Largest Fintech Entities in Nigeria (Year 2025)

Nigeria's Fintech Sector Thrives: Moniepoint, Paystack, PalmPay, Paga, Kuda, LemFi, Flutterwave, and OPay Lead the Way

In 2025, Nigeria's fintech sector continues to flourish, with Moniepoint, Paystack, PalmPay, Paga, Kuda, LemFi, Flutterwave, and OPay leading the charge. These companies have shown remarkable growth, processing billions of transactions and serving millions of customers.

Moniepoint

Moniepoint, a trailblazer in international remittances, launched MonieWorld in 2025. The company processed 1 billion transactions monthly, handled USD 22 billion in transaction volume, and served 10 million customers. Moniepoint's 2023 revenue stood at USD 264.5 million, and it raised $120 million in Series C, elevating it to unicorn status, which included $10 million from Visa.

PalmPay

PalmPay, with 9 million active monthly users for wealth products, disbursed ₦4 billion (~$2.5M) in interest during Q1 2025. The company launched the PalmPay Debit Card with Verve in March 2025, offering savings rewards, merchant discounts, and zero maintenance fees. PalmPay aims to distribute over 5 million cards nationally by the end of 2025.

OPay

OPay, valued at $2.75 billion in April 2025, continues to dominate the Nigerian fintech market, despite not detailing any specific 2025 new products. The company is known for its rapid growth and service expansion.

Paystack

Paystack, a leading payment processing platform in Nigeria, continues to enhance its products to expand its payment infrastructure and scale its user base. In March 2025, it launched Zap, a product for instant money transfers.

Paga, Kuda, LemFi, Flutterwave

These companies are expanding their user bases and securing funding rounds throughout 2025. Flutterwave remains prominent in payment solutions and pan-African expansion.

Nigerian fintechs have raised over $100 million in Q1 2025, underscoring their resilience amid broader funding slowdowns across Africa. Several Nigerian fintechs, including Moniepoint, PalmPay, OPay, Piggyvest, and Interswitch, ranked among the world’s top 300 fintech companies in 2025.

Additional context:

LemFi acquired Pillar, a UK-based credit card company, in June 2025.
Raenest partnered with Sidebrief to help African entrepreneurs establish and manage their businesses across Africa, the US, and the UK in 2025.
Raenest raised $11 million in a Series A extension in February 2025, bringing its total to $14.3 million.
Flutterwave secured a payment institution license from the Central Bank of West African States (BCEAO), granting it the ability to operate fully in Senegal.
Raenest introduced Raenest Rewards to reward loyal users in 2025.
LemFi now serves over 2 million users and processes $1 billion in monthly transactions.
Kuda processed over 300 million transactions worth ₦14.3 trillion in Q1 2025.
Raenest's Geegpay product is built specifically for freelancers and creators.
Flutterwave has processed over 890 million transactions in excess of $34 billion since its inception.
Moniepoint partnered with AfriGO to distribute 5 million cards in Nigeria in 2025.
Kuda relaunched its remittance service, targeting users outside Nigeria who wish to send money back home.
Kuda issued ₦16.4 billion in overdrafts in Q1 2025, doing so profitably.
LemFi raised $53 million in Series B funding in January 2025, bringing its total to over $86 million.
Moniepoint received approval to acquire a majority stake in Kenya's Sumac Bank in 2025.

This data reflects Nigeria’s fintech sector as highly dynamic with rapid user growth, significant funding rounds, and diversified product launches—especially in payment systems, wealth management, and cross-border financial services.

Moniepoint's Series C funding round in 2023 totaled $120 million, adding Visa as an investor, elevating the company to unicorn status.
PalmPay aims to distribute over 5 million debit cards nationally by the end of 2025, having launched the PalmPay Debit Card with Verve in March 2025.
After acquiring Pillar, a UK-based credit card company, in June 2025, LemFi now serves over 2 million users and processes $1 billion in monthly transactions.
Flutterwave has secured a payment institution license from the Central Bank of West African States (BCEAO), enabling it to operate fully in Senegal, and has processed over 890 million transactions in excess of $34 billion since its inception.
Kuda, a fintech company, issued ₦16.4 billion in overdrafts in Q1 2025, doing so profitably, and relaunched its remittance service, targeting users outside Nigeria who wish to send money back home.