12 African Fintech Startups To Keep In Mind For 2018

By Peter Pedroncelli AFKI Original Published: February 8, 2018, 1:20 am
African fintech startups are thriving throughout the continent. Photo: MastercardAfrican fintech startups are thriving throughout the continent. Photo: Mastercard

There are a number of impressive African fintech startups emerging from the continent, and 2018 could be a very important year for their growth and success.

Many of these have global ambitions, born out of African challenges and developed to provide ingenious solutions that in many cases could be applied to other parts of the world.

From mobile money transfer apps to tech firms determined to help users save, these African tech startups come from all over Africa.

Here are the 12 African fintech startups to keep an eye on in 2018.

Sources: TrueAfricaInc, CNNMoney, Ventureburn, Businesstech.

PesaChoice allows users to send money and make payments. Photo - PesaChoice

PesaChoice allows users to send money and make payments. Photo – PesaChoice

PesaChoice

This Rwandan fintech startup provides an app that allows users to send money and make payments across Africa through their mobiles. The mobile money industry is big business in Africa, and PesaChoice is making sure it gets in on the action with an app that is available on Android and iPhone.

Not a traditional Piggy Bank, but an app that allows for the same aim. Photo: AMominRedHeels.com

PiggyBank NG

Nigerian app PiggyBank is a mobile app that enables users to save money more easily through a combination of discipline and flexibility, assisting people to reach their savings targets through use of the app.

African fintech startups - Peer selected startups in the 2017 Village Capital Fintech Africa program, PiggybankNG and Olivine Technologies. Photo - Village Capital

Peer selected startups in the 2017 Village Capital Fintech Africa program, PiggybankNG and Olivine Technologies. Photo: Village Capital

Olivine Technology

Kenya’s Olivine Technology has developed a point of sale and stock management solution that is popular and efficient, earning them a place as one of the winning startups in the Village Capital Fintech Africa 2017 program.

Flutterwave app aims to unify Africa's payment system. Photo - TechCrunch

Flutterwave app aims to unify Africa’s payment system. Photo – TechCrunch

Flutterwave

Y Combinator-backed Flutterwave is another impressive African fintech startup to keep an eye on this year. The Nigerian app provides a modern transaction infrastructure that is designed to allow payments to be made and accepted via mobile.

The FNB banking mobile app is now zero-rated for South Africans. Photo - CompareGuru

Cinetpay has built a mobile money payment gateway for merchants. Photo – CompareGuru

Cinetpay

The Ivorian edition of the most recent Seedstars startup competition was won by fintech firm Cinetpay. The fintech startup has developed a mobile money payment gateway that allows online and offline merchants to accept mobile money and card payments.

This startup aims to make rural grocery stores into mini-banks. Photo: tanzania.um.dk

Paycentre

Thanks to Nigerian fintech startup, Paycentre, any grocery store or pharmacy can be converted into a location that offers financial access and services via mpos technology. This enables cash withdrawals, deposits, loans and card issuance, among other things.

MaTontine is the winner of the Seedstars Dakar competition. Photo - DisruptAfrica

MaTontine is the winner of the Seedstars Dakar competition. Photo – DisruptAfrica

MaTontine

Fintech startup MaTonine was the winner in last year’s Seedstars Dakar competition, thanks to their digital take on a traditional savings tool. MaTontine provides financial services through the digitization of traditional, centuries-old, peer-to-peer savings circles, known as Tontines, which remain a popular way to save money in Senegal.

African economies

Kapitalwise predicts investment decisions for millenials. Photo: symbionics.net

Kapitalwise

Kapitalwise simplifies the investment process for millennials by automating their investment decisions using machine learning and predictive analytics with the aim of becoming an automated investment platform for banks and business partners in the digital age.

Over 800 million Africans have no credit card, and with WeCashUp they don’t need one. Photo: Thinkstock

WeCashUp

WeCashUp is a universal mobile money application programming interface that allows businesses to provide a mobile money payment method for customers via their app. The company aims to tap into the market of over 800 million Africans who have no credit cards, allowing these individuals to pay online thanks to WeCashUp.

fintech

Numida won the Seedstars Kampala competition. (Photo: SeedStars)

Numida

Ugandan fintech startup Numida was declared winner of the Kampala leg of the Seedstars World competition in 2017. The startup has seen excellent monthly growth since March last year, and has disbursed hundreds of small business loans to clients, boasting a 99 percent repayment rate.

Flexpay lets customers make payments over the long term. Photo: creditcardfinder.com.au

Flexpay

FlexPay Technologies offers an automated, accurate lay-by purchase platform that increases sales by enabling customers to afford goods and services by making payments more flexible. Customers can choose to pay for goods over varying periods of time.

Byte Money makes first-world fintech available in Africa. Image: cryptocoinsnews.com

Byte Money

South African startup Byte Money is a receipting and allocation business, which enables secure, verified and authenticated ‘agent collections’ and real-time reporting for the micro finance industry. The startup aims to revolutionise existing third-world payment channels and integrate them with first-world technologies.

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