What is unique about fintech? Fintech or Financial Technology is a fast-growing industry in the world and it has changed the ways people interact with business and services in the financial industry. Fintech has greatly impacted positively on Banking, Insurance, Risk Management and Trading by providing easy, quick and automated services due to its use of electronic platforms to operate. In 2016 alone, the fintech industry generated about $17.4 billion in investment. Africa is greatly benefiting from fintech. According to Forbes, in 2018, African tech startups generated $334.5 million with Nigeria leading with 58 startups generating $94,9 million, followed by South Africa with 40 businesses generating $59,9 million, and the 3rd Country was Kenya. Here are some of the finest fintech startups in Africa you should and watch.
This is one of the leading fintech startup companies in Nigeria. Paystack, though founded in 2015 started operations officially in 2016. This company provides one of the best online payment services to merchants and e-comm businesses. Some of the top Nigerian brands make use of Paystack services. As at November 2018, Paystack was already generating over $17million Monthly transaction and powered over 25000 merchants. This is surely one Startup to look out for in the coming years.
Flexpay is a startup fintech company in Kenya that offers a variety of online financial services like paying for products, travel, rent as well as movie tickets. They offer convenient way for people to pay by allowing clients make reservation of items for a certain period free of charge. Clients can pay in instalments towards a goal and collect upon completion. Flexpay is very useful for budget goals.
PiggyVest formerly PiggyBank, is an online service that enabled clients to save money by automatically setting aside defined amount of money from the clients’ bank account periodically. This app encourages saving by making withdrawal a little bit difficult by charging 5% for withdrawals made before the agreed date. These funds are nonetheless accessible to the clients when they need to withdraw. PiggyVest was launched in 2016 and by the end of 2018, had over $2.7million in savings from over 100,000 users.
Numida, based in Uganda is an emerging startup in the fintech industry that offers digital financial solutions to small businesses. The phone app is offers users digital financial records and business analysis helping them make better business decisions. Businesses can easily keep track of their finances and have access to easy as well as cheap credit through their phone. Numidia was launched in 2016, and by 2017, had invested nearly $300,000 of unsecured credit into over 540 small businesses in Uganda.
Click2Sure was launched in 2017 by two entrepreneurs in South Africa, Daniel Guasco and Jacques Van Niekerk. This is one of the fastest growing fintech startups in South Africa. They provide digital insurance services to clients. Clients who sign up will be able to get insured for items they purchase with so much ease, all online. Thanks to Click2Sure, people no longer have to go through long processes in the traditional insurance methods.
JUMO was launched in South Africa in 2015. They offer digital financial services like credit and savings to entrepreneurs in emerging markets. With over 300 employees, JUMO is one of the fasted growing startups in fintech. In 2018, they secured a deal of $52million funding. JUMO currently services over 13 million clients with over $1billion funds disbursed.
JUMO is celebrating a milestone – more than US$1 billion disbursed to customers on our platform, more than 70% of which are small business owners. JUMO manages over 45 million customer interactions a month and plans to enter several new markets in 2019. #Fintech #Impact #Growth pic.twitter.com/u1eyCz9VmC
— JUMO (@JUMO_WORLD) January 30, 2019
CinetPay started in 2016 in Ivory Coast. This is one of the most popular startup fintech companies in the country. They offer various payment solutions for online businesses and merchants. They offer online mobile money and credit card payments as well as money transfer. CinetPay is currently servicing over 1,600 merchants with over 1 billion transactions.
— CINETPAY (@cinetpay) July 11, 2019