Fintech is disrupting the way Africans use and manage money. According to African Tech Startups Funding Report that was released by Disrupt Africa, fintech is the most common destination for funding in the technology sector after solar in 2015. The 10 most popular fintech companies in Africa are:
RainFin is a South African peer-to-peer lender that connects and allows you to easily and quickly lend or borrow to people around you. To apply for a loan, a burrower needs to sign up and create a loan application profile. Then, the burrower will be notified once an investor makes an offer.
22Seven is a free investing and budgeting company that helps customers invest and manage money more smartly and easily. The company has an app that allows the users to see all their money in one place, get a personalized budget, and keep track of their money more simply. The company is secure, private and insured.
Bankymoon creates blockchain-based solutions and offers consulting services for organizations, enabling them to leverage the blockchains power to gain a competitive edge. Bankymoon is a bitcoin integration startup that majorly focuses on offering bitcoin payments gateways to metering vendors, allowing the vendors to take bitcoin payments for utilities. Recently, the company extended its idea, and it now applies blockchain tech to build a crowdfunding platform for schools in Africa.
Bitsoko is a digital currency exchange that allows users to buy goods or services using digital currencies. In other words, it is an Android mobile wallet that strives to implement blockchain technology. It acts as a bridge between flat currencies and mobile money like M-PESA, MTN, and Airtel that are commonly used systems for transactions in Africa.
Lendico is a transparent marketplace that directly connects investors with borrowers, bypassing the high costs of traditional banking. Borrowing money at Lendico is affordable and easy. Lendico platforms also allow a customer to open up an investor’s account in few minutes.
Microcred provides accessible and simple financial products and services to facilitate and improve the lives of its users: people without access to the financial sector, specifically small and micro entrepreneurs.
Cellulant is a major digital payments service provider that offers mobile banking, Web payments, merchant payments, agency banking, and digital content services. It serves merchants, network operators, and banks in Africa.
ExpenZa is tailor-made for the people who want to track their transactions. It is a platform that allows you to take control of your personal finances. If you really want to know where your money is going, use ExpenZa app.
M-PESA is a mobile phone-based money transfer and financing service, launched in 2007 by Vodafone for Vodacom and Safaricom, the largest mobile network operators in Tanzania and Kenya.
Paga was launched in early 2009 with an aim to transform people’s lives by providing innovative and access to financial services across Africa. It is a direct to consumer mobile payments service authorized by the Central Bank of Nigeria.