Over the past decades, Fintech companies have been on the rise in Africa with the single aim of offering better financial service delivery that is accessible to all.
In this article we talk about the top and biggest fintech companies in Africa and what makes them stand out amongst the many fintech companies in Africa looking at their valuation, funding, market reach and user base and their strategies for growth.
Key Insights
- Fintech companies have been on the rise in Africa with Fintech giants like Flutterwave paving the way for Fintech Startups in Africa.
- For a Fintech company to rank top in Africa we look at some key factors such as Funding and Valuation, User Base e.tc
- The Future of Fintech in Africa is a bright one that still holds a lot for startups that are ready to set themselves apart in the industry.
- Despite challenges like infrastructure gaps and regulatory issues, Africa’s fintech market is expanding quickly
Top 10 Fintech Companies in Africa
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Flutterwave (Nigeria)
Flutterwave founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola and Adeleke Adekoya is undoubtedly ranking top on the list of Fintech companies in Africa with a Series C funding round of $170 million and a valuation of over $1 billion as of 2021, making it a unicorn. At the time this was the greatest feat to ever be accomplished by an African tech startup. Currently, Flutterwave has a valuation of US$3 billion after raising US$250 million in a Series D funding round.
What makes Flutterwave stand out goes beyond its funding and valuation. Flutterwave is known to have processed over 400 million transactions serving over 1 million customers across 34 African countries. Outside of its core African Market, Flutterwave is making wave even as they expand across India, the US, and Europe – making it a global Fintech company.
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Chipper Cash (Pan-Africa)
Chipper Cash founded in 2018 by Ham Serunjogi and Maijid Moujaled, is a pan-African fintech platform known for its large user base of over 7 million users and processing 100,000 transactions daily across seven African countries, the United States and the UK.
Chipper Cash achieved its unicorn status in 2021 when its valuation peaked at $2.2 billion after its Series C and Series C extension funding rounds led by SVB Capital and FTX respectively. Chipper Cash has faced a couple of challenges in recent times with the collapse of FTX, a major backer causing a 70% slash in internal valuation. Nonetheless, Chipper Cash is still considered a giant in the Fintech space in Africa, and as such remains on this top list.
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Opay (Nigeria)
Opay is a top fintech company in Africa popularly known as one of the major fintech companies in the Nigerian market alongside Moniepoint, Kuda and Palmpay. Opay was founded in 2013 by Zhou Yahui formerly known as Paycom with headquarters at Ikeja, Lagos State, Nigeria and was licensed in 2018 by the Central Bank of Nigeria.
With a customer base of 50 million users and a current market valuation of between $2 billion and $2.5 billion according to Bitvalve, having raised a total of $570 million in funding, Opay is currently dominating the Nigerian market even as it seeks expansion to other regions like Egypt and the Middle East ensuring inclusivity and accessibility of financial services.
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M-Pesa (Kenya)
M-Pesa is a top fintech company in Africa that focuses on mobile phone-based money transfer services with its largest user base in Kenya having expanded to other African countries in the past decade. It is jointly owned by Vodafone and Safaricom, the largest mobile network operators in Kenya and was launched in 2007.
One major factor that makes M-Pesa rank top in the fintech landscape in Africa is its vast user base with over 66.2 million users processing billions of transactions annually, reaching a transaction value of over $450 billion in the past financial year.
M-Pesa has become a household name synonymous with mobile payments and financial inclusion in Kenya, with its groundbreaking impact of liberating 2%(some 194,000) of households in Kenya from poverty according to CNBC Africa.
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Paystack (Nigeria)
Paystack which was acquired by Stripe for over $200 million in 2020, marking a major acquisition for Stripe in Africa, is a top fintech company with millions of users, particularly in Nigeria and Ghana and processing over 10 billion naira in monthly transaction value.
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Jumo
Jumo, founded in 2015 by CEO Andrew Watkins-Ball, is a fintech company in Africa known popularly for its loan services across various countries in Africa. According to International Finance, as of the first quarter of 2025 Jumo has served over 15 million customers and disbursed $1.8 billion in loans in active countries like Ghana, Kenya, Uganda, Tanzania, Zambia, and Cote d’Ivoire even as they expand to new markets like Nigeria and Cameroon. This is projected to surpass the $4 billion in loans disbursed to 20 million+ customers in 2022 as reported by LeapFrog Investments.
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TymeBank
TymeBank is a South African fintech company with a current valuation of $1.5 billion giving it the unicorn status after a successful $250 million Series D funding round led by the world’s largest digital bank by market value, Nubank.
With a user base of over 15 million customers – over 10 million in South Africa and 5 million in the Philippines, TymeBank claims to have raised over $400 million in customer deposits and disbursed over $600 million in financing small businesses. Indeed, TymeBank is no small company when you speak about fintech companies in Africa. Currently, it seeks to extend its market across countries in Asia as its major growth strategy.
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Moniepoint
Moniepoint, founded by Tosin Eniolorunda and Felix Ike in 2015, is definitely amongst the top fintech companies in Africa. With its current status as the fastest growing fintech company in Africa following its achievement of unicorn status after securing $110 million in a Series C funding round. The company processes over 1 billion transactions monthly for 10 million businesses and individuals according to Moniepoint Inc. As part of its growth strategy, Moniepoint targets expansion across other African markets beyond Nigeria, which is currently its primary focus.
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Interswitch
Interswitch, a fintech company in Africa with headquarters in Nigeria, is one of the leading fintech companies in Africa with a market valuation of $1 billion giving it unicorn status following its latest funding round in May 2022 where it secured $110 million making it a total of over $310 million raised in funding in four funding rounds. With operations in countries like Nigeria, Kenya, and Uganda, Interswitch has supported over 8,000 billers and enabled over 41,000 Paypoint agents, with over 4.9 billion transactions processed annually.
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Yoco
Yoco, also a South African fintech company with a focus on small businesses and cash-based transactions and a strong presence in South Africa, Western Cape and Gauteng currently records a user base of over 200,000 small businesses, over $2 billion in processed card payments annually, and an estimated $700 million in valuation, according to X. As a target for growth, Yoco aims to reach at least a million users in the next four years, and this will go to mean more revenue for the company.
FAQs About Fintech in Africa
How many fintech companies are in Africa?
As of 2024, there are 1,263 fintech companies in Africa according to European Investment Bank. This number has increased substantially from 576 as of 2023 as recorded by Statista with Nigeria and South Africa being home to a large percentage of fintech companies in Africa.
What is the richest fintech company in Africa?
Flutterwave! With over $3 billion in market valuation and serving over 1 million customers across 34 countries, Flutterwave stands out as the richest fintech company in Africa.
Which is the largest fintech hub in Africa?
Lagos, Nigeria! With over 503 fintech startups in Lagos, Nigeria, it is considered the largest fintech hub in Africa with the likes of Nairobi, Kenya and Cairo, Egypt coming next.
What is the future of fintech in Africa?
The future of fintech in Africa holds substantial growth in terms of increased revenue, innovation and expansion of fintech companies and the countries they serve. It was seen from a new report by McKinsey & Company that Africa’s fintech sector is projected to hit a revenue of $230 billion by 2025 due to rising mobile adoption, digital transformation, and increasing financial inclusion as reported by Business Day.
What are the challenges of fintech in Africa?
There are always challenges to any innovation, and the fintech landscape in Africa is not left out of those challenges. Such challenges include limited internet and mobile infrastructure, cybersecurity, regulatory gaps, user trust and cultural barriers, and political and economic instability.
What is Africa’s largest fintech?
Flutterwave! With $3 billion in valuation after its Series D funding rounding of $250 million and serving 34 African countries alongside the United States and UK, no other company comes close.
How big is the fintech market in Africa?
According to a new study, Africa’s fintech market is projected to achieve significant growth in revenue with a projection of $65 billion by 2030.
What is the fastest growing fintech company in Africa?
Moniepoint! As of 2025, Moniepoint Inc. stands out as Africa’s fastest-growing fintech company achieving unicorn status following a Series C funding round of $110 million and a market valuation of over $1 billion as of October 2024, processing over 800 million transactions monthly amounting to more than $17 billion in transaction value and recording a 1,663% compound growth rate according to Financial Times.
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Conclusion
There is a vast opportunity in the fintech landscape in Africa. With its rapidly growing nature, it still holds great promise for all those who seek to be a part of it today. They say the best time to plant a tree was a decade ago, and the next best time is now. You can decide to be part of the fintech industry today and find your ground.
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