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Nigeria: Who’s who in the fintech sector?

By The Africa Report
Posted on Monday, 15 March 2021 16:50

Flutterwave CEO Olugbenga Agboola.

With the growth surge in the fintech sector, Nigeria’s banks are under pressure to stay relevant and to continue acquiring unbanked customers. This new sector is largely run by the youth.

PiggyVest

  • Co-founded by Odunayo Eweniyi, Somto Ifezue and Joshua Chibueze.
  • These three are some of the biggest players in Nigeria’s fintech industry, having taken a popular yet traditional form of savings, ajo (thrift contribution) and redefined it into a million-plus-user platform accessible to people who are either looking to save money or to manage their wealth outside of the traditional banks. In 2016, the trio launched a savings app, then known as Piggybank.ng. In 2019, their app transitioned into a wealth-management platform and ended the year with more than one million users who had saved about $80m, according to Eweniyi.

Flutterwave

  • Co-founded by Olugbenga Agboola and Iyinoluwa Aboyeji.