Nigeria’s fintech sector is rewriting the rules of finance in 2025. The country’s startups are not just growing fast; they are reshaping how millions access and use financial services daily.
Despite a global funding slowdown, Nigeria’s fintech firms raised over $100 million in the first quarter of 2025, a remarkable feat. Five firms are at the forefront of this movement, which is disrupting conventional finance and promoting economic growth throughout the nation.
Moniepoint: a titan in fintech growth
Moniepoint, formerly TeamApt, is a landmark success story in Nigerian fintech. Having secured over $120 million in Series C funding by late 2024, including a $10 million investment from Visa, Moniepoint earned a spot on TIME’s 100 Most Influential Companies list.
The startup has an extensive network that serves businesses and consumers, transforming everyday financial transactions into seamless experiences.
Moniepoint’s CEO recently said that the company’s mission is “to make financial services accessible to every Nigerian, bridging gaps that traditional banks have long ignored”.
PalmPay’s user expansion breaks records
If the number of users is any indication of success, PalmPay is changing the way things go. Being one of the fastest-growing companies in Africa, PalmPay has more than 35 million users and handles more than 15 million transactions daily.
The company dealt with an impressive ₦71.5 trillion in transactions in 2024, and 80% of people logged in every month. “Our agent network of over 1 million merchants nationwide is the backbone of our growth,” PalmPay’s spokesperson revealed.
The startup is not resting on its laurels, as it plans to extend its footprint to South Africa, Côte d’Ivoire, Uganda, and Tanzania this year.
Paga: from payment pioneer to multifaceted fintech
Paga, one of Nigeria’s earliest fintech companies since 2009, epitomises the sector’s evolution. It is privately owned and profitable and has processed over ₦23 trillion in transactions since its inception.
Paga, which currently serves over 21 million users, has expanded its offerings beyond payments by introducing Doroki, a SME support platform, and Paga Engine, an infrastructure business that facilitates the implementation of other fintech solutions.
The CEO noted, “Our focus now is building ecosystems that support the entire financial journey for consumers and businesses alike.” Monthly transaction volumes crossed ₦1 trillion in 2025, proof that Paga’s model works.
Kuda Bank’s digital banking revolution
Kuda has become identified as a digital financing company in Nigeria. It interests individual consumers and enterprises, as it processed over 300 million transactions valued at ₦14.3 trillion in Q1 2025.
Kuda’s business accounts contributed ₦5.8 trillion to total transactions, despite being a relative newcomer in business banking, having been launched at the end of 2022.
“We aim to simplify banking so people can focus on what matters—growing their wealth and businesses,” said Kuda’s Chief Product Officer. Its mobile-first approach makes banking accessible to Nigerians who were previously outside the traditional system.
Flutterwave: powering payments, boosting commerce
Flutterwave continues to power African merchants’ worldwide markets. With its seamless payment infrastructure, businesses may accept payments anywhere, anytime. In 2025, Flutterwave expanded its foreign alliances, helping Nigerian companies trade internationally.
“Our platform is designed to empower merchants of all sizes to thrive in the digital economy,” its founder and CEO stated. With millions of transactions passing through its gateway monthly, Flutterwave is pivotal in fostering Nigeria’s e-commerce boom.
Nigeria’s fintech scene in 2025 showcases startups racing ahead with bold visions and tangible impact. Each company is steering financial inclusion and innovation forward from Moniepoint’s influential presence and PalmPay’s explosive user growth to Paga’s diversified services, Kuda’s digital banking leap, and Flutterwave’s global payment solutions.
The rise of these startups underscores how Nigeria is setting the pace for fintech transformation across Africa.
Each innovator leverages technology to break barriers in access, affordability, and convenience, essential ingredients for empowering millions in Nigeria’s fast-evolving financial landscape.