Norwegian browser company Opera in 2018. By June 2019, OPay’s bike hailing service hit the Nigerian scene with its ₦100 promo.
- PiggyVest: Founded by Joshua Chibueze, Odunayo Eweniyi, and Somto Ifezue, this fintech platform has become increasingly popular among Nigerian youths. The savings and investment platform has secured over 200,000 Nigerians. Since it first launched in January 2016 as Piggybank.ng, PiggyVest has garnered over N1 billion monthly savings. The buzzing startup earned is venture capital funding from VilCap Investments, Village Capital, Leadpath Nigeria, and Ventures Platform.
- Paystack: Paystack’s reliability has earned it a spot on this list. The Nigerian-based payment startup gives businesses a secure platform where they can accept funds through credit cards, debit cards, money transfer and mobile money on their mobile apps or websites. Founded by Shola Akinlade and Ezra Olubi in 2015, this fintech company is home to almost 30,000 plus businesses. In 2018, Paystack processed nearly 15% of all online payments in Nigeria.
- Flutterwave: Flutterwave is a Nigerian-based fintech startup founded in 2016. It’s the brainchild of a group of engineers, ex-bankers, and entrepreneurs. This startup offer payment solutions to merchants, banks, and customers in Nigeria and Africa. In the close of 2018, Flutterwave processed 100 Million transactions worth $2.5B. The company also has 50 bank partners on the continent.
- Thrive Agric: This tech-driven agricultural company was established in 2016 by Ayodeji Arikawe. Thrive Agric is an online crowdfunding platform that helps small scale farmers bag finances to grow their business. It also bridges a gap between low-income farmers and profitable market. Thrive Agric has worked with over 11,000 farmers across Nigeria. It has a 40:40:20 profit-sharing model. 40% goes to farmers, 40% to subscribers, and the startup pockets the remaining 20%.
- Mines.io: Mines is an online credit platform for budding markets. The multi-million company promotes growth expansion in Africa, South America, and South-East Asia. Mines secured its initial $17.2 million in funding from XSeed Capital, Western Technology Investment, First Ally Capital, and The Rise Fund.
- Riby: With its venture capital acquired from the likes of GreenHouse Capital, Growth Capital by CCHub, Microtraction, Passion Incubator, Amazon Web Services & the World Bank, Riby has since provided financial intelligence for Nigerian cooperatives. It’s USSD channels and co-Banking application has amassed over 10,000 users in Africa’s largest economy.
- Lifebank: Founded in 2016 by Temie Giwa-Tubosun, LifeBank Nigeria helps to transfer blood from various laboratories in Nigeria to hospitals. This e-health startup speeds up blood donations and deliveries. Besides blood, this company finds and delivers other medical products oxygen and vaccines. LifeBank has moved 17,687 products, served 887 hospitals, attracted 5,604 donors and saved 5,770 lives. Also Read 15 Ways To Make Money Online in Nigeria With Little Or No Capital (2019)
- CowryWise: This tech startup was launched in 2017. CowryWise functions as a personal finance and savings platform. It automates savings and investments and helps users to hit their financial targets. CowryWise has attracted the Nigerian landscape because of its juicy 10% -15% interest, per annum. Earlier this year, CowryWise raised $170,000 in funding over 2 rounds, with $50,00 from Microttracttion and $120,00 from Y combinator.
- Kobo360: With the help of Big Data, Machine Learning, and Artificial Intelligence, Kobo360 is reinventing Nigeria’s.
Which other thriving Tech Start-Ups do you know? We will love to hear from you!