Top 10 Nigerian Tech Startups In 2023

In recent years, Nigerian technology companies have received a lot of attention and praise for their original concepts and rapid growth.

Nigeria, which is in West Africa, has become known as the Silicon Valley of Africa, one of the continent's leading innovation hubs. Entrepreneurial activity has increased in this dynamic environment, with a number of businesses making progress in a variety of sectors. We’ve also published article on best SEO companies in Nigeria

Top 10 Nigerian Tech Startups

• Flutterwave
• Moove
• ThriveAgric
• TeamApt
• Reliance Health
• Vendease
• Umba
• Omnibiz
• Bamboo
• CredPal

1. Flutterwave

Flutterwave is a Nigerian fintech firm that offers installment framework to worldwide traders and installment specialist co-ops all through the landmass. The company was founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya. It is based in San Francisco, California, but it also has locations in Nigeria, Kenya, Ghana, South Africa, and seven other African countries. In 2021, Flutterwave raised $170 million through a Series C fundraising round.

This was the most elevated total at any point raised by an African computerized firm at that point, and it provided Flutterwave with a worth of more than $1 billion, making it a unicorn. Flutterwave has investors such as Y-Combinator, Visa Ventures, Mastercard, Avenir Growth Capital, and Tiger Global Management. Flutterwave also raised $250 million in a Series D fundraising round in 2022, which was worth more than $3 billion.

In order to further promote the brand among Africans living abroad, Flutterwave appointed Nigerian Grammy Award-winning international musician Ayodeji Ibrahim Balogun, more commonly referred to as Wizkid, as its global ambassador shortly after launching Send, an African-focused remittances service. In January 2022, Flutterwave and AfroSport Network collaborated to free-stream the 2021 Africa Cup of Nations from January 9 to February 6.

2. Moove

READ ALSO » Top 10 Highest Paying Tech Jobs And Their Estimated Salaries Top 10 Highest Paying Tech Jobs

Moove was founded in 2019 by Jide Odunsi and Ladi Delano. Moove is Uber's primary loan and vehicle supply partner in Sub-Saharan Africa. The company embeds its alternative credit-scoring engine within loans, giving customers access to distinctive revenue and performance metrics.

Within five days of signing up, it provides these drivers with loans by selling them brand-new automobiles and financing up to 95% of the purchase price. They can choose to use a portion of their weekly Uber earnings to pay back their loans over 24, 36, or 48 months. Moove's credit reimbursement approach is more helpful for drivers than what is at present accessible on the lookout.

3. ThriveAgric

An agricultural technology company called Thrive Agric offers data-driven advice, premium markets, and access to funding for smallholder farmers. ThriveAgric helps farmers in Africa gain access to markets, information, and funding. The agricultural company ThriveAgric provides assistance to smallholder farmers all over Africa.

In order to increase food production, it helps strengthen the agricultural value chain. The company makes it possible for anyone to invest in agriculture without having a farm, land, or prior knowledge of agricultural operations. This makes it possible for smallholder farmers to get funding and increases production and sales to increase food security. It was founded in 2016 and has its headquarters in Nigeria's Abuja. You can also read on most valuable currencies in the world

4. TeamApt

TeamApt is a monetary innovation firm that makes computerized financial stages and installment stages for monetary exchanges. The CEO, Tosin Eniolorunda, founded it in 2015. TeamApt runs one of Nigeria's greatest business installments and banking frameworks, with its items Moniepoint and Monnify handling a $100 billion yearly run-rate exchange esteem.

Moniepoint currently serves 400,000 little and medium-sized organizations in Nigeria, giving them admittance to various elements to assist them with dealing with their tasks, including working capital, business extension credits, and business the executives devices like cost administration (business installments cards), bookkeeping and accounting arrangements, and protection.

5. Reliance Health

The company was founded in 2016 by Femi Kuti, Opeyemi Olumekun, and Matthew Mayaki. It gives medical coverage and telemedicine by means of concurrences with clinics and medical services suppliers utilizing an incorporated philosophy. In terms of pricing, hospitals have not yet discovered a way to charge patients a price that is both affordable to the general public and the lowest possible rate.

READ ALSO » Top 10 Biggest Best Tech Companies In Canada 2023

These fundamental principles have been combined by Reliance Health so that customers can subscribe to a comprehensive package of healthcare services. Through its telemedicine platform, medication delivery system, and two clinics in Lagos, Nigeria, Reliance Health directly provides some of that healthcare. Others are provided by third-party provider partners like pharmaceutical companies, diagnostic centers, and hospitals.

Reliance Health conducts business-to-customer and business-to-business operations. The company's health insurance plan for both groups of customers is called Reliance HMO. Monthly, quarterly, and annual plans start at $3,500 ($7.00) and go up to $297,500 ($148,500).

On the other hand, Kuti claims that subscriptions purchased on behalf of employees by businesses are somewhat less expensive than plans purchased by retail customers. These customers might be able to talk to a doctor through an app, choose which healthcare providers to visit or buy medications from near them, and control how their medications are delivered.

6. Vendease

At the point when it appeared in January 2020, Vendease's objective was to defeated the issues and shortcomings in Nigeria's exceptionally divided food industry by utilizing a commercial center model that connected providers and homesteads to cafés and food endeavors, with conveyance made in 24 hours or less.

Vendease makes it possible for food and restaurant businesses in Africa to obtain banking services, purchase supplies, and power their operations. There's an explanation Vendease is so centered around helping production network productivity.

The company claims that a number of issues result in annual losses of $100 billion for the majority of its customers, which include schools, hospitals, hotels, and food establishments. They range from a lack of funds to support procurement to unstable supply and waste, as well as a lack of data on which to base educated procurement decisions. Its platform, which can be thought of as a series of stacks, aims to help food businesses succeed and reduce losses.

7. Umba

Free bank accounts and other financial services are offered to Umba customers, an African digital bank. Customers have complete control over their accounts through a single app that provides access to an ecosystem of linked financial services. Customers can apply for, withdraw, and repay loans immediately from their smartphone or desktop computer using the Umba app.

When an individual has been verified, credit decisions are made in view of a given gamble rating. Umba says it will give customers a better banking experience without the problems of traditional banks. It's a straightforward computerized financial device that allows you to deal with your records and complete all exchanges rapidly.

READ ALSO » Top 10 Best Legal Tech Companies In The World 2023

After demonstrating their ability to repay on time, borrowers may even increase their borrowing limit. Borrowers can borrow between N2000 and N30,000 with a maximum annual interest rate of 10%, no fee, and no VAT, and it has a maximum and minimum period of 62 days.

8. Omnibiz

Merchants can quickly and inexpensively replenish their inventory with Omnibiz. Omnibiz is a business-to-business e-commerce platform that digitizes supply chain stakeholders to connect FMCG producers and retailers. The technology gives retailers a WhatsApp channel, a smartphone app, and a phone number through which they can supply their stores.

Shops can place orders at their convenience and have goods delivered to their doorstep at no cost, according to Omnibiz. Deepankar Rustagi established Omnibiz in 2019. The Indian maker and Chief, who has lived in Nigeria for over twenty years, established VConnect in 2011 as a web-based commercial center and web crawler to distinguish nearby experts for administration prerequisites.

Currently, the B2B e-commerce retail company operates in four Nigerian cities: Kaduna, Lagos, Abuja, and Port Harcourt

9. Bamboo

Bamboo, which was laid out in Nigeria in January 2020, is one such stage. Users can buy, hold, and sell stocks in real time on the digital financial platform Bamboo.

In order to accelerate its expansion, enter new markets, and introduce new products, the startup obtained $15 million in Series A funding.

10. CredPal

CredPal is a technology company that lets customers pay for anything in installments from any online or offline store. CredPal, one of Nigeria's initial adopters of procurement presently, pay later, as of late gotten a $15 million extension round in stock and obligation in Walk 2022 to expand its buyer credit tasks all through Africa.

CredPal is a financial technology company that provides customers with credit cards and immediate credit at the point of sale, enabling them to make purchases from both online and offline merchants and pay in predetermined monthly installments.

Conclusion

One of the driving forces behind the rise of Nigerian tech companies is the country's large, young population, high rate of technology adoption, and strong entrepreneurial spirit.

In addition, the availability of venture capital, mobile technology, and internet access have created an environment that encourages business growth. Fintech (financial technology), e-commerce, health technology, agri-tech, education technology, and renewable energy are just a few of the many sectors in which Nigerian tech companies operate. These businesses make an effort to address specific issues that Nigerians face and provide novel solutions that will enhance lives and drive economic development.