Kuda, PalmPay, Piggyvest, Flutterwave, and MTN’s Mobile Money are the five Nigerian fintech companies among the seven African fintechs that made the world’s top 250 fintech companies in 2024.
According to a recent report by CNBC, an American news and business channel, and Statista, a market research company, over 2,000 eligible companies were evaluated from March to May 2024 but only 250 were rated based on different Key Performance Indicators (KPIs).
“For the second time, CNBC and Statista are awarding the World’s Top FinTech Companies in eight market segments. In total 250 companies were awarded. The top list is based on the analysis and weighting of overarching and segment-specific KPIs derived from publicly available data points for more than 2,000 companies and Open online application forms filled out by more than 100 companies,” the report said.
It added that the companies were segmented into eight distinct categories: alternate finance, banking solutions, business process solutions, digital assets, financial planning, neo-banking, payments, and wealth technology.
Read also: Nigerian fintechs regain top spot with $140m in funding
Here are more details on the companies
Kuda
Kuda also known as Kuda Technologies, is a fintech company operating in Nigeria and the United Kingdom. It was listed in the Neobanking category in the world’s top 250 fintech companies.
The Neobanking segment refers to digital-only financial institutions, known as neobanks, operating without physical branches, and providing services accessible via mobile and desktop devices.
The full-service microfinance bank operates digitally. It is licensed by the Central Bank of Nigeria (CBN) and insures deposits by the Nigeria Deposit Insurance Corporation (NDIC).
PalmPay
PalmPay is an African fintech innovator with a platform that operates in digital payment in Nigeria and was listed among the top fintech companies in the payment segment.
The payments segment includes providers of payment services, gateways, and solutions facilitating online purchases/point-of-sale (POS) transactions via mobile devices or digital money transfers between individuals or companies.
The startup, which has been operating since 2019, pioneered a unique model in Nigeria that provides financial services such as money transfers, bill payment, credit services, and savings.
Piggyvest
Piggyvest is a digital savings and investment platform listed in the financial planning category of the world’s top 250 fintech companies.
The financial planning segment consists of providers of personal finance management software/apps and financial comparison platforms, assisting individuals in managing expenses, establishing personal budgets or spending plans, and comparing/selecting financial products.
It is a platform that helps individuals and businesses manage their finances effectively – save and invest with ease. With Piggyvest, customers can choose to save small amounts of money periodically (Daily, Weekly, or Monthly) towards a specific target OR lock away funds for a specified time.
Flutterwave
Flutterwave is an American fintech company that operates in Nigeria. It provides a payment infrastructure for global merchants and payment service providers across the continent.
It was recognised in the payment segment of the world’s top fintech companies by CNBC.
Flutterwave provides multiple Software Development Kits (SDKs )and plugins, and businesses can use Flutterwave payments APIs to build customisable payment applications.
MTN Mobile Money
MTN MoMo also known as MTN Mobile Money is a fintech platform providing consumers and businesses with a host of innovative digital financial services. It enables users to access payments, e-commerce, insurance, lending and remittance services.
The mobile money service provides users with a secure and straightforward way to handle their financial transactions, eliminating the need for traditional banking methods.
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