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10 Fintech Startups in Africa Poised to Redefine Financial Services

The rapid growth of Financial Technology (Fintech) has transformed how individuals and businesses interact with financial services. This industry has revolutionized banking, insurance, risk management, and trading, offering swift, automated, and user-friendly solutions through electronic platforms. Fintech’s global impact is undeniable, with a staggering $17.4 billion investment in 2016 alone. In Africa, the Fintech boom has been particularly profound, propelling the continent toward a digital financial revolution. According to Forbes, in 2018, African tech startups generated $334.5 million in revenue, led by Nigeria, South Africa, and Kenya. Here’s a comprehensive look at 10 Fintech startups across Africa that are reshaping the financial landscape.

1. Paystack – Transforming Online Payments in Nigeria

Logo of Paystack

Based in Nigeria, Paystack stands as a Fintech powerhouse, offering exceptional online payment services to merchants and e-commerce businesses. Since its official launch in 2016, Paystack has garnered widespread attention and trust. The platform handles over $17 million in monthly transactions and empowers more than 25,000 merchants. Its upward trajectory positions it as a beacon of Nigeria’s Fintech innovation.

2. CinetPay – Pioneering Payment Solutions in Ivory Coast

Logo of CinetPay

Ivory Coast’s own success story, CinetPay, burst onto the scene in 2016. Providing a diverse range of payment solutions for online businesses and merchants, CinetPay has quickly become a household name. With services encompassing online mobile money, credit card payments, and money transfers, the startup manages an impressive 1 billion transactions for over 1,600 merchants.

3. Click2Sure – Revolutionizing Insurance Services in South Africa

logo of click2sure

Hailing from South Africa, Click2Sure entered the market in 2017 with a game-changing concept: digital insurance. Co-founders Daniel Guasco and Jacques Van Niekerk created a platform that simplifies insurance processes. Clients can effortlessly insure items they purchase online, bypassing traditional lengthy procedures. Click2Sure epitomizes South Africa’s Fintech evolution.

4. Piggyvest – Instilling Discipline Through Automated Savings

logo of piggyvest

Launched in 2016, Piggyvest introduces a unique savings approach to Africa’s Fintech landscape. By automatically setting aside predetermined amounts from users’ bank accounts, Piggyvest encourages disciplined saving. Withdrawals, however, come at a cost—a 5% fee for premature withdrawals incentivizes users to stick to their saving plans. By 2018, Piggyvest had amassed an impressive $2.7 million in savings from over 100,000 users.

5. Flexpay – Reinventing Payment Convenience in Kenya

flexpay logo

In Kenya, Flexpay reigns as a versatile Fintech startup. Providing a range of online financial services, including product payments, travel arrangements, rent settlements, and even movie tickets, Flexpay introduces a seamless payment process. With the option to reserve items for free and pay in installments, Flexpay eases budget constraints and sets a new standard for financial convenience.

6. Numida – Empowering Small Businesses in Uganda

logo of numida

Uganda’s Fintech contender, Numida, targets small businesses with its digital financial solutions. Launched in 2016, Numida’s phone app equips users with digital financial records and business analyses. This aids entrepreneurs in making informed decisions while allowing them easy access to affordable credit. Numida’s substantial investment of nearly $300,000 in unsecured credit has transformed over 540 small businesses in Uganda.

7. Jumo – Propelling Financial Inclusion Across Emerging Markets

jumo logo

Founded in South Africa in 2015, Jumo champions financial inclusion across emerging markets. Specializing in digital financial services such as credit and savings, Jumo empowers entrepreneurs with easy access to funds. With over 300 employees, Jumo has grown into a Fintech giant. A $52 million funding deal in 2018 speaks to its potential, serving over 13 million clients and disbursing over $1 billion in funds.

8. Tanda – Revolutionizing Payments in Kenya

Tanda logo

Kenya’s Fintech scene witnesses Tanda, a startup redefining payment dynamics. Launched in recent years, Tanda offers digital financial services for micro-retailers, enabling them to access inventory on credit. With user-friendly interfaces users can onboard and use their platform with ease.

9. BitPesa – Propelling Cross-Border Payments in Kenya

BitPesa, born in Kenya, has rapidly evolved into a cross-border payment giant. Founded in 2013, this startup harnesses blockchain technology to facilitate international transactions, eliminating traditional financial intermediaries. By offering efficient, cost-effective, and secure cross-border payments, BitPesa is reshaping how Kenya conducts global business.

10. Flutterwave – Transforming Payment Gateways Across Africa

Flutterwave logo

Flutterwave has emerged as a vital Fintech player across the African continent. Established in Nigeria in 2016, Flutterwave provides seamless payment solutions for businesses, from startups to enterprises. Its innovative approach simplifies the complexities of payment gateways, ensuring smooth transactions across borders and currencies.

Africa’s Fintech revolution is well underway, driven by startups that redefine financial interactions. These 10 startups showcase the continent’s prowess in leveraging technology for economic growth. From Nigeria’s Paystack and South Africa‘s Click2Sure to Ivory Coast’s CinetPay and Uganda‘s Numida, Fintech entrepreneurs are designing innovative solutions that cater to Africa’s unique needs


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