Are you looking for a reliable financial technology (fintech) company to manage your finances, but concerned about their credibility and legitimacy? With the rise of technology, many fintech startups have emerged, offering a variety of financial services to consumers.
However, not all fintech companies are created equal, and it’s essential to ensure that you are entrusting your finances to a credible and trustworthy company. Fortunately, the Central Bank of Nigeria (CBN) has approved a list of fintech companies that meet its stringent standards for safety and security, giving consumers peace of mind when selecting a fintech provider.
With so many fintech companies in the market, it can be challenging to determine which ones are credible and trustworthy. The lack of regulation and oversight in the fintech industry has left consumers vulnerable to fraudulent activities, data breaches, and other financial crimes.
Additionally, the complex nature of financial technology can make it difficult for consumers to understand how their personal and financial information is being managed and protected.
Not selecting a credible and trustworthy fintech company can result in significant financial losses and other negative consequences. You may be vulnerable to fraud and identity theft, and your personal and financial information may be compromised.
Without the proper oversight and regulation, fintech companies may engage in unethical and fraudulent activities, leading to devastating consequences for their customers. It can be challenging to navigate the fintech industry and find a reliable provider that prioritizes safety and security.
The CBN has recognized the need for oversight and regulation in the fintech industry and has approved a list of fintech companies that meet its rigorous standards for safety and security. By selecting a CBN approved fintech company, you can rest assured that your finances and personal information are in good hands.
These companies have undergone rigorous assessments to ensure that they are transparent, compliant, and prioritize the safety and security of their customers’ data. This comprehensive list provides a reliable resource for consumers to select a fintech company that meets their financial needs while prioritizing safety and security.
List of CBN Approved Fintech
The Central Bank of Nigeria (CBN) has approved several fintech companies that meet its stringent standards for safety and security. Here is a list of some of the CBN approved fintech companies:
Payment Service Banks
1. Mastermoney PSB
2. 9 PSB
3. Hope PSB
4. SmartCash
5. PalmPay
Interbank Settlement System
6. Interswitch
7. Paystack
International Remittance Operators
8. Switch
9. Flatterwaves
10. Chipper Cash
Payment Service Agents
11. Opay
12. Momo
ATM Service Providers
13. Verve (Interswitch)
14. Visa
15. Master Card
Loan Apps/ Platforms
16. Renmoney
17. Fairmoney
18. Pay Day
19. Palmcredit
20. Soko Loan
21. Paylater
22. Chatpay
23. NaijaFund
24. Okash
25. Branch
Payment Wallets
26. Paga
27. Quickteller
28. Carbon
29. Arear Ticket
30. eTranzact
31. Vogue Pay
32. KudiMoney
33. Wallet.ng
34. E-Ranzact
35. Remita
36. Kolopay
37. Abet App (Now PocketApp)
Savings & Investment Platforms
38. PiggyVest
39. Cowrywise
40. Payvest
41. I-invest
42. Kuda Bank
43. Bank with Mint
44. Farm Crowdy
45. Patricia.com
46. Sumo Trust
These fintech companies offer a variety of financial services, including payment processing, mobile banking, loan services, and other financial products. Each of these companies has undergone rigorous assessments to ensure that they meet the CBN’s standards for transparency, compliance, and safety and security of their customers’ data. Selecting a fintech provider from this list provides consumers with the assurance that their finances and personal information are in good hands.
Mastermoney PSB:
Mastermoney Payment Service Bank (PSB) is a licensed PSB in Nigeria that offers financial services, including deposits, withdrawals, transfers, bill payments, and other basic banking services. As of 2021, Mastermoney PSB has a network of over 1,500 agents spread across different states in Nigeria, providing access to financial services to underserved communities.
9 PSB:
9 PSB is another licensed PSB in Nigeria that aims to provide financial services to the unbanked and underbanked populations in the country. As of 2021, 9 PSB has established a network of over 600 agents, offering services such as deposits, withdrawals, transfers, and bill payments.
Hope PSB:
Hope Payment Service Bank (PSB) is a licensed PSB in Nigeria that focuses on providing affordable and accessible financial services to individuals and businesses. As of 2021, Hope PSB has over 1,200 agents across various states in Nigeria, offering services such as deposits, withdrawals, transfers, and bill payments.
SmartCash:
SmartCash is a fintech company that offers digital financial services, including payments, savings, and loans. As of 2021, SmartCash has over 300,000 registered users in Nigeria, providing them with access to convenient and affordable financial services through their mobile app.
PalmPay:
PalmPay is a mobile money and financial services platform that allows users to make payments, send money, pay bills, and access other financial services. As of 2021, PalmPay has over 5 million registered users in Nigeria, making it one of the leading mobile money platforms in the country.
Interswitch:
Interswitch is a leading digital payments and commerce company in Nigeria that provides a wide range of financial services, including payment processing, remittances, bill payments, and e-commerce solutions. As of 2021, Interswitch processes over 500 million transactions monthly, with a transaction value exceeding NGN 4.5 trillion.
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Paystack:
Paystack is a fintech company that offers online and offline payment solutions to businesses in Nigeria. As of 2021, Paystack processes over 60% of online transactions in Nigeria and has over 60,000 businesses as its customers.
Switch:
Switch is an international remittance operator that provides secure, fast, and affordable cross-border money transfer services to Nigeria and other African countries. As of 2021, Switch has processed over 2 million transactions, with a total remittance value exceeding $300 million.
Flutterwave:
Flutterwave is a global payments technology company that provides businesses with a seamless and secure platform for accepting and processing payments. As of 2021, Flutterwave has processed over 160 million transactions, with a total transaction value exceeding $9 billion.
Chipper Cash:
Chipper Cash is a mobile money and peer-to-peer payment platform that allows users to send and receive money across Africa. As of 2021, Chipper Cash has over 10 million users in Nigeria, Kenya, Ghana, Uganda, Rwanda, and Tanzania, processing millions of transactions monthly.
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Opay:
Opay is a fintech company that offers a wide range of financial services, including mobile money, bill payments, airtime top-ups, peer-to-peer transfers, and more. As of 2021, Opay has over 5 million registered users in Nigeria, with transactions totaling over NGN 4 trillion processed on its platform.
Momo:
Momo is a mobile money platform operated by MTN Nigeria, one of the leading telecom companies in the country. As of 2021, Momo has over 3 million registered users in Nigeria, providing them with access to a wide range of financial services, including money transfers, bill payments, and more.
Verve (Interswitch):
Verve is a payment card brand owned by Interswitch, a leading digital payments and commerce company in Nigeria. As of 2021, Verve has issued over 40 million payment cards, making it one of the most widely used card brands in Nigeria, accepted at over 200,000 payment terminals across the country.
Visa:
Visa is a global payments technology company that provides payment card solutions for individuals and businesses worldwide, including Nigeria. As of 2021, Visa has issued over 3.6 million payment cards in Nigeria, with its cards accepted at millions of payment terminals and online merchants in the country.
MasterCard:
MasterCard is another global payments technology company that offers payment card solutions in Nigeria. As of 2021, MasterCard has issued over 2.5 million payment cards in Nigeria, with its cards accepted at numerous payment terminals and online merchants across the country.
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Renmoney:
Renmoney is a fintech company that offers personal loans, business loans, and other financial products to individuals and businesses in Nigeria. As of 2021, Renmoney has provided loans to over 350,000 customers in Nigeria, with a total loan value exceeding NGN 45 billion.
Fairmoney:
Fairmoney is a mobile banking platform that provides loans, savings, and bill payment services to individuals in Nigeria. As of 2021, Fairmoney has over 2 million registered users in Nigeria and has disbursed over 1 million loans, with a total loan value exceeding NGN 30 billion.
Pay Day:
Pay Day is a loan app that offers short-term loans to individuals in Nigeria. As of 2021, Pay Day has provided loans to over 500,000 customers, with a total loan value exceeding NGN 10 billion.
Palmcredit:
Palmcredit is a mobile app that offers short-term loans to individuals in Nigeria. As of 2021, Palmcredit has over 5 million registered users and has disbursed over 10 million loans, with a total loan value exceeding NGN 100 billion.
Soko Loan:
Soko Loan is a digital lending platform that provides loans to individuals in Nigeria. As of 2021, Soko Loan has provided loans to over 100,000 customers, with a total loan value exceeding NGN 5 billion.
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Paylater:
Paylater, now known as Carbon, is a mobile lending platform that offers loans, bill payments, and other financial services to individuals in Nigeria. As of 2021, Paylater has over 3 million registered users and has disbursed over 8 million loans, with a total loan value exceeding NGN 60 billion.
Chatpay:
Chatpay is a fintech company that provides loans and other financial services to individuals in Nigeria. As of 2021, Chatpay has provided loans to over 200,000 customers, with a total loan value exceeding NGN 4 billion.
NaijaFund:
NaijaFund is a crowdfunding platform that connects individuals and businesses in Nigeria to raise funds for various purposes. As of 2021, NaijaFund has facilitated over NGN 500 million in funding for various projects, including startups, social causes, and personal needs.
Okash:
Okash is a mobile lending platform that offers short-term loans to individuals in Nigeria. As of 2021, Okash has provided loans to over 1 million customers, with a total loan value exceeding NGN 20 billion.
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Branch:
Branch is a mobile lending platform that provides loans to individuals in Nigeria. As of 2021, Branch has over 4 million registered users and has disbursed over 10 million loans, with a total loan value exceeding NGN 100 billion.
Paga:
Paga is a mobile money platform that provides financial services, including money transfers, bill payments, airtime top-ups, and more to individuals and businesses in Nigeria. As of 2021, Paga has over 17 million registered users and has processed over 1 billion transactions, with a total transaction value exceeding NGN 900 billion.
Quickteller:
Quickteller is a digital payments platform that allows individuals and businesses in Nigeria to make various types of payments, including bill payments, airtime top-ups, fund transfers, and more. As of 2021, Quickteller has processed over 1 billion transactions, with a total transaction value exceeding NGN 500 billion.
Carbon:
Carbon, formerly known as Paylater, is a fintech company that offers loans, bill payments, and other financial services to individuals and businesses in Nigeria. As of 2021, Carbon has over 4 million registered users and has disbursed over 10 million loans, with a total loan value exceeding NGN 150 billion.
Airtel Money:
Airtel Money is a mobile money platform operated by Airtel Nigeria, one of the leading telecom companies in the country. As of 2021, Airtel Money has over 3 million registered users and provides services such as money transfers, bill payments, and more.
eTranzact:
eTranzact is a digital payments platform that provides a wide range of financial services, including bill payments, fund transfers, airtime top-ups, and more to individuals and businesses in Nigeria. As of 2021, eTranzact has processed over 500 million transactions, with a total transaction value exceeding NGN 400 billion.
Vogue Pay:
Vogue Pay is a digital payments platform that allows individuals and businesses in Nigeria to make various types of payments, including bill payments, fund transfers, and more. As of 2021, Vogue Pay has processed over 50 million transactions, with a total transaction value exceeding NGN 100 billion.
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KudiMoney:
KudiMoney is a mobile money platform that provides financial services, including money transfers, bill payments, airtime top-ups, and more to individuals and businesses in Nigeria. As of 2021, KudiMoney has over 1 million registered users and has processed over 10 million transactions, with a total transaction value exceeding NGN 50 billion.
Wallet.ng:
Wallet.ng is a mobile money platform that offers financial services, including money transfers, bill payments, airtime top-ups, and more to individuals in Nigeria. As of 2021, Wallet.ng has over 500,000 registered users and has processed millions of transactions, with a total transaction value exceeding NGN 20 billion.
E-Ranzact:
E-Ranzact is a digital payments platform that provides financial services, including bill payments, fund transfers, and more to individuals and businesses in Nigeria.
Remita
Remita is a payment platform created by SystemSpecs, a Nigerian company specializing in providing software solutions to public and private sector organizations. The platform enables individuals and businesses to make and receive payments, manage invoices, and conduct transactions across multiple banks in Nigeria.
Remita offers a range of services, including payroll management, payment collections, and funds transfer. The platform has been integrated with most Nigerian banks, making it easy for users to transfer funds from one bank to another.
As of September 2021, Remita has over 5 million registered users, with over 900 corporate organizations using its services. The platform has processed over 1 trillion Naira in transactions, making it one of the leading payment platforms in Nigeria.
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Kolopay
Kolopay is a payment platform that allows individuals and businesses to send and receive money, make bill payments, and buy airtime and data. The platform was created by KoloPay Technologies Limited, a Nigerian fintech company.
Kolopay enables users to make payments using their bank accounts or debit cards, and it has been integrated with most Nigerian banks. The platform offers a range of services, including instant transfers, recurring payments, and payment reminders.
As of September 2021, Kolopay had over 50,000 registered users, with over 500 businesses using its services. The platform has processed over 500 million Naira in transactions, making it one of the emerging payment platforms in Nigeria.
Abet App (Now PocketApp)
Abet App, now rebranded as PocketApp, is a payment platform that allows individuals and businesses to send and receive money, make bill payments, and buy airtime and data. The platform was created by Abeg Technologies, a Nigerian fintech company.
PocketApp enables users to make payments using their bank accounts or debit cards, and it has been integrated with most Nigerian banks. The platform offers a range of services, including instant transfers, recurring payments, and payment reminders.
As of September 2021, PocketApp had over 200,000 registered users, with over 1,000 businesses using its services. The platform has processed over 3 billion Naira in transactions, making it one of the emerging payment platforms in Nigeria.
Conclusion
The Nigerian fintech industry has witnessed significant growth in recent years, with various fintech companies providing innovative solutions to financial services. The Central Bank of Nigeria has approved several fintech companies to provide financial services in the country, including payment service banks, payment service agents, international remittance operators, loan apps/platforms, ATM service providers, and payment wallets.
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These fintech companies have revolutionized the financial services sector in Nigeria, providing access to financial services to the unbanked and underbanked populations, promoting financial inclusion, and driving economic growth. As more Nigerians embrace digital financial services, the fintech industry is expected to continue to grow, providing more innovative solutions to financial services.
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