THE TOP NIGERIA TECH STARTUPS TO WATCH OUT FOR

Nigeria, which has a population of about 218.5 million, is sometimes referred to as one of Africa’s most well-known start-up ecosystems and is included in the “big four” along with Egypt, Kenya, and South Africa. The nation’s start-up scene is a leader in West Africa and ranks 64th globally in the 2023 Global Start-up Ecosystem Index, with a strong focus on the fintech industry.

According to the Nigerian Start-up Ecosystem Report 2022, as of August 2022, 481 active tech businesses in the nation had employed roughly 19,344 people between them.

Furthermore, 383 Nigerian digital start-ups, many of them in the finance space, acquired nearly $2 billion in funding between 2015 and 2022, a record for any nation.

Yes, Nigeria’s vibrant start-up scene guarantees that young people are constantly coming up with new ideas, but financial shortages are one of the many problems that entrepreneurs face.

In no particular order, AMEBOPRENEUR, highlights some of the top tech start-ups with the business owners who are currently making the most impact in 2024.

Anu Adasolum and Ademola Adesina, executives of Sabi, revealed in late 2021 that the company had over 175,000 workers on its network and was operating at an annualized GMV run rate of $200 million.

The two main sources of income for Sabi are still the same: obtaining a finance margin on credit-related transactions it initiates and taking a 5-6% take rate from marketplace transactions, depending on the category. The start-up has facilitated over $100 million on behalf of regional microfinance banks and fintech lenders. This is probably why CommerzVentures, a fintech-focused investment firm, invested in the company.

Moove was established in 2020 with the goal of providing revenue-based vehicle financing options that are equitable, accessible, and affordable for mobility entrepreneurs. The company integrates its alternative credit scoring technology into ride-hailing platforms and uses revenue analytics and proprietary performance data to underwrite customers who were previously denied access to financial services.
With its headquarters currently located in the United Arab Emirates (UAE), Moove operates in nine markets in Africa, the Middle East, Europe, and Asia. So far, statistics shows that over 20,000 customers have driven more than 30 million miles in Moove-financed vehicles.

ZeroComplex AI was established by Kehinde Olateru, Adegbenga Agoro, and Olusola Adebayo. Their experience working on technology implementation projects in a variety of industries gave them a firsthand understanding of the potential for AI to streamline business procedures.

When Nomba was first launched in 2016, Kudi was a chatbot that handled financial inquiries and let users send money, purchase airtime, and settle bills. But it quickly morphed into powering a community of independent businesses called Agents who act as neighbourhood banks offering basic financial services such as cash withdrawal, transfer and bill payments to all Nigerians, especially those in underserved communities.

Using a network of human ATMs, CrowdForce offers agency banking services, a branchless banking model that brings financial services to the last mile. FairMoney has mostly operated a credit-led neobanking approach aimed at retail clients. But as the rivalry in the digital retail and merchant banking industry heats up, both companies have been forced to evolve from their flagship products to a wide range of offers through a number of revisions and venture capital raising.

FairMoney began as a digital lending platform catering primarily to retail clients, offering loans with terms ranging from 15 days to 24 months. The company, which obtained a $42 million Series B in 2021, now serves over a million retail consumers and small enterprises, which have grown to be a significant portion of its operations, by offering debit accounts and cards, P2P transfers, and payments.

Since its founding, MAX NG has pooled resources to provide Nigerians and Africans with innovative, safer, more effective, and easier ways to transport people and products.

Due to a sharp increase in customer uptake, Kuda reported sales of $22 million (£17.2 million) in 2022 compared to $7.7 million (£6 million) in the year before. The user base of the company increased from 2.4 million to 4.9 million.

With its main office in the United Kingdom, Kuda runs an online banking service that lets users manage their money, get loans, and make payments. Through a subsidiary, Kuda MFB, which has a microfinance banking license from the Central Bank of Nigeria (CBN), the business operates in Nigeria, which is its major market.

HeliumCredit’ one of Helium health leverages data gathered from the EMR regarding a hospital’s financial standing and other indicators to determine if the hospital is eligible for a loan.

A while back, Helium Health closed a $30 million Series B funding round. According to statistics from The Big Deal, while interest in investment for health tech firms peaked in 2023, funding for these start-ups increased by 7% annually, indicating that credit financing is still in its infancy on the continent.

With over 230 facilities using it to care for over a million African patients, it bills itself as the most comprehensive EMR platform in West Africa.

Helium Health has ambitious growth aspirations. The CEO stated that by 2024, the company will expand its lending portfolio to 1,000 healthcare facilities and introduce HeliumCredit in Kenya.