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Top 10 Fintech Companies in Africa 2022


Africa’s Fintech came to the aid of African countries’ struggling economies, especially during the COVID-19 when citizens were forced to use cashless transactions. These Fintech businesses use cutting-edge technology to offer financial services to Africans. . In this article, you’ll learn the top 10 fintech companies in Africa in 2022.

Financial technology (fintech) has completely revolutionized the banking and payments systems around the world, and Africa is not left behind. We expect to see new innovations from both top fintech players and emerging new ones.

Africa is thought to have the second-fastest expanding payments and banking market in the world after Latin America. There is a sizable underbanked and unbanked population in Africa. It is especially suited to fintech innovation and mobile financial services due to the expanding middle class.

The difficulties of offering financial services in the area in recent years have been lessened by the expansion of the fintech industry across the continent. According to Techpoint Africa, over 54% of startup investments in the region in 2019 were directly attributable to the fintech sector.

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In Africa, the fintech industry is expanding quickly. African VC funding for financial businesses in the continent increased by 51% in 2018 to $195 million. Only Branch, a Nigerian mobile lending platform, has raised $170 million. The first half of 2019 has demonstrated that the tendency is only intensifying.

Top 10 Fintech Companies in Africa 2022

The following sections highlight the list of the top 10 fintech companies in Africa in 2022. The list is not following any particular order.

1. Flutterwave

Top 10 fintech companies Africa

Flutterwave is one of Africa’s fintech companies with corporate headquarters in San Francisco and California. It was founded in Lagos, Nigeria in 2016. Currently, Flutterwave is valued at $64.7M, making it one of the largest fintech companies in Africa.

Flutterwave runs an API that enables people and businesses to process credit cards and other payment methods on the African continent. It focuses on bridging the gap between consumers and businesses both domestically and abroad.

Flutterwave has partnered with prestigious organizations like Visa, Alipay, and Worldpay in an endeavor to provide financial services to Africans.

Flutterwave is present in 150 countries and enables these companies and service providers to effectively receive payments from their clients. Payments can be made in USD, Naira, Euro, Yuan, and GBP. Flutterwave launched a new feature in 2020 that lets companies set up their store directly on the platform.

2. Opay

Opay is another fintech company that was founded in Lagos, Nigeria in 2018.

With total capital of $170 million, Opay is one of the largest fintech companies in Africa, providing a payment gateway for financial transactions. Opera Software, a company known for its popular web browsers and search engines, founded Opay. However, Opay is registered as a separate company, not under Opera, and Opera owns one-fifth of its shares.

Opay is an e-wallet that offers a variety of services like mobile-top-up, loans, logistics, and food and grocery delivery. Opay also ventured into selling Olla Andriod cellphones in 2020.

The company currently has over 5 million users that can receive funds from over 50 countries easily. In 2021, Opay was able to raise $400 million in a fundraising round headed by Softbank Vision Fund. Currently, Opay has a market value of $2 billion.

3. Yellow Card Financial

Yellow Card is a Pan-African cryptocurrency exchange that was established in 2016 and has its headquarters in Atlanta, USA. It is now active in 13 countries and is continually expanding its market share.

It is committed to making cryptocurrency and other financial services widely available to Africans and offers a variety of crypto products and services. Africans can use Yellow Card to transfer money, make payments, and shield the value of their assets from the ongoing depreciation of their currencies in a number of African countries.

4. Yoco

Yoco is a fintech business based in South Africa that was established in 2013. It is one of the biggest fintech companies in Africa, with a capital of $83 million.

Since its establishment, Yoco has handled card payments totaling over US$2 billion. Additionally, it processes more than US$1 billion in payments annually. Yoco is currently the preferred digital payments network for over 200 000 small and micro businesses throughout South Africa.

Yoco is currently one of the most valuable startups on the continent, and as a fintech startup, it comes as no surprise. The sector continues to dominate startup venture capital funding in Africa while its heavy hitters bring first-time investors to the continent.

Other investors that participated include new investors Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, and TO Ventures; and existing investors Partech, Velocity Capital Fintech Ventures, Orange Ventures, and Quona Capital. Current and former executives from global tech companies such as Coinbase, Revolut, Spotify, and Gojek took part as well.

5. Palmpay

Top 10 Fintech Companies in Africa

Palmpay is a leading fintech company in Africa that was founded in Lagos, Nigeria, in 2019. It was founded by Chinese mobile phone manufacturer Trassion, and it has since developed a special connection with Infinx, Techno, and Intel. These handsets come pre-loaded with its app. Additionally available in Ghana, Palmpay has a user base of over a million.

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Its services include Mobile Payments and P2P transactions. Palmpay currently offers users cashback rewards for using its payment platform

6. Tala

Tala is a California-based fintech company that was founded by Shivani Siroya. It was built to aid financial transactions to Kenyan merchants.  Today, Tala registers its presence in other countries of the world including the Philippines, Tanzania, Mexico, and India. Tala is one of the biggest fintech companies in Africa with a capital of about $109.4million.

Tala offers digital financial services to help the traditionally underbanked borrow, save and grow their money. The consumer credit app is the world’s most accessible, instantly underwriting and disbursing loans to people who have never had a formal credit history. Loans range from $10 to $500 with rates as low as 4%.

The company uses mobile phones and behavioral data to provide quick loans. Anyone with an Android smartphone can apply for a loan from Tala. The whole lending process (money distribution included) is done on a mobile platform, so it is a natural way for Millennials to get the financing they need.

7. Cellulant

Cellulant began as a music ringtone company that gave musicians a cut of the money fans paid to listen to their favorite tracks. The focus of the business today is on payments. For unbanked farmers in rural parts of Africa, it has developed two simple payment options and a blockchain-based marketplace platform.
The company asserts that its goal is to completely digitize payments across Africa. Ken Njoroge, the CEO of Cellulant, was recognized by EY as the year’s top emerging entrepreneur in 2018. Funding for the business has totaled $54.5 million, making Cellulant one of the largest fintech companies in Africa.

8. Paga

One major thing Paga brings to the table as a fintech company is to create a comprehensive mobile payment infrastructure for financial inclusion in Africa.

The company was founded in Nigeria by Tayo Oviosu enabling its clients to digitally send and receive money. Users can combine resources from all their cards and bank accounts in one place – the Paga wallet.

More than 12.8 million people use this Nigerian fintech, which employs over 20,000 agents to assist its consumers. Every time one of their clients makes a purchase, the agents may receive a commission. Paga has raised $34.7 million in funding, earning it a place as one of the biggest fintech companies in Africa

9. Zoona

Zoona is a Canadian-based company that primarily targets African markets. The company offers small and medium-sized businesses three major products. Bulk Payments is the last and most crucial of Zoona’s products. So far, the company has raised $22.4 million in the capital.

10. Fawry

Fawry is Egypt’s biggest electronic payment network in Egypt. The business serves more than 20 million users and processes 2.1 million transactions daily. Fawry was founded by IBM alumnus Ashraf Sabry and is co-funded by the company’s co-founder. The services of Fawry are available to customers in more than 100,000 places around Egypt.

Currently, the business serves more than 20 million users and processes 2.1 million transactions daily. Over $100 million has already been raised for Fawry.

Let me tell you the 11th one for free……

11. PiggyVest

PiggyVest is Nigerian fintech software that allows users to save money.  With over 1 million downloads from Google Play Store,  it is hardly surprising that usage is surging

It’s interesting to note that $480 million was paid to around 3.5 million PiggyVest customers in 2021 alone. This is merely to give you an idea of how much money users are saving thanks to that software.


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