Top 10 Fintech Companies in Africa - BusinessWorld.Africa (2024)

The need for easy transborder payments has sparked the establishment of fintech companies worldwide. In the past two decades, the African continent has witnessed the establishment of various fintech companies.

Fintech companies digitize financial processes and create automated financial services. These financial services help consumers, companies, and business owners have more control over their finances while making daily financial transactions more secure and accessible.

If you have been looking for companies that offer seamless digital financial transactions, I bring you the list of the top 10 fintech companies in Africa.

Top 10 Fintech Companies in Africa

1. Flutterwave

In Nigeria, Flutterwave was founded in 2016 by Olugbenga Agboola, Iyinoluwa Aboyeji, and Adeleke Adekoya. Flutterwave has headquarters in the United States and Nigeria. The company operates in Nigeria, South Africa, Kenya, Ghana, and Egypt and wants to expand to other African countries.

Flutterwave provides a payment infrastructure to business owners for accepting payments and generating customer invoices. It is a digital store with commercial tools for establishing successful online businesses, a payout service allowing people to transfer money in 30 different African countries. Their services allow users to create physical or virtual cards for various financial purposes.

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2. M-pesa

M-pesa was initially founded by Nick Hughes, who Susie Lonie assisted in 2003. However, the company was officially launched in Kenya in 2007 by Safaricom and Vodafone. M-pesa operates in Kenya, Tanzania, South Africa, Lesotho, Ghana, Mozambique, Egypt, Ethiopia, and the Democratic Republic of Congo.

M-pesa offers money-sending services (domestic and international money transfer), cash-in (converting physical cash to e-money) and cash-out (converting e-money to physical cash) services, bill and tax payment services, airtime and data purchase services, bank transfer services, loan services, savings services, and insurance services.

3. Cellulant

Ken Njoroge and Bolaji Akinboro founded Cellulant in Kenya in 2004. Cellulant operates in Kenya, Nigeria, Zambia, Tanzania, Uganda, and Rwanda and is valued at $105 million.

Cellulant allows business owners to accept payments through various payment methods such as mobile money, local or international card payments, and direct bank transfers. These payments are made possible through a seamless API platform, which provides businesses with a single unified payment experience.

4. Jumo

Jumo is a London-based fintech company founded in 2014 by Andrew Watkins-Ball. Jumo has its headquarters in Cape Town, South Africa, valued at $400 million as of 2021. This fintech company operates in six African countries; Zambia, Cote d’Ivoire, Tanzania, Kenya, Uganda, Pakistan, and Ghana. However, the company intends to expand its market in Nigeria, Benin, and Cameroon.

Jumo provides financial infrastructure to financial service providers such as banks, mobile networks, and eMoney operators. It also provides savings and credit services to businesses and customers. Some of its partners include MTN, Airtel, Tigo, Ecobank, Mansa Bank, and Telenor.

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5. Yoco

Yoco was founded in 2013 by Katlego Maphai, Carl Wazen, Bradley Wattrus, and Lungisha Matshoba but was officially launched in South Africa in 2015. Yoco only operates in South Africa, so its services are only available to South Africans.

Yoco provides a payment gateway service that allows small and medium-sized businesses in South Africa to accept all significant card payments from customers.

6. Fawry

Ashraf Sabry founded Fawry in 2019 in Egypt. Valued at $117.64 million as of 2015, it operated in Egypt and partnered with Alsoug in 2021 to expand to Sudan.

Fawry provides cash deposit and withdrawal services, investment services, insurance products, and bill payment services to customers. It also provides businesses with payment links for receiving customer payments through various methods, such as card payments, mobile wallet payments, and bank installment payments.

7. MFS Africa

MFS Africa was founded in 2009 by Dare Okoudjou. Its headquarter is in Johannesburg, South Africa, and its valuation is estimated to be $200 to $300 million as of 2022. MFS Africa operates in South Africa, the United Kingdom, Ghana, Uganda, Kenya, Mauritius, and Cameroon. It offers a payment gateway service that allows customers to make cross-border money transfers, get insurance services, and make online payments.

8. OPay

OPay was founded in 2018 by Opera owner Yahui Zhou of Opera. The company operates in Nigeria, Pakistan, Mexico, and Egypt and provides mobile-based financial services. These services include money transfers, savings, loans, and mobile payment services to its clients.

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9. Yellow Card

Chris Maurice and Justin Poiroux launched Yellow Card in Alabama in 2018. Its headquarters is in Atlanta, Georgia, USA, valued at $200 million. The company operates in Tanzania, Rwanda, Uganda, Cote d’Ivoire, Togo, Senegal, Ghana, Nigeria, Gabon, the Democratic Republic of Congo, Cameroon, South Africa, Malawi, Zambia, and Botswana and it is the only licensed cryptocurrency exchange company, in the African continent.

Yellow Card Crypto provides cryptocurrency exchange services, cross-border payment services, and business treasury management services for businesses.

10. Paystack

Shola Akinlade and Ezra Olubi established Paystack, which operates in Nigeria, Kenya, Ghana, and South Africa. The company is looking forward to expanding its market to Egypt. Paystack provides money transfer services, payments services, through various payment channels, and business financial management services, for business owners.

Conclusion

Fintech has made financial services more convenient and accessible to people worldwide, especially Africans, and this has also changed the future of finances for business owners and customers.

As fintech companies continue to revolutionize financial services and digital transactions, you should know how to choose the right company for your personal or business use and keep up with the latest fintech trends.

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