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Fintech startups are making it big in Africa. From South Africa to Kenya, Egypt to Nigeria, and from Ghana to Zambia, young African entrepreneurs are coming up with all kinds of profitable fintech startup ideas.
You have probably heard of that popular iROKOtv – also referred to as the Africa’s Netflix, it comes straight out of Nigeria.
Africa is on the rise; young Africans are now into internet entrepreneurship.
Major African cities such as Lagos in Nigeria have witnessed the rise of internet entrepreneurship amongst its highly educated and young population.
Yes, there is still a long way to go but the fact is that the continent is surely catching up.
Fintech startups straight out of Africa
Online payment processing in Africa can be very challenging as merchants struggle to offer customers ease means of payment for goods and services.
In fact, online payments has been one of the biggest challenges for Africa’s emerging e-commerce market.
Africans struggle to buy and pay for stuff or services online due to the fact that major online payment services such as PayPal are not available to them.
But thanks to young entrepreneurs who are now opening the doors for the people on the continent to buy and sell online, and to make payment for goods and services with ease.
Struggling to make mobile payment or online payment is now a thing of the past. The landscape is changing, the rest of the world are now looking at Africa as a continent to do business.
Below is a list of some of the most popular and arguably the best fintech startups in Africa. Some of these startups offer online and mobile payment services across the continent while some cover specific locations.
#1]. Flutterwave.com – Nigeria
Some merchants only offer POS that accepts Visa and maybe not Mastercard, which usually results in failed transactions.
But with Flutterwave’s technology, businesses can accept traditional card payment while also offer payment processing methods like ACH and mobile money payments.
Flutterwave.com is a digital payments infrastructure that aggregates various payment methods for merchants, banks, and money transfer operators across Africa.
#2]. Paystack.com – Nigeria
Paystack.com is another online payments company that helps facilitate commerce in Africa.
It lets businesses accept payments via credit card, debit card, money transfer and mobile money on their websites or mobile apps.
It’s one of Nigeria’s most hotly anticipated tech start-ups and the first Nigerian company to be accepted into Y Combinator, the prestigious Silicon Valley accelerator. It recently secured $1.3M Seed investment from both international and homegrown investors.
#3]. Fawry – Egypt
Fawry is a payment service customers can use through banks, post offices and a nationwide network of retailers.
The service enables users to pay their bills or recharge their mobile phones along with other services. It also sends reminders for each new bill by SMS and Email.
The also offer internet and mobile banking. The company employs 250 people and has already collected more than $220 million.
#4]. Paga – Nigeria
Paga is a payment and money transfer solution that uses mobile phones, the Internet, and live agents to facilitate transactions.
It lets you send money to your friends, family and business associates. You can also buy airtime and pay your utility bills using your phone.
You can instantly send money to any phone number or any bank account in the country, and the recipient doesn’t have to be a Paga user.
#5]. PayFast – South Africa
PayFast is a payments processing service for South Africans and South African websites.
The company offers a hassle-free payment gateway and enables easy, secure and instant transfer of money between online buyers and sellers.
PayFast is particularly popular in South Africa. It allows sellers, individuals, businesses and charities to accept secure payments from online buyers in a variety of ways.
#6]. Remita.net – Nigeria
Remita.net is regarded as Africa’s leading one-stop online and mobile platform. It lets individuals, organisations and governments to make and receive payments.
Remita is uniquely different from other payment options on our list. It offers exciting features such as provision of the widest number of channels on single payment application.
It offers one of the most seamless merchant integrations at zero cost to merchant’s websites, portals and other payment platforms in a matter of hours.
#7]. BitPesa – Kenya
BitPesa is another mobile payment platform developed to help remote online workers such as web developers in Africa get paid.
The company uses digital currency such as Bitcoin to notably lower the cost of remittances and SME business payments to and from sub-Saharan Africa.
BitPesa is connecting businesses in Africa with manufacturers in places like China as payments to any bank in China from Nigeria, Kenya, Uganda and Tanzania is now available.