Fintech businesses are increasingly attracting interest both within and outside Africa, raising more funds of over US$31.4 million. A spectacular thing about this fast-growing industry is that some of them have gained more outreach than some banks is quite impressive and commendable especially considering the high financial strength of the banking industry, in fact, fintech is indeed revolutionizing the banking industry within Africa. Financial technology is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. This is new industry uses technology to improve activities in finance. Here are 5 top fast-growing fintech businesses in Africa:
- Interswitch: This is a payment processing company headquartered in Lagos, Nigeria which uses a ‘switching’ infrastructure to connect the different banks in Nigeria and provides technology for ATM cards. The company has over 11,000 ATMs on its network. It also owns Quickteller, an online payment platform and Verve, Nigeria’s most used payment card. The fast-growing establishing has also spread its wings across African countries such as Kenya and Tanzania, where it acquired VANSO and Selcom, a mobile-focused technology provider to banks.
- Flutterwave: The company was founded in 2016 and provides payment technologies and infrastructure to the continent’s largest financial institutions. Its instant rise captures the current tech scene of Africa and aims to disrupt the traditional banking style within the continent. The company currently operates in more than 36 countries and has partnered with 10 bank partners in Africa. Flutterwave has processed $1.2 billion in payments and receives backing from venture capitalists like Y-Combinator, Ventures and Social Capital.
- Paga: This fintech company is a developing payment and digital financial services company, with an aim to deliver innovative and universal access to financial services for individuals and businesses across Africa. They were licensed to operate by the Central Bank of Nigeria in November 2011, and have been working towards providing the best payments solution for Nigerians by building a nationwide network of agents, innovating new services, and product categories.
- Paystack: The Nigerian fintech start-up is a payment platform which provides an easy avenue for online payments process for both consumers and businesses. They have created ease in the use of credit and debit card for online payments.
- VoguePay: The company prides itself as a unique online payment processor for buyers and sellers to transact business online through a secure and easy means. Their platform allows site owners to receive payment for their goods and services on their website without any setup fee.
Olatorera Consultancy Limited provides business development services to high net-worth individuals and companies looking to grow, enter or do business in Africa.