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Top 19 Startups in Nigeria Making a Difference This Year

March 21, 2025

Top 19 Startups in Nigeria Making a Difference This Year

Nigeria’s startup ecosystem has experienced remarkable growth in recent years, positioning itself as a hub for innovation and entrepreneurship in Africa.

With a burgeoning population and increasing internet penetration, the country offers fertile ground for startups across various sectors.

In this article, we spotlight 19 startups in Nigeria making significant strides, showcasing their contributions to the nation’s economic and technological space.

19 Startups in Nigeria Making a Difference This Year

1. Flutterwave

Founded in 2016 by Olugbenga Agboola, Iyinoluwa Aboyeji, and Adeleke Adekoya. Flutterwave has established itself as a leader in the fintech space, providing seamless and secure payment solutions for businesses across Africa.

The company’s platform facilitates cross-border transactions, enabling merchants to accept payments in multiple currencies, thereby expanding their reach. With over $475 million raised in funding, Flutterwave’s valuation stands at approximately $3 billion, reflecting its significant impact on the continent’s payment infrastructure.

2. Moove

Moove, founded by Ladi Delano and Jide Odunsi in 2020, is a mobility fintech company that provides vehicle financing solutions. The startup has raised over $300 million to date and aims to empower drivers in ride-hailing and logistics by offering flexible rental options. With its innovative approach, Moove is transforming the transportation landscape in Nigeria and other African countries.

3. Nomba

Founded in 2016 by Yinka Adewale and Pelumi Aboluwarin. Originally known as Kudi, Nomba rebranded to focus on customized payment solutions for businesses. The company secured $30 million in its Series B funding round in 2023. Nomba’s platform simplifies payment processes, making it easier for businesses to manage transactions efficiently.

4. Moniepoint

Formerly known as TeamApt and founded in 2015 by Tosin Eniolorunda and Felix Ike. Moniepoint has made significant strides in the fintech sector. The company raised $50 million in funding to expand its credit offerings. Moniepoint provides businesses with a comprehensive suite of financial services, including payment processing and financial management tools.

In October 2024, Moniepoint became the African continent’s eighth unicorn after it announced a US$110 million Series C funding round. Development Partners International’s African Development Partners (ADP) III fund, Google’s Africa Investment Fund led the round. Lightrock also participated in the round.

5. Konga

Konga is a well-known e-commerce platform in Nigeria, founded by Sim Shagaya in 2012. The company has evolved into a major player in the retail space, offering a wide range of products and services. With over $78 million raised in funding, Konga continues to innovate and expand its offerings, making online shopping more accessible to Nigerians.

These startups exemplify the dynamism and potential of Nigeria’s tech ecosystem. Their innovative solutions are not only transforming their respective industries but also contributing significantly to the country’s economic growth and development.

6. Kuda Bank

Founded in 2019 by Babs Ogundeyi and Musty Mustapha. Kuda Bank, often referred to as “the bank of the free,” is a digital-only bank that offers a range of financial services without the typical fees associated with traditional banks.

Customers enjoy zero fees on transfers, free debit cards, and automated savings features. In 2024, Kuda raised $55 million in a Series B funding round, bringing its total valuation to over $500 million. The bank’s user-friendly mobile app and commitment to financial inclusion have attracted over 2 million users, making it one of Nigeria’s fastest-growing fintech startups.

7. LifeBank

LifeBank is a healthcare technology and logistics company founded in 2016 by Temie Giwa-Tubosun. Thy facilitate the delivery of essential medical supplies, including blood, oxygen, and vaccines, to hospitals in Nigeria. Utilizing a combination of data, technology, and smart logistics, LifeBank ensures timely deliveries, thereby saving lives.

The company expanded its services to Kenya in 2023 and has been instrumental in supporting healthcare systems during emergencies, including the COVID-19 pandemic. LifeBank’s innovative approach has garnered international recognition, including accolades from the World Economic Forum.

8. Thrive Agric

Founded in 2017 by Uka Eje and Adia Sowho, Thrive Agric, connects smallholder farmers with access to finance, premium markets, and data-driven advisory services. By leveraging technology, Thrive Agric helps farmers increase their yield and income, contributing to food security in Nigeria.

The company faced challenges in 2020 but has since rebounded, restructuring its operations and repaying investors. In 2023, Thrive Agric secured $56.4 million in debt funding to expand its services, impacting over 200,000 farmers across Nigeria.

9. Paystack

Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack, a payment processing company that enables businesses in Africa to accept payments via credit card, debit card, and mobile money on their websites or mobile apps.

In 2020, Paystack was acquired by Stripe for $200 million, marking one of the largest acquisitions in the African tech space. The acquisition has allowed Paystack to scale its services and expand to other African countries, including Ghana and South Africa. Paystack continues to operate independently, focusing on increasing online and offline payments across the continent.

10. OPay

A startup founded by Yahui Zhou in 2018. OPay is a mobile-based platform offering payment, transportation, food delivery, and other services in Nigeria.

Its comprehensive ecosystem has made financial transactions and daily services more accessible to Nigerians, contributing to financial inclusion and economic growth. OPay’s rapid expansion and diversified offerings have positioned it as a key player in Nigeria’s digital economy.

These startups exemplify the innovation and resilience within Nigeria’s tech ecosystem, each addressing unique challenges and contributing to the country’s socio-economic development.

11. Interswitch

Founded in 2002 by Mitchell Elegbe, Interswitch, a pioneering fintech company in Nigeria, known for its extensive payment processing services. The company’s Verve card has become one of the most widely used payment cards in Nigeria, facilitating seamless transactions across various platforms. Interswitch’s robust infrastructure supports a significant portion of Nigeria’s electronic payment ecosystem, contributing to the country’s shift towards a cashless economy.

12. Jumia

Jumia, often referred to as the “Amazon of Africa,” is a leading e-commerce platform operating across multiple African countries, including Nigeria. The company offers a wide range of products and services, from electronics to fashion, and has expanded its logistics network to enhance delivery efficiency. Jumia’s platform has played a crucial role in promoting online shopping and digital commerce in Nigeria, providing consumers with access to a vast array of products and services.

13. LemFi

LemFi offers a digital platform facilitating seamless cross-border remittances and financial services for the African diaspora. Founded in 2020 by Ridwan Olalere and Rian Cochran, LemFi has raised over $33 million in seed funding, reflecting investor confidence in its mission to streamline remittances and financial transactions for Africans living abroad. The platform’s user-friendly interface and competitive exchange rates have made it a popular choice among users seeking efficient and affordable remittance services.

14. Xend Finance

Founded in 2019 by Ugochukwu Aronu, Xend Finance is a decentralized finance platform that provides credit unions and cooperatives with the tools to offer DeFi services to their members. By leveraging blockchain technology, Xend Finance enables users to access stable currencies, stake savings on DeFi networks, and earn interest on tokens. The platform’s cross-chain communication capabilities enhance its versatility, allowing users to interact seamlessly across different blockchain networks.

15. Identity Pass

Founded in 2021 by Lanre Ogungbe, Niyi Adegboye, Ebuka Obi, and Tolu Adetuyi. Identity Pass is a digital compliance and security company that provides seamless identity verification solutions for businesses. The platform offers services such as biometric verification, document authentication, and user onboarding, helping companies comply with regulatory requirements and prevent fraud. Identity Pass’s solutions are crucial in enhancing trust and security in Nigeria’s digital economy, enabling businesses to operate more efficiently and securely.

16. Carbin Africa

Carbin Africa is a Nigerian digital marketplace for used cars, offering an AI-powered platform that provides real-time access to approximately 1,800 unique car listings across various dealerships. The company serves car dealers and agents who require a comprehensive repository of vehicles and swift turnover. By leveraging artificial intelligence, Carbin Africa enhances the efficiency of buying and selling used cars, contributing to the formalization and growth of Nigeria’s automotive industry.

17. Maser

Maser is a provider of consumer electronic products, offering a diverse portfolio that includes home appliances, smartwatches, and sound systems. The company’s dedication to delivering outstanding client experiences has propelled it to unicorn status, with a valuation exceeding $1 billion as of June 2022. Maser’s commitment to quality and innovation has positioned it as a significant player in Nigeria’s consumer electronics market.

18. 10mg Pharma

10mg is an AI-powered credit scoring platform designed to facilitate loans for healthcare providers in emerging markets, predominantly in Africa. Founded by Aston Business School graduate Christian Nwachukwu, 10mg aims to bridge the financing gap in the healthcare sector by providing accessible credit to healthcare providers, thereby enhancing the quality and availability of medical services in underserved regions.

19. FairMoney

FairMoney is a digital bank offering loans, bill payments, and other financial services to underserved consumers in emerging markets. By leveraging technology, FairMoney provides instant loans and a seamless banking experience, addressing the financial needs of individuals and small businesses. The company’s commitment to financial inclusion has made it a significant player in Nigeria’s fintech ecosystem.

These startups in Nigeria exemplify the innovation and resilience within startup ecosystem, each addressing unique challenges and contributing to the country’s socio-economic development.

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