Fastest Growing Startups in Nigeria
Nigeria is the heartbeat of the African tech ecosystem. The nation is often called the "Silicon Lagoon." It remains the continent’s most vibrant market for innovation. Despite economic hurdles, Nigerian startup entrepreneurs are building world-class solutions. They are solving real problems. They are attracting massive global investment.
The startup landscape has evolved rapidly. In 2025, we saw a shift from pure fintech dominance to more diverse sectors. Logistics, clean energy, and healthtech are now taking center stage. Companies are no longer just surviving. They are scaling. Some are even acquiring banks in other countries. Others are expanding to Latin America and Asia.
This article explores the fastest-growing startups in Nigeria right now. We look at their numbers. We analyze their impact. We examine their recent funding. We also provide an honest look at their pros and cons.
Whether you are an investor, a job seeker, or a tech enthusiast, this guide is for you. Let’s dive into the companies defining the future of business in Nigeria.
1. Moniepoint (formerly TeamApt)
Sector: Fintech / Business Banking
Founders: Tosin Eniolorunda, Felix Ike
Status: Unicorn (Profitable)
Overview
Moniepoint is arguably the most important financial inclusion engine in Nigeria today. It started as a backend partner for banks. It has transformed into a full-service business bank. In 2025, Moniepoint cemented its status as a "Unicorn" (a startup valued over $1 billion).
You see their blue Point of Sale (POS) terminals everywhere. From open markets in Lagos to small shops in Kano, they are ubiquitous. They process billions of dollars in transactions annually. Their success lies in reliability. When other banking apps fail, Moniepoint usually works.
Recent Milestones (2025-2026)
The last 12 months have been historic for Moniepoint. In late 2025, they raised a massive Series C funding round. This totaled over $200 million. This is rare in the current global economic climate.
They also went global. They launched MonieWorld in the UK. This service helps the African diaspora send money home seamlessly. Furthermore, they acquired a majority stake in a Kenyan bank. This signals their intent to dominate East Africa as well.
Why They Are Growing
They solved the trust issue in payments. Nigerian merchants hate failed transactions. Moniepoint built an infrastructure that rarely fails. This reliability drove viral adoption. They also offer working capital loans. This helps small businesses restock their inventory.
| Pros | Cons |
|---|---|
| Extremely Reliable: Highest transaction success rate in the market. | Strict KYC: Account limits can be restrictive for unverified users. |
| Business Focus: Tailored tools for inventory and expense management. | Customer Service: rapid growth has led to slower support response times. |
| Loan Access: easier access to credit for active merchants. | Fees: Transaction fees can be slightly higher than traditional banks. |
For more insights on financial technology trends, you can explore the tech section on NaijaRave.
2. Chowdeck
Sector: Logistics / Food Delivery / Quick Commerce
Founders: Femi Aluko, Olumide Ojo, Lanre Yusuf
Backers: Y Combinator, Novastar Ventures
Overview
Chowdeck is the king of food delivery in Nigeria. Before them, food delivery was a nightmare. Deliveries took hours. Riders were rude. The food often arrived cold. Chowdeck changed the game.
They prioritized logistics above all else. They promised delivery in under 30 minutes. Surprisingly, they actually delivered on that promise. They started in Lagos. They have now expanded to Abuja, Port Harcourt, Ibadan, and even Ghana.
Recent Milestones (2025-2026)
In November 2025, Chowdeck hit a massive milestone. They processed 1 million orders in a single month. This is a record for an African delivery startup. Earlier in the year, they secured $9 million in Series A funding.
They are now pivoting to "Quick Commerce." This means they don't just deliver food. They deliver groceries, medicines, and essentials. They aim to be the "everything app" for rapid delivery.
Why They Are Growing
They treat their riders well. Chowdeck riders are often paid better than their peers. This motivates them to deliver faster. The app is also incredibly user-friendly. It mimics world-class standards like DoorDash or Uber Eats. Their partnership with major fast-food chains like Chicken Republic gave them initial volume. Now, they support thousands of local vendors.
| Pros | Cons |
|---|---|
| Speed: consistently the fastest delivery service in Nigeria. | Delivery Fees: delivery costs can sometimes exceed the cost of cheap meals. |
| User Experience: The app is smooth, with real-time tracking that works. | Coverage: still limited to major urban centers; not available in rural areas. |
| Variety: Massive selection of restaurants and supermarkets. | Surge Pricing: delivery fees spike heavily during rain or traffic. |
3. OPay
Sector: Consumer Fintech / Super App
Parent Company: Opera Norway (Chinese-backed)
Status: Market Leader
Overview
OPay is a household name. It is the most downloaded finance app in Nigeria. During the cash scarcity crisis of 2023, OPay saved the day. While traditional banks crashed, OPay transfers were instant. This earned them the loyalty of millions.
They offer a wide range of services. You can transfer money. You can buy airtime. You can pay electricity bills. They also offer savings products with high interest rates.
Recent Milestones (2025-2026)
OPay has continued its dominance in 2025. They have focused heavily on security. They introduced advanced facial recognition to prevent fraud. They also tightened their KYC (Know Your Customer) processes to comply with CBN regulations.
Their user base has grown to tens of millions. They are effectively the primary bank for the unbanked and underbanked population. Their debit cards are now widely accepted and distributed instantly.
Why They Are Growing
Speed is their killer feature. An OPay transfer lands in seconds. Every time. Their app is also very lightweight. It works well on cheap smartphones with poor internet. They also offer "cashback" incentives. This keeps users coming back for daily transactions.
| Pros | Cons |
|---|---|
| Instant Transactions: incredibly high success rate for transfers. | Customer Support: getting a human on the phone is very difficult. |
| Incentives: Daily cashback and discounts on airtime. | Loan Issues: Some users report aggressive loan recovery tactics. |
| Accessibility: Works seamlessly on low-end devices. | Privacy: concerns have been raised about data handling in the past. |
Stay updated on financial news by visiting NaijaRave Business News.
4. Moove
Sector: Mobility Fintech
Founders: Ladi Delano, Jide Odunsi
Backers: Uber, Mubadala
Overview
Moove is revolutionizing vehicle ownership. They don't just sell cars. They finance them for gig workers. If you want to drive for Uber but have no car, Moove helps you. You get a brand new vehicle. You pay it off weekly from your earnings.
They call this "Revenue-Based Financing." It opens doors for people with no credit history. They started in Lagos. Now they are a global company.
Recent Milestones (2025-2026)
In late 2025, Moove set its sights on a $2 billion valuation. They have expanded aggressively beyond Africa. They are now big in India, the UAE, and Latin America.
They acquired Kovi, a Brazilian competitor. This gave them a massive foothold in South America. They also partnered with Waymo in the US. This is a huge deal. It puts a Nigerian-born company at the center of the autonomous vehicle revolution.
Why They Are Growing
There is a massive shortage of vehicles for ride-hailing in Africa. Banks do not lend to drivers. Moove filled this gap. Their partnership with Uber guarantees them a steady stream of customers. They are also moving into Electric Vehicles (EVs). This reduces fuel costs for drivers and helps the environment.
| Pros | Cons |
|---|---|
| Empowerment: Creates jobs for thousands of drivers. | High Costs: The total repayment amount is significantly higher than the car's value. |
| New Fleet: Drivers get brand new, efficient cars. | Strict Terms: Missing payments can lead to immediate vehicle disablement. |
| Global Reach: a Nigerian brand succeeding on multiple continents. | Pressure: drivers must work long hours to meet weekly quotas. |
5. Spiro
Sector: Clean Energy / Electric Mobility
Focus: Electric Bikes and Battery Swapping
Overview
Fuel subsidies are gone in Nigeria. Petrol is expensive. This created a crisis for transport workers. Spiro stepped in with a solution. They offer electric motorcycles (okadas).
Instead of buying fuel, riders swap batteries. Spiro builds "Swap Stations" across cities. A rider pulls up, swaps a low battery for a full one, and leaves. It takes seconds. It is cheaper than petrol.
Recent Milestones (2025-2026)
Spiro launched heavily in Nigeria in 2024. By 2026, they aim to have 2,000 swap stations. They are already operating in Ogun, Lagos, and Abuja. They are partnering with state governments to replace gas-guzzling bikes with electric ones.
They are not just importing. They are setting up local assembly plants. This creates local jobs and reduces costs.
Why They Are Growing
The economics are undeniable. Running a petrol bike is now too costly for most riders. Electric bikes save them up to 40% in daily costs. This increases their take-home pay. Spiro’s "Energy as a Service" model removes the fear of battery degradation.
| Pros | Cons |
|---|---|
| Cost Saving: massive reduction in daily operating costs for riders. | Infrastructure: Swap stations are not yet everywhere. |
| Eco-Friendly: zero emissions, reducing air pollution in cities. | Range Anxiety: riders fear running out of power far from a station. |
| Silent: Reduces noise pollution significantly. | Adoption Curve: mechanics still need training to fix electric bikes. |
Read more about green technology in our startups section.
6. Sabi
Sector: B2B E-commerce / Retail Infrastructure
Founders: Anu Adasolum, Ademola Adesina
Status: Soonicorn (Soon to be Unicorn)
Overview
The informal market is the real economy of Africa. The market women, the small shop owners, the distributors. Sabi builds the digital infrastructure for them.
They connect manufacturers to retailers. They handle the logistics. They track sales. They provide data. Sabi operates in the background, but they power billions in trade. They are the "plumbing" of African retail.
Recent Milestones (2025-2026)
Sabi reached a valuation of $300 million back in 2023. They have only grown since then. In 2025, they expanded their reach into South Africa and Francophone Africa.
They have digitized over 200,000 merchants. Their platform now tracks inventory in real-time. This helps foreign brands understand the Nigerian market better than ever before.
Why They Are Growing
They serve a neglected market. Most tech startups target consumers. Sabi targets the supply chain. By making the supply chain efficient, they lower prices for everyone. They also help merchants access financing based on their sales data.
| Pros | Cons |
|---|---|
| Huge Scale: accessing the massive informal economy. | Complexity: dealing with informal logistics is messy and hard. |
| Data Rich: owns valuable data on consumer consumption patterns. | Low Margins: B2B retail operates on very thin profit margins. |
| Empowerment: helps small women-led businesses grow. | Tech Adoption: teaching older traders to use apps takes time. |
7. Remedial Health
Sector: Healthtech / Pharma Supply Chain
Founder: Samuel Okwuada
Overview
Fake drugs are a killer in Nigeria. Supply chains are fragmented. Pharmacies often run out of essential stock. Remedial Health fixes this.
They are a digital procurement platform for pharmacies. They source medicines directly from manufacturers. This guarantees authenticity. They deliver to pharmacies within 24 hours. They also offer financing, so pharmacies can buy now and pay later.
Recent Milestones (2025-2026)
Remedial Health has seen explosive growth in 2025. They have covered nearly all states in Nigeria. Their inventory finance product is a hit. Pharmacies can stock up without tying up all their cash.
They are using data to predict disease outbreaks. If they see high demand for malaria drugs in one area, they can alert health authorities.
Why They Are Growing
Safety is their selling point. In a country plagued by counterfeit meds, "Sourced by Remedial" is a badge of trust. The financing option also helps small chemists survive inflation.
| Pros | Cons |
|---|---|
| Lives Saving: directly reduces the circulation of fake drugs. | Logistics: delivering sensitive meds requires cold chain storage. |
| Efficiency: pharmacies never run out of stock. | Credit Risk: offering loans to small shops carries default risks. |
| Price Stability: helps standardize drug prices across regions. | Competition: traditional distributors are fighting back. |
8. Bamboo
Sector: Wealth Management / Investment
Founders: Richmond Bassey, Yanmo Omorogbe
Overview
Bamboo made it easy for Nigerians to buy US stocks. Before them, owning Tesla or Apple shares was for the super-rich. Bamboo democratized this.
Despite currency fluctuations, Nigerians want to hedge against inflation. Investing in dollars is the best way to do that. Bamboo provides that gateway.
Recent Milestones (2025-2026)
They recently launched "Bamboo Fixed Returns." This offers dollar-denominated returns with lower risk than the stock market. They also expanded to Ghana and Kenya.
In 2025, they received a digital sub-broker license from the Nigerian SEC. This regulatory approval was crucial. It legitimized their operations and built trust.
Why They Are Growing
The Naira's volatility drives their growth. Every time the Naira drops, more people sign up for Bamboo. They want to save their wealth in a stable currency. Bamboo makes it as easy as sending a text.
| Pros | Cons |
|---|---|
| Wealth Preservation: best way to hedge against Naira inflation. | Exchange Rates: the conversion rate from Naira to Dollar is high. |
| Ease of Use: excellent mobile app interface. | Fees: deposit and withdrawal fees can eat into small profits. |
| Education: provides great content on how to invest. | Market Risk: US stocks can also go down, losing users money. |
For more investment tips, check out NaijaRave Finance.
9. PiggyVest
Sector: Savings / Fintech
Founders: Odunayo Eweniyi, Somto Ifezue, Joshua Chibueze
Overview
PiggyVest is the OG of Nigerian fintech savings. They taught a generation how to save. They made savings fun and automated.
They offer "Safelock" where you lock funds for a period. They offer "Target Savings" for personal goals. They have paid back billions in interest to users over the years. They are known for transparency.
Recent Milestones (2025-2026)
PiggyVest continues to grow organically. They don't do massive marketing anymore. Their users do it for them. In 2025, they launched "Pocket App" as a deeper integration for social payments.
They maintain a zero-scandal reputation. In a fintech world full of fraud, PiggyVest is seen as a safe haven.
Why They Are Growing
Discipline. Nigerians find it hard to save because of "black tax" and daily demands. PiggyVest's automated deductions force discipline. The interest rates are also higher than traditional banks.
| Pros | Cons |
|---|---|
| Trust: impeccable track record of safety. | Inflation: Naira savings lose value in real terms despite interest. |
| Automation: "set it and forget it" savings style. | Liquidity: breaking a "Safelock" early attracts a penalty. |
| Community: huge, loyal user base. | Limited Asset Classes: mostly focused on cash savings. |
Challenges Facing Nigerian Startups in 2026
While these companies are growing, the road is not smooth. They face significant hurdles. Understanding these challenges makes their success even more impressive.
1. Currency Volatility
The Naira fluctuates wildly. This makes planning difficult. A startup might raise $1 million, but its value drops by 50% in real terms within a year. Companies like Bamboo and Moniepoint have to constantly hedge against this risk.
2. Infrastructure Gaps
Power is still an issue. Internet costs are rising. Logistics companies like Chowdeck have to deal with bad roads and traffic gridlock. This increases their operating costs significantly.
3. Brain Drain (Japa)
Many skilled tech workers are leaving Nigeria for Europe and North America. This is the "Japa" phenomenon. Startups struggle to retain senior talent. They often have to pay global salaries to keep their best engineers.
4. Regulatory Uncertainty
Government policies can change overnight. A new levy or ban can wipe out a business model. Successful founders spend a lot of time lobbying and ensuring compliance.
The Future Outlook
Despite the challenges, the future is bright. The resilience of Nigerian entrepreneurs is unmatched. In 2026 and beyond, we expect to see more consolidation. Bigger startups will buy smaller ones.
We also expect to see more "Real Sector" tech. This means tech applied to agriculture, health, and energy. Pure fintech is becoming saturated. The next big winners will be those who solve physical problems with digital tools.
Investors are becoming smarter. They are no longer throwing money at hype. They want to see profits. The startups listed above are all focused on sustainable growth, not just vanity metrics.
Stay informed. The landscape changes fast. Keep an eye on NaijaRave for the latest updates on these movers and shakers.
