African Fintech Startups: Mobile Payment Service Providers Out Of Africa [Updated]

Money Matters Editor By Money Matters Editor 8 Min Read
African fintech startups now helps to solve the payments challenges for merchant partners across Africa

Fintech startups are making it big in Africa! Now, 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.

SEE ALSO: Africa On The Rise: Top African Startups To Look Out For

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

At times, online payment processing in Africa can be very challenging. This is because merchants struggle to offer customers easy means of payment for goods and services.

In fact, online payments have been one of the biggest challenges for Africa’s emerging e-commerce market. Most startups in Africa struggle to sell online because of the lack of online payment services.

Also, consumers in Africa struggle to buy and pay for stuff or services online. This is due to the fact that major online payment services such as PayPal are not available in most African countries.

But the time is changing…

However, thanks to young entrepreneurs, the situation is changing across the continent.


Fintech startups are now opening the doors for the people on the continent to buy and sell online, and to make payments for goods and services with ease.

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 – Nigeria

Flutterwave solves the payments challenge for merchant partners across Africa
Flutterwave solves the payment challenges for merchant partners across Africa

Flutterwave offers digital payment infrastructure that aggregates various payment methods for merchants, banks, and money transfer operators across Africa.

Some merchants only offer POS that accepts Visa and maybe not Mastercard, which usually results in failed transactions. But Flutterwave’s technology lets businesses accept traditional card payments while also offering payment processing methods like ACH and mobile money payments.

#2]. Paystack – Nigeria

Paystack is on a mission to be Africa's #1 online payment service provider
Paystack is on a mission to be Africa’s #1 online payment service provider 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 a $1.3M Seed investment from both international and homegrown investors.

#3]. Fawry – Egypt

Fawry is Egypt's popular payment platform
Fawry is Egypt’s popular payment platform

People can use Fawry payment service 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. They also offer internet and mobile banking. The company employs over 250 people and has already collected more than $220 million.

#4]. Paga – Nigeria

You can use Paga to pay for almost everything
You can use Paga to pay for almost everything

A payment and money transfer solution, Paga uses mobile phones, the Internet, and live agents to facilitate transactions. It lets you send money to your friends, family and business associates with ease.

Also, 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 works with dozens of powerful eCommerce platforms
Payfast works with dozens of powerful eCommerce platforms

Offering a hassle-free payment gateway, PayFast is a payment processing service for South Africans and South African websites. It 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 – Nigeria

Remita does more than money transfer and online payment
Remita does more than money transfer and online payment

Sometimes regarded as Africa’s leading one-stop online and mobile platform, Remita allows individuals, organisations, and governments to easily make and receive payments.

Remita offers exciting features such as the provision of the widest number of channels on a single payment application. It offers one of the most seamless merchant integrations at zero cost to merchants’ websites, portals, and other payment platforms in a matter of hours.

#7]. BitPesa – Kenya

BitPesa lets people outside the Africa pay remote workers in Africa with ease
BitPesa lets people outside the Africa pay remote workers in Africa with ease

This is another mobile payment platform developed to help remote online workers such as web developers in Africa get paid. BitPesa 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 are now available.

#8]. KUDI – Nigeria

Use KUDI to make and receive payments with ease
Use KUDI to make and receive payments with ease

KUDI, now known as Nomba, is another Nigerian fintech startup that lets people make and receive payments through text messages. The company is out to change the ways people pay their bills and transfer money.

It enables underbanked and unbanked Nigerians to access basic financial services such as money transfers, bill payments, and cash withdrawals through its agent network. As a result, the startup has raised over $5 million to help it grow and expand its reach.

#9]. OPay – Nigeria

OPay lets you send and receive money from any bank in Nigeria
Send and receive money from any bank in Nigeria with OPay

Another great fintech startup from Nigeria, OPay lets users send money, pay bills, and buy food, or withdraw cash from an OPay agent. It offers a smart, innovative and intuitive platform for users to carry out financial transactions with ease.




African Fintech Startups: Top Online And Mobile Payment Companies Out Of Africa
PIN IT: African Fintech Startups: Top Online And Mobile Payment Companies Out Of Africa
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