Top Tech Startups in Nigeria
Nigeria has emerged as Africa's most vibrant tech innovation hub. The country is home to some of the continent's most successful tech companies. These startups have transformed how millions of Nigerians and Africans access financial services, online shopping, and digital solutions. This guide explores the leading tech startups that are reshaping Nigeria's digital economy.
The Nigerian Tech Startup Landscape
Nigeria's startup ecosystem has experienced remarkable growth over the past decade. The country attracted significant venture capital investment throughout the 2010s and early 2020s. Today, Nigerian tech startups operate across multiple sectors including fintech, e-commerce, healthtech, and agritech.
The startup scene in Nigeria differs from other African nations. Nigeria's large population of over 200 million people creates massive market opportunities. Lagos serves as the epicenter of tech innovation on the continent. The city hosts numerous tech hubs, accelerators, and investor networks.
However, the ecosystem faced challenges in 2025. Total startup funding fell 17 percent year-on-year to just $343 million. Nigeria became the only major African market to record a decline. Currency volatility and macroeconomic uncertainty slowed investment. Despite these headwinds, the Nigerian startup scene maintained resilience and continued innovation.
Flutterwave: Pan-African Payments Pioneer
Flutterwave is Nigeria's most valuable tech company by market valuation. The company has disrupted how businesses and consumers process payments across Africa. Founded in 2016 by Olugbenga Agboola, Iyinoluwa Aboyeji, and Adeleke Adekoya, Flutterwave has grown into a global payments powerhouse.
Flutterwave raised $170 million in its Series C funding round in 2021. This investment pushed the company past the $1 billion valuation threshold, making it Africa's fourth unicorn at the time. The company didn't stop there. In 2022, Flutterwave secured a historic $250 million Series D round. This massive funding round valued the company at over $3 billion.
The company processes payments for global businesses like Uber and Booking.com. Flutterwave operates across 34 African countries. In January 2026, Flutterwave acquired Mono, a Nigerian open banking infrastructure provider. This strategic acquisition strengthens Flutterwave's position as a comprehensive payments and financial infrastructure platform.
Flutterwave's success stems from solving real problems. African businesses struggled with fragmented payment systems before Flutterwave. The platform now handles millions of transactions daily. The company's growth demonstrates how well-executed solutions attract global investors and create lasting value.
Paystack: From Startup to Stripe Acquisition
Paystack revolutionized online payment processing in Nigeria and West Africa. The company was founded in 2015 by Shola Akinlade and Ezra Olubi. Paystack became the first Nigerian startup accepted into Y Combinator in 2016. This achievement signaled Nigeria's emergence as a serious tech innovation hub.
Paystack was acquired by global payments giant Stripe in October 2020 for over $200 million. This was Nigeria's largest startup acquisition at that time. The deal demonstrated strong investor confidence in Nigerian founders and the continent's fintech potential.
The acquisition didn't mark the end of Paystack's growth story. In January 2026, Paystack announced it had achieved group-level profitability. Payment volumes increased more than 12-fold since the Stripe acquisition. In July 2024, Paystack processed a record N1 trillion (approximately $1.1 billion) in a single month.
Paystack restructured into The Stack Group (TSG) in January 2026. This holding company structure brings together four distinct business units: Paystack for merchant payments, Zap for consumer payments, Paystack Microfinance Bank for banking and credit infrastructure, and TSG Labs for research and development.
The restructuring reflects Paystack's evolution beyond payments. The company now addresses broader financial infrastructure challenges across Africa. Paystack operates in seven African countries: Nigeria, Ghana, Kenya, Cote d'Ivoire, South Africa, with regulatory approvals underway in Egypt and Rwanda.
Interswitch: Nigeria's Payment Processing Pioneer
Interswitch is Africa's oldest fintech unicorn. Founded in 2002 by Mitchell Elegbe, the company pioneered electronic payment infrastructure in Nigeria. Interswitch achieved unicorn status in 2019 when Visa acquired a 20 percent stake for $200 million.
The company operates through multiple brands. Verve is Africa's first domestically-owned payment card scheme. Quickteller serves as a digital payment platform linking merchants and consumers. Interswitch also provides comprehensive payment switching and processing services.
Verve has become remarkably successful since its launch in 2009. The payment scheme has issued over 70 million Verve cards across Nigeria and more than 25 African countries. Verve recently achieved global recognition. The company was named in the inaugural Global Payments Power 50 list in 2025.
Interswitch continues innovating across payment infrastructure. In 2024, the Central Bank of Nigeria granted Interswitch a switching license. This permit allows the company to process transactions between banks and payment systems without intermediaries. The license enhanced Interswitch's position in Nigeria's payment ecosystem.
The company has also strengthened its infrastructure through strategic partnerships. In 2024, Interswitch partnered with Nigeria's Economic and Financial Crimes Commission to establish a Cybercrime Research Center. These collaborations position Interswitch as a critical infrastructure provider for African digital finance.
OPay: The Super App Dominating Mobile Money
OPay has become Nigeria's most-used fintech platform by user count. The company was founded in 2018 and initially operated as a ride-hailing service. However, OPay quickly pivoted to focus on financial services. The company launched its super app combining mobile money, food delivery, transportation, and digital payments.
OPay achieved unicorn status in 2021 just three years after founding. The company raised a $400 million Series C round led by SoftBank and Sequoia Capital China. This funding round valued OPay at $2 billion. The rapid path to unicorn status reflected the massive demand for accessible financial services in Nigeria.
By 2025, OPay had grown to 50 million registered users. The platform boasts approximately 10 million daily active users. This user base dwarfs the digital engagement of any single traditional bank in Nigeria. OPay's extensive agent network includes over 500,000 agents nationwide. These agents provide cash-out, deposit, and payment services to customers.
OPay's transaction volumes are staggering. The platform processes an estimated $12 billion in monthly transaction value. This includes peer-to-peer transfers, bill payments, merchant transactions, and airtime purchases. By mid-2025, OPay accounted for an estimated 30 to 40 percent of Nigeria's daily POS transaction count.
The company achieved a significant milestone in 2024 when it reported its first monthly profit. This profitability demonstrates that high-volume fintech platforms can build sustainable, profitable businesses in Nigeria. OPay has expanded beyond Nigeria into Egypt and Pakistan, aiming to replicate its success internationally.
Moniepoint: The Agent Banking Revolution
Moniepoint transformed Nigeria's unbanked population through agent banking. The company was founded in 2015 by Tosin Eniolorunda and Felix Ike. Initially called TeamApt, the company operated as a business payment platform. The founders recognized that most Nigerians needed accessible financial services. They pivoted to focus on agent banking.
Moniepoint deployed points of sale terminals across Nigeria, enabling real-time transactions through a nationwide agent network. This strategy proved tremendously successful. By October 2024, Moniepoint became the African continent's eighth unicorn. The company announced a $110 million Series C funding round, achieving a valuation exceeding $1 billion.
The funding round was led by Development Partners International's Africa Development Partners fund and Google's Africa Investment Fund. Lightrock also participated in the round. This investor lineup reflects Moniepoint's significance in Africa's fintech ecosystem.
Moniepoint's growth has been extraordinary. The company powers over 2 million agents across Nigeria. These agents are often small entrepreneurs earning commissions by providing financial services to their communities. Moniepoint's model has democratized financial access for millions of Nigerians previously excluded from traditional banking.
Financial Times recognized Moniepoint's exceptional growth in 2023 by naming it the Second-Fastest Growing Company in Africa. This honor reflects the company's execution excellence and market-fit. In November 2024, Moniepoint appointed Bayo Olujobi as Chief Financial Officer, strengthening its leadership team.
Andela: Exporting African Tech Talent
Andela connects African software developers with global technology companies. Founded in 2014, the company identified a critical gap: global tech companies desperately needed talented developers while Africa had underemployed engineering talent.
Andela created a training and outsourcing platform. The company recruits talented African developers, provides advanced training, and connects them with Fortune 500 companies and leading tech firms. This model generates multiple benefits: developers earn competitive salaries, global companies access talented developers, and Africa retains skilled professionals.
Andela achieved unicorn status in 2021 after raising $200 million in its Series E funding round. The funding round valued the company at $1.5 billion. This valuation reflected investor confidence in the outsourced talent model for African developers.
The company has maintained its focus on quality and impact. Andela operates across multiple African countries while maintaining strict training standards. The company ensures that developers meet global competency benchmarks. This commitment to quality has made Andela developers highly sought after by international technology companies.
Kuda: The Neobank for Everyone
Kuda is Nigeria's first and fastest-growing mobile-only bank. Founded in 2019 by Babs Ogundeyi and Musty Mustapha, the company started as Kudi Money, an online lending and savings platform. The company evolved into a full neobank licensed by Nigeria's Central Bank.
Kuda introduced several innovative features that disrupted traditional banking. The bank offers zero monthly fees for account holders. Customers can open bank accounts in five minutes using just a smartphone. Kuda introduced its "bank of the free" concept, making financial services accessible to everyday Nigerians.
The company raised $55 million in a Series B funding round in 2021. This funding brought Kuda's total capital to over $90 million. The investment enabled Kuda to expand its user base significantly. By 2025, the neobank had established itself as one of Nigeria's most valuable fintech companies with a valuation around $500 million.
Kuda's founders brought valuable experience to the company. Babs Ogundeyi previously worked at PwC as an auditor and served as a special adviser on finance to the Nigerian government. Musty Mustapha is a software engineer who previously worked at Stanbic Bank. This combination of financial and technical expertise enabled Kuda to build a reliable, user-friendly banking platform.
Jumia: Africa's E-Commerce Powerhouse
Jumia is Africa's largest e-commerce platform and first continent-wide tech unicorn. The company became Africa's first tech unicorn in 2016 with a valuation of $1 billion. Though valuations have fluctuated, Jumia remains a massive force in African online retail.
Jumia operates across multiple African countries including Nigeria, Kenya, Ghana, and others. The company has a dominant market position in Nigeria with approximately 40 percent market share in e-commerce. The platform connects millions of sellers with consumers across the continent.
The company has demonstrated remarkable resilience and growth despite economic challenges. In Q2 2025, Jumia recorded significant milestones in Nigeria. Orders increased 25 percent year-over-year. Total gross merchandise value rose 36 percent compared to the same period in 2024. Jumia's nationwide reach now includes over 350 Pickup Stations across hundreds of communities.
Jumia's success stems from innovative solutions addressing African realities. The company built extensive logistics networks to overcome infrastructure challenges. Jumia's mobile app prioritizes functionality even in areas with limited internet connectivity. The platform expanded aggressively into rural Nigeria, recognizing that over 50 percent of Nigerians live in rural regions.
The company has raised over $850 million in total funding from investors including Rocket Internet and MTN. Jumia went public on the New York Stock Exchange in 2019, making it one of Africa's few publicly traded tech companies. Though valuations have been volatile, Jumia's ability to adapt and serve African markets demonstrates the power of local e-commerce solutions.
PalmPay: The Close Second in Mobile Money
PalmPay is Nigeria's second-largest mobile money platform and a formidable competitor to OPay. Launched in late 2019, PalmPay quickly gained traction by offering instant airtime top-ups and e-commerce integrations. The platform focused on the same underserved segments that OPay targeted.
By 2024, PalmPay had grown to 35 million registered users in Nigeria. The platform processes over 15 million transactions daily as of 2025. PalmPay's agent network exceeds 500,000 agents, comparable in scale to OPay's infrastructure.
PalmPay became one of the most downloaded finance apps in Nigeria by March 2023. The platform benefits from extensive offline infrastructure combined with mobile-first design. Users can access financial services through both the app and through widespread agent networks.
Together with OPay, PalmPay dominates Nigeria's mobile money sector. The two companies handle approximately 60 to 70 percent of mobile money transactions by value. Their combined reach exceeds the digital engagement of any traditional bank in Nigeria. Both platforms have demonstrated that simplified financial services with extensive offline infrastructure can capture massive market share.
Paga: The Long-Standing Mobile Payment Leader
Paga has been a consistent innovator in Nigeria's digital payments sector. The company built a digital payment platform allowing users to send and receive money, pay bills, and conduct other financial transactions. Paga became one of Nigeria's largest mobile payment platforms.
Paga has 19 million users, making it one of the most-used mobile money platforms in the country. The company has raised over $50 million in funding across multiple rounds. The latest funding round occurred in 2021. Paga's valuation is estimated at around $1 billion, qualifying the company as another Nigerian fintech unicorn.
The platform operates through both its mobile app and extensive agent networks. Paga's model demonstrates the power of combining digital technology with offline infrastructure. By providing both app-based and agent-based services, Paga reaches customers regardless of their digital literacy or smartphone access.
Emerging Sectors and New Opportunities
Beyond fintech, Nigeria's startup ecosystem is developing rapidly in several other sectors. These emerging areas represent significant opportunities for new ventures and investment.
Agritech represents a massive opportunity sector. Agriculture contributes 23 percent to Nigeria's GDP and employs over 70 percent of the population. Agritech startups are using technology to improve crop yields and supply chain efficiency. Companies like ThriveAgric and Farmcrowdy have pioneered models connecting smallholder farmers with finance, training, and market access. The agritech sector is projected to reach $600 million by 2025.
Healthtech is another high-potential sector. Nigeria's healthcare system struggles with access, quality, and affordability. Healthtech startups are addressing these gaps through telemedicine, health management apps, and digital diagnostics. The healthtech sector is projected to reach $1 billion by 2025. Healthtech startups attracted over $150 million in funding in 2022.
EdTech platforms are democratizing education access. Digital learning platforms enable students to access quality education regardless of location. EdTech startups have grown significantly, particularly during and after the pandemic. These platforms address Nigeria's education accessibility challenges.
Government Support and Policy Framework
The Nigerian government has recognized the importance of the tech startup ecosystem. Recent policy initiatives demonstrate commitment to fostering innovation and attracting investment.
The Nigeria Startup Act was signed into law in October 2022. The act created a regulatory framework to strengthen the tech and creative industries. It established a Startup Investment Fund to provide relief to startups, technology laboratories, accelerators, incubators, and hubs. Tax incentives were introduced for startups with turnover below ₦25 million.
The iDICE programme was launched in 2023 to support tech and creative enterprises. The programme is backed by the Bank of Industry, the African Development Bank, Agence Française de Développement, and the Islamic Development Bank. In 2025, the Nigerian government announced two new funds under iDICE: one dedicated to the creative sector and a "fund of funds" supporting smaller funds investing in tech and creative startups.
These government initiatives signal Nigeria's commitment to maintaining its position as Africa's tech hub. The policy framework aims to reduce barriers to entrepreneurship and attract both local and international investment.
Challenges Facing Nigerian Startups
Despite Nigeria's remarkable tech ecosystem, significant challenges persist. Understanding these obstacles is crucial for both founders and investors.
Macroeconomic volatility has impacted the startup ecosystem. In 2025, Nigeria experienced significant currency depreciation and inflation increases. These macroeconomic headwinds made it more expensive for startups to operate and attracted less international investment. Nigeria was the only major African startup market to experience year-on-year funding decline in 2025.
Infrastructure limitations remain a barrier to growth. Inconsistent electricity supply forces startups to invest in backup power. Limited broadband access in rural areas constrains market expansion. Poor transportation infrastructure complicates logistics for e-commerce and delivery companies. These infrastructure challenges increase operational costs.
Regulatory bottlenecks slow innovation and market entry. Tech startups must navigate complex regulatory frameworks. Fintech companies require multiple licenses and approvals from the Central Bank of Nigeria. Healthtech companies must comply with regulations from the National Health Insurance Authority and the Medical and Dental Council. This regulatory complexity delays product launches and increases costs.
Talent development remains a critical need. Nigeria's educational system produces many graduates, but tech-specific skills gaps exist. Startups invest significant resources in training and retaining technical talent. Competition for experienced develo
