Top 10 Largest Fintech Companies in Nigeria 2025

Funding may be slower across Africa in 2025, but Nigeria’s fintech engine is still running hot. In Q1 alone, startups in the country raised over $100 million, with most of it going to payments, banking, and remittances platforms. 

The 10 firms are shaping the market with large user bases, heavy transaction volumes, and steady product rollouts.

Here are the Top 10 Largest fintech companies in Nigeria 2025:

Moniepoint

Moniepoint (formerly TeamApt) entered unicorn territory in late 2024 after a $120 million Series C (including $10 million from Visa) and landed on TIME’s 100 Most Influential Companies list. 

It targets small and informal businesses with digital banking, serves more than 10 million users, and processes over 1 billion transactions monthly, topping $100 billion in payments last year. 

In 2025, it secured approval to take a majority stake in Kenya’s Sumac Bank, launched MonieWorld for remittances, and teamed up with AfriGO to distribute 5 million cards in Nigeria.

Paystack

Acquired by Stripe for $200 million in 2020, Paystack now operates in Ghana, Kenya, Côte d’Ivoire, and South Africa. It processes more than $250 million in monthly payment volume and handled three billion API requests in Q4 2024. Bank transfers gained ground on their network—58% of transactions in 2023, up from 28% in 2022. 

In March 2025, Paystack launched Zap, a consumer app for instant transfers to any Nigerian bank in under 10 seconds. Users can link existing bank accounts via direct debit or fund a Paystack–Titan Trust Bank wallet; card linking works globally, though the initial focus is in-Nigeria spend rather than remittances.

PalmPay

PalmPay ranks among Africa’s fastest growers (No. 2 on the FT list). As of Q1 2025, it reports over 35 million users and more than 15 million transactions daily. Between January and December 2024, it processed ₦71.5 trillion, with 80% monthly active users. 

Its on-ground reach includes over one million agents and merchants. Expansion targets for 2025 include South Africa, Côte d’Ivoire, Uganda, and Tanzania.

Paga

Founded in 2009, Paga is one of Nigeria’s veterans. It has processed more than ₦23 trillion since launch, with ₦8.7 trillion in 2024 and monthly volumes now above ₦1 trillion in 2025. Beyond consumer payments, the group runs three lines: Paga (consumer), Doroki (SME tools), and Paga Engine (infrastructure).

Kuda

Digital bank Kuda processed more than 300 million transactions worth ₦14.3 trillion in Q1 2025—₦8.5 trillion from retail users and ₦5.8 trillion from businesses (the latter launched in 2022). 

It issued ₦16.4 billion in overdrafts in Q1 on a risk-based pricing model and expects to reach ₦57 trillion in 2025 transaction volume. Kuda also relaunched remittances for users outside Nigeria sending money home.

LemFi

Remittance player LemFi raised $53 million Series B in January 2025 (bringing total funding to more than $86 million). It serves over two million users across the US, UK, Canada, and Europe, processing around $1 billion per month. 

In June 2025, it acquired UK card startup Pillar, boosting control over cards, multicurrency wallets, and credit features rolling out in Egypt, Morocco, and Tunisia. It also launched LemFi Credit, already used by more than 8,000 customers, as it pushes to be a full-stack finance app for immigrants.

Flutterwave

With a $3 billion valuation, Flutterwave remains Africa’s most valuable fintech. It has processed more than 890 million transactions totalling over $34 billion, with infrastructure spanning 34 African countries. 

In West Africa, it now holds a payment-institution licence from BCEAO, enabling full operations in Senegal and deepening regional reach.

Raenest

Raenest serves freelancers, remote workers, and global teams. In February 2025, it raised $11 million (Series A extension), bringing total funding to $14.3 million. 

It has processed more than $1 billion in payments, supports over 700,000 individuals and 500 businesses, and offers USD/GBP/EUR wallets, virtual dollar cards, low-fee payouts to more than 50 countries, and local withdrawals. 

Its Geegpay product targets creators; Raenest Rewards launched in 2025, alongside a partnership with Sidebrief to help founders set up across Africa, the U.S., and the UK.

OPay

OPay is one of Nigeria’s most visible consumer fintechs, known for its super-app approach that combines wallets, bill pay, transfers, QR and POS acceptance, savings features, and merchant tools.

Its large agent and merchant network has helped push digital payments deeper into everyday trade, from open-air markets to transport hubs. 

OPay’s focus on fast onboarding, cashback-style incentives, and 24/7 in-app support continues to make it a default wallet for many first-time digital payers. 

In 2025, the company has leaned further into merchant acceptance, offline-to-online payments, and targeted partnerships that widen use cases beyond person-to-person transfers.

Interswitch

Interswitch is the infrastructure mainstay behind much of Nigeria’s card and switching ecosystem. Through Verve (its domestic card network) and Quickteller (consumer bill pay and collections), it connects banks, businesses, and consumers to core rails for transactions. 

The company’s payment switching, acquiring, and issuer-processing services sit across multiple sectors, enabling everything from ATM withdrawals to online checkout and mass disbursements. 

In 2025, Interswitch remains central to reliability and scale in Nigeria’s digital payments, while expanding value-added services for enterprises and public-sector collections.