When Nigerian payments company Flutterwave announced it had obtained a banking licence on 2 April, it was a milestone that marked the push of fintechs deeper into mainstream banking territory.
“We are reimagining banking for Africa’s future,” said Olugbenga Agboola, CEO of Flutterwave, the Nigerian fintech unicorn founded 10 years ago and now valued at over $3bn.
“Now we are going further by building a unified platform where businesses can open accounts, accept and send payments, manage payouts, run payroll, and operate across currencies in one place, with access to lending and working capital powered by real transaction data.”
As Nigeria’s army of gig workers and small-business start-ups grows, fintechs are stepping in as service providers of choice, offering an array of innovative financial products covering payments, record-keeping, invoicing and lending.
Top among the list of emerging payment-service banks providing similar services are Paystack, Paga, Moniepoint, Kuda Bank, Opay and PalmPay. These fintechs offer financial services with speed and flexibility to a growing customer base of fast-moving micro-businesses including market women, online retailers, logistics and delivery services, as well as remote workers who receive and send payments from within and outside Nigeria.
