If you’ve been following Nigeria’s tech scene, you’ve probably noticed the growing buzz around its tech companies. It’s not just talk, Nigeria is quickly establishing itself as a key player in the global tech space, with both new startups and established companies making their mark locally and internationally.
Nigeria’s startup sector has seen remarkable growth, positioning itself as a central hub in Africa’s tech boom. Over the past few years, the country has become a magnet for venture capital, with several Nigerian startups reaching billion-dollar valuations, also known as “unicorn” status.
This rise in market value underscores the potential of Nigeria’s innovative companies, which are not only expanding across Africa but also making waves on the global stage. This growth aligns with some of the top tech trends, reflecting how innovation continues to drive transformative change worldwide.
What’s driving this momentum? A young and dynamic population, coupled with the rapid spread of internet and mobile technology. Startups in diverse fields, ranging from fintech and e-commerce to healthcare and agri-tech are emerging, offering fresh solutions to a variety of social and economic challenges.
The Rise of Nigerian Startups
In the last decade, Nigeria has witnessed a surge in tech-driven startups, especially in sectors like fintech, e-commerce, and logistics. In 2021 alone, Nigeria’s startup ecosystem attracted over $1.5 billion in investments, making it one of the top destinations for venture capital in Africa, according to Disrupt Africa.
This influx of investment, combined with a growing digital-savvy population, has enabled startups to expand into multi-million and even billion-dollar businesses. The Nigerian government, along with international investors, has been actively supporting this growth. Specialized funds, incubators, and accelerators are being set up to provide young entrepreneurs with funding, mentorship, and the resources they need to succeed.
As a result, Nigeria is steadily becoming Africa’s tech hub, drawing attention from investors and tech giants worldwide. The development of startups in the country is a complex process, with multiple factors coming together to ensure the success and sustainable growth of the innovation sector.
What Are The Top Nigerian Startups of 2024?
1. Flutterwave
Flutterwave is a prominent financial technology company that provides secure and reliable payment solutions for businesses and individuals across Africa. Its platform allows businesses to accept payments in different currencies, simplifying cross-border transactions for African businesses.
Flutterwave has built a reputation for offering seamless payment experiences through its various products, including payment gateways, remittance services, and point-of-sale solutions.
The company has also significantly contributed to Africa’s digital payment landscape, especially with its partnership with global payment processors like Visa and Mastercard, which have expanded its reach beyond African borders. After raising $250 million in a Series D funding round in 2022, Flutterwave’s valuation skyrocketed, marking it as one of the top fintech companies on the continent.
Valuation: $3+ billion
Industry: Fintech
Founded: 2016
Key Products: Payment gateway, point-of-sale solutions, cross-border payments
2. Opay
Opay began as a ride-hailing app but quickly pivoted to become one of the largest digital payments and fintech platforms in Nigeria, with a strong focus on financial inclusion.
With its mission to provide easy and affordable financial services to Nigeria’s unbanked population, Opay has expanded its services to include mobile payments, lending, savings, and insurance, making banking services accessible to millions of Nigerians who previously had limited access.
Backed by Chinese investors, Opay raised $400 million in a Series C funding round in 2021, pushing its valuation to $2 billion. The company has also made significant strides in Nigeria’s mobile money ecosystem, where it has faced competition from other players like Paystack and Interswitch.
Opay’s broad range of services, from payments to food delivery and transport has allowed it to rapidly scale, positioning it as a key player in Nigeria’s fintech revolution. Opay’s strategy of integrating multiple services into one platform makes it a valuable tool for everyday Nigerians looking for accessible financial solutions.
Valuation: $2 billion
Industry: Fintech
Founded: 2018
Key Products: Mobile payments, savings, loans, insurance, and e-commerce
3. Andela
Andela is a talent outsourcing company that connects highly skilled African software developers with global tech companies in need of remote talent. By identifying and training top developers in Africa, Andela has played a crucial role in bridging the global tech talent gap.
The company offers services that allow businesses to tap into Africa’s growing pool of software developers, making it easier for them to access a diverse and highly capable workforce. In 2021, Andela raised $200 million, bringing its valuation to $1.5 billion, and solidifying its position as one of Africa’s leading tech talent companies.
The company’s success is driven by its rigorous training programs, which help developers refine their skills and gain exposure to international projects. By providing developers with the opportunity to work with major global companies, Andela not only boosts Africa’s tech ecosystem but also creates valuable job opportunities.
Valuation: $1.5 billion
Industry: Software Development & Talent Outsourcing
Founded: 2014
Services: Software development outsourcing, talent training
4. Interswitch
Interswitch is a trailblazer in Nigeria’s digital payments industry, revolutionizing how transactions are conducted in the country. The company’s platforms, Verve and Quickteller, have become essential tools for businesses and individuals, providing seamless payment solutions for everything from online shopping to bill payments.
Interswitch has also been instrumental in transforming the way Nigerians access financial services, with its payment solutions serving as a backbone for much of the country’s e-commerce and retail industries.
The company reached unicorn status after Visa acquired a minority stake in 2019, which pushed Interswitch’s valuation to $1 billion. As a pioneer in fintech, Interswitch has continued to grow, expanding its services and enhancing its product offerings. Interswitch’s consistent growth and ability to adapt to changing market demands make it a key player in the fintech sector.
Valuation: $1 billion
Industry: Fintech
Founded: 2002
Key Products: Verve, Quickteller, payment gateway services
5. Jumia
Often referred to as the “Amazon of Africa,” Jumia is one of Nigeria’s largest and most well-known e-commerce platforms. The company has revolutionized online shopping in Nigeria and across multiple African countries by providing a marketplace for everything from electronics to clothing, as well as services like food delivery and hotel bookings.
Jumia was the first African startup to list on the New York Stock Exchange in 2019, marking a significant milestone for both the company and the African tech ecosystem. Despite facing some challenges and fluctuations in its valuation, Jumia remains a major player in Africa’s e-commerce industry.
As of 2024, its market capitalization stands at $1.32 billion, making it one of Nigeria’s most valuable tech companies. Jumia’s impact on the African retail landscape is undeniable, with its vast logistics and distribution network allowing it to serve millions of customers across the continent.
Valuation: $1.32 billion (market cap as of 2024)
Industry: E-commerce
Founded: 2012
Key Services: Online retail, food delivery, hotel bookings
6. Moove
Moove is a financial services company focused on providing access to vehicles for drivers in the gig economy. It aims to empower mobility workers, particularly those driving for ride-hailing companies, by offering revenue-based financing for vehicle purchases.
This model allows drivers to own their vehicles while repaying based on the income they generate through rides. Founded in 2020, Moove operates in key African markets like Nigeria and South Africa. The company raised $105 million in 2022 in both equity and debt financing to support its expansion across Africa and further develop its offerings.
Moove’s financing model not only helps drivers access vehicle ownership but also creates economic opportunities in the mobility sector by providing flexible and inclusive financial services for a traditionally underserved market.
Valuation: $140 million
Industry: Mobility Fintech
Founded: 2020
Key Offering: Revenue-based vehicle financing for gig workers
7. TradeDepot
TradeDepot is transforming the way goods are distributed in Nigeria through its innovative B2B platform. The platform connects small retailers with wholesalers and manufacturers, streamlining the supply chain process with a data-driven approach.
This enables retailers to access a wide range of products at competitive prices and ensures efficient distribution across Nigeria. Founded in 2016, TradeDepot raised $110 million in 2021 to expand its operations and strengthen its technology.
The company is addressing key challenges in logistics and distribution within the retail sector, especially for small businesses in the country. By using its platform, retailers are able to manage their inventory and distribution more effectively, creating a more efficient retail ecosystem in Nigeria.
Valuation: $110 million
Industry: E-commerce/Logistics
Founded: 2016
Key Offering: B2B platform for connecting retailers and wholesalers
8. Paga
Paga is one of Nigeria’s leading mobile payments platforms, offering digital financial services to millions of users. The platform allows individuals to send and receive money, pay bills, and access other financial services directly from their mobile devices.
With over 19 million users, Paga is a key player in providing financial inclusion in a country where many individuals still lack access to traditional banking services. Founded in 2009, Paga has become a trusted and widely used platform for facilitating everyday financial transactions.
The company’s goal is to bridge the gap between Nigeria’s unbanked population and modern financial services, helping individuals access a variety of banking features from their smartphones. With ongoing investments, Paga continues to grow and expand its service offerings.
Valuation: $300 million
Industry: Fintech
Founded: 2009
Key Offering: Mobile payment platform for money transfer, bill payments, and financial services
9. Kuda
Kuda is Nigeria’s first fully digital bank, offering a range of banking services without the need for physical branches. The bank provides customers with easy access to checking accounts, savings tools, and even loans all through a digital platform.
Known for its low fees and convenient mobile banking experience, Kuda has quickly become a favourite for Nigerians seeking affordable and accessible banking options. Founded in 2019, Kuda raised $55 million in its Series B funding round in 2021 to expand its services and develop new banking products.
The company’s digital-first approach is helping shape the future of banking in Nigeria by offering modern solutions tailored to the needs of a growing tech-savvy population. Kuda’s success lies in its ability to provide services that are both cost-effective and user-friendly, with a strong focus on customer satisfaction.
Valuation: $500 million
Industry: Digital Banking
Founded: 2019
Key Offering: Fully digital banking services with no physical branches
10. Moniepoint
Moniepoint is a fintech startup specializing in digital banking and payment processing. Initially focused on providing banking software, the company expanded its services to cater directly to small and medium-sized businesses (SMBs), helping them process payments more efficiently.
Moniepoint offers a range of services to businesses, including point-of-sale (POS) solutions, mobile wallets, and merchant services, helping SMEs navigate the digital payments landscape. Founded in 2015, Moniepoint reached a significant milestone with a valuation of over $1 billion, marking its entry into the exclusive club of unicorns.
The company’s solutions are designed to help businesses improve their payment systems, reduce costs, and grow their customer base through digital channels. With a strong presence in Nigeria, Moniepoint continues to grow, offering products that cater to both business and consumer needs.
Valuation: $1 billion+
Industry: Fintech
Founded: 2015
Key Offering: Digital payment processing and banking services for SMEs
Final Thoughts
Nigeria’s startup is flourishing, with innovative companies making waves both locally and internationally. From fintech pioneers like Flutterwave and Paga to digital banking disruptors like Kuda and Moniepoint, these startups are reshaping industries and driving financial inclusion across the country.
As we move into 2025, the continued growth of these startups presents exciting opportunities not only for Nigeria but also for the broader African tech landscape. With a young and dynamic population, increasing access to technology, and an evolving investment climate, Nigeria is poised to remain a key player in Africa’s digital transformation.
