Today on the blog, I’d like to share 7 Nigerian Fintech Apps for Gen Zs. If you’re wondering what FINTECH means, it means financial technology. Fintech is all about making financial services, transactions, and payments more convenient. Gone are the days when completing a transaction took up half of your day because the speed with which you will be attended to withdraw or send money is decided by the number of people in the queue before you once you arrive at the bank.
With e-commerce and the accessibility of overseas transactions, fintech has reduced the time it takes to import a single item from six months to a year. From cash through bank tellers to receipts, ATM cards, POS terminals, online transactions, and now virtual cards and cryptocurrencies, we’ve come a long way. Let’s share some of the top fintech apps in Nigeria.
Nigerian Fintech is a broad scope that is getting broader day by day. It is not based on only the banking system and insurance companies, but it affects every profession and commercial industry. This is because it is not only about digitizing money but also about monetizing data to fit into the digitized world. It has huge potential benefits for all businesses, especially new and existing small businesses.
THE TOP 7 NIGERIAN FINTECH APPS FOR GEN Z’S
Piggyvest is one of the foremost fintech apps in Nigeria. It’s like your traditional savings box but online. Piggyvest has different saving platforms on its app. There is Piggybank which is Automated Savings. Safelock operates as Fixed Savings. Target savings, Goal-oriented Saving, saving towards multiple goals on your own or with a group. Then, there is Piggy Flex Naira, which allows Flexible Savings. Save, transfer, withdraw, manage, and organise your money for free at any time. There are also Investify and Piggy Dollar, which allow users to invest in different businesses like agriculture, etc. and to save their money in dollars. The interest rates on Piggyvest range from 8% to 13%.
Cowrywise is also an online savings platform like Piggyvest. In addition to its savings and investing tools, Cowrywise also comes with a financial planner for its users. Save money with your friends in Circles, create a Stash, and invest in mutual funds. You are spoilt with options on the Cowrywise app. Just picture the endless possibilities that come with Cowrywise.
Getprospa is the top option for entrepreneurs and business owners. Business owners can open a bank account in one of the most convenient ways possible. Entrepreneurs and business owners can manage their operations while on the go. They can also set up an e-commerce store, manage products, and automate employee payments. Sign up with Get Prospa if you want to simplify your business.
This is the fintech startup that opened the eyes of investors and other startups in Nigeria, literally. Flutterwave is a payment service provider. The company simplifies payments for endless possibilities. From freelancers to small-scale businesses, banks, and even big companies, Flutterwave serves all categories of business owners. Create an online store, and virtual cards, generate invoices, build your apps with their API, build websites and even pay for subscriptions. Flutterwave has also helped out other startups by acquiring them, giving out grants and even, funding them. One of which caught my fancy is Disha.
Read Here: Top 10 Nigerian Street Foods To Try Out
Wealth.ng is a finance app that allows users to buy stocks, mainly Nigerian stocks. This is one of the easiest and most understandable stock-buying apps in Nigeria. Wealth.ng is regulated by the SEC, so your funds are safe. On Wealth.ng, you can buy stocks, treasury bills, and bonds. Wealth.ng is an affiliate of Sankore Securities Limited.
Paystack is the app for receiving payments online from anywhere in the world. With the Paystack app, businesses in Africa accept payments by anyone, anywhere in the world via credit card, debit card, money transfer, and mobile money on their websites or mobile apps. It specializes in the fields of financial services, the internet, and payments. The company was founded in 2015 and is headquartered in Ikeja, Lagos.
Do you want to buy stocks from U.S. companies? Then, Bamboo is the choice for you. Although other apps in Nigeria do the same, Investbamboo stands out like a few others. Bamboo holds all its accounts at a top-tier U.S. brokerage firm; a member of the Securities Investor Protection Corporation (SIPC). Bamboo is also registered with the SEC (The Security and Exchange Commission) in both the United States and Nigeria.
5 BENEFITS OF FINTECH APPS TO GENERATION Z
Nigerian Fintech Apps aid transactions.
It makes transactions and data collection more convenient for both parties by reducing time and making transactions speedier.
They are faster and more efficient.
Its efficacy and efficiency contribute to an increase in customer patronage for small businesses.
Great for consumer-focused brands.
It aids in gaining the trust of customers. It helps to improve the element of keeping customers’ databases safe.
No hidden fees.
Nigerian fintech apps have greatly aided the financial system because there are no hidden fees, as opposed to traditional institutes and banks.
Tell us, which is your best fintech app, which do you use and is not on our list and why do you use it? Don’t forget to sign up for my weekly newsletters here.
This article was co-written with Adeyanju Oluwatoyin. Like they say, THIS IS NOT FINANCIAL ADVICE.