In a year marked by economic shifts, regulatory changes, and accelerated digital transformation, four fintech companies emerged stronger, with solid performances in 2024 and ambitious outlooks for 2025.
These fintech companies have continued to push boundaries, enhancing financial inclusion and redefining the financial services environment in Nigeria. Here’s a breakdown of their key achievements and future expectations.
PiggyVest
In an email to its customers, PiggyVest, a wealth management platform that provides savings and investment tools, disclosed that in 2024, it disbursed N835 billion to customers. With over 5 million users onboarded by the end of 2024, its rebranded feature, formerly known as Abeg, PocketApp processed over N1 trillion in transactions last year.
PiggyVest was founded in 2016 to address the challenges of financial discipline and investment in Nigeria. Since then, the company has continually innovated, ensuring it meets its users’ evolving needs.
The wealth management company reported a 76 percent increase in assets under management (AUM), demonstrating its continued relevance as a savings and investment solution for Nigerians. By the end of the year, the platform reported over 8.2 million users across all products.
PiggyVest’s achievements have not gone unnoticed. In July 2024, CNBC recognised the company among the world’s top 250 fintech companies, underscoring its innovative approach to financial planning and its significant role in shaping the future of finance.
Outlook
PiggyVest plans to expand its offerings further. In 2025, the company will introduce a budgeting feature to help users manage daily expenses and ensure their salaries last until the next payday.
Somtochukwu Ifueze, the company’s chief executive officer, shared, “Our customers have complained that their salaries no longer last until the end of the month. This year, we plan to roll out an additional feature on PiggyVest to help you manage your day-to-day expenses and ensure your salary lasts until the next payday.”
Palmpay
Palmpay, a fintech company in Nigeria, has disclosed that it served 16 million active monthly users in 2024, a year when fintech companies’ influence grew in the face of traditional banking platform failures.
The fintech company disclosed that it paid out N4 billion in interest to over 10 million users in 2024. The company user earned an N11 million in interest, demonstrating the lucrative potential of its offerings. PalmPay’s Wealth product has firmly established itself as Nigeria’s high-yield financial product, outpacing key competitors.
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PalmPay Wealth offers a broad spectrum of financial products, including savings, mutual funds, and insurance with high-yielding returns. Following this milestone, PalmPay reported that 10 million of its 35 million active users now utilise the savings product, with 80 percent reporting significant improvements in their saving habits.
Outlook
In 2025, PalmPay will expand its remittance business in Asia. According to Condia, Chika Nwosu, managing director at a media roundtable, said, “We’re heading to the Middle East and Southeast Asia and looking at other African countries, too.”
“We’re still in the research and planning phase, but if there’s an opportunity, we’re going for it.”
Flutterwave
Flutterwave, Africa’s fintech company, disclosed in its end-of-the-year report that it processed over 630 million transactions worth $31 billion in 2024.
The 2024 report highlighted that Flutterwave’s global reach saw a notable increase, with 48 percent of businesses using its platform receiving payments from new geographic locations—a 12 percent rise from 2023. The company expanded its operations to Rwanda, Ghana, Uganda, Zambia, and Mozambique, bringing its total presence to over 35 countries. Additionally, Flutterwave now supports more than 150 currencies, enabling seamless cross-border transactions for its users.
The fintech company achieved significant milestones in the United States, acquiring 31 additional Money Transfer Licenses and launching its Send App in 49 states. These developments have strengthened its ability to serve the African diaspora and global customers.
Outlook
Flutterwave’s 2025 roadmap includes launching its next-generation API in the first half of the year. This innovation promises to set a new benchmark for payment infrastructure in Africa, offering smoother payment experiences, easier integrations, and greater customer control.
With a relentless focus on sustainable growth and seamless solutions, Flutterwave is poised to continue its trajectory as a transformative force in the global fintech industry.
Kuda
Kuda Microfinance Bank launched its 2024 annual spending report, ‘My Year on Kuda,’ offering customers a detailed analysis of their financial activities.
The report provides insights into spending, saving, and investment habits, including total expenses, peak spending periods, top bill payments, and savings frequency. It also tracks overdraft usage and Kuda card transactions.
According to Nosa Oyegun, Kuda’s vice president, the report helped users reflect on financial habits and improve planning. Research shows that tracking expenses boosts financial confidence. By offering personalised insights, Kuda empowers Nigerians to cut unnecessary costs, increase savings, and achieve financial stability through smarter decisions.
Although Kuda didn’t release a specific financial number for the year, Babs Ogundeyi, the company’s CEO, disclosed in a video post on LinkedIn that the company has given out over N27.9 billion worth of free transfers so far, and customers have saved over trillion naira on the Kuda app in five years.
He said this was made possible with the Kuda overdraft app feature, which has disbursed over N56 billion worth of overdraft, solidifying its position as the inclusive financial product in 2024 by the Central Bank of Nigeria.
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