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Top 10 African Fintech Companies Transforming Finance in 2025

January 18, 2025

With Africa's vibrant economy and growing digital landscape, fintech has become integral to the continent's financial ecosystem. Thanks to technology, fintech startups are breaking down barriers to financial access, reducing transaction costs, and empowering individuals and businesses.

In 2025, a handful of African fintech companies are leading the charge, transforming the finance landscape and paving the way for a more inclusive future. Here's a look at the top 10 fintech companies making waves across the continent.

Table of Contents

7. Fawry
8. Chipper Cash

9. Paystack

10. Minka

Conclusion: A New Era for Finance in Africa

1. Moniepoint

Moniepoint, formerly TeamApt, is revolutionizing financial services for small and medium-sized enterprises (SMEs) in Nigeria and across Africa. Founded in 2015 by Tosin Eniolorunda, Moniepoint started as a digital banking solution for financial institutions but has evolved into an all-in-one platform for African businesses.

It provides access to payments, credit, and business management tools to help businesses grow. In addition, it offers reliable business banking services, including deposits, withdrawals, and transfers, alongside point-of-sale (POS) terminals that empower agents to facilitate cash and digital transactions in underserved areas. Its working capital loans enable SMEs to access credit critical to scaling operations.

Impact on the African Continent

Moniepoint has had a profound impact on Africans' lives. Its POS terminals have boosted financial inclusion in Nigeria by enabling over one million agents to serve over 33 million people in rural and semi-urban areas without prior access to banking.

Its working capital loans of up to N5,000,000 ($3,200) are accessible to millions of SMEs, helping them scale operations. Moniepoint doesn't hesitate to partner with other brands to achieve its mission of financial inclusion. For instance, it has collaborated with Tech4Dev and ACIOE Associates to empower women and people with disabilities through financial literacy and cyber hygiene workshops.

In 2024, Moniepoint achieved unicorn status, meaning its value is over $1 billion. It plans to use these funds to expand digital payment and banking services across Africa, enhancing its infrastructure and broadening its reach to more underserved areas.

2. TymeBank

TymeBank is a South African digital bank that was launched in 2019. It eliminates the barriers of traditional banking, offering services that cater to underserved communities and those seeking efficient financial tools. As such, its services are simple, affordable, and easily accessible.

What makes TymeBank unique is its kiosk-based onboarding system, designed to simplify access to banking services. The system is available at over 700 kiosks and 14,000 till points within Pick n Pay and Boxer networks. This allows customers to open bank accounts in minutes, avoiding needing physical branches or lengthy paperwork.

The bank’s offerings include high-interest savings accounts, affordable transactional banking, and digital tools that empower customers to manage their finances better.

In December 2024, the company reached Unicorn status following a successful Series D funding round valued at $1.5 billion.

TymeBank's Impact

According to a survey, TymeBank has had a transformative effect on its customers' lives. Of the participants, 73% reported their financial well-being improved significantly after joining the platform. In addition, 32% reported they could handle unexpected expenses more responsibly thanks to TymeBank's accessible financial tools and affordable banking services.

TymeBank's partnership with the SmartShopper loyalty program allows customers to earn rewards and discounts, appealing to cost-conscious consumers. This incentive boosts account usage and helps households stretch their budgets during tough economic times.

3. Jumo

JUMO’s mission is to enhance financial access for underserved populations by adopting a “Banking-as-a-Service” model that encourages partnering with banks and money operators.

It uses artificial intelligence and machine learning to analyze customer behavioral and transactional data. This approach allows the creation of accurate credit scores and personalized financial products for individuals who lack formal financial identities, collateral, or credit histories.

Understanding the unique challenges of African markets, such as limited internet access and complex regulatory requirements, JUMO tailors its solutions accordingly. It utilizes low-bandwidth USSD technology and alternative data analysis to reach even the most remote communities.

JUMO’s reach extends across multiple countries, including Ghana, Kenya, Tanzania, and Uganda, and there are plans for further expansion, highlighting its growing regional footprint.

Jumo’s Impact

By 2023, Jumo had disbursed $6 billion in loans across seven African countries, helping small-scale entrepreneurs and low-income earners fund critical needs like business expansion, education, and healthcare. This remarkable milestone is an average of $2.9 million disbursed daily, demonstrating the platform’s significant contribution to financial inclusion.
JUMO has been instrumental in extending financial services to rural markets. Notably, 32% of its loans are disbursed to individuals living in non-urban areas, providing critical financial support to communities that often lack traditional banking infrastructure.

In addition, it has extended its reach to vulnerable populations, with 26% of its customers living below the poverty line on less than $2 a day. Through affordable microloans and savings products, JUMO enables these individuals to meet urgent needs, invest in income-generating activities, and build financial resilience.

4. Cellulant

Cellulant, headquartered in Nairobi, Kenya, is a prominent pan-African company that provides innovative payment solutions for merchants in various markets. The company operates Tingg, a digital payments platform designed to streamline payments and collections across multiple methods and currencies.

Tingg uses a unified network to link thousands of businesses to 154 payment options across 35 countries, serving over 220 million consumers. It integrates with 350 plus banks, mobile operators, and card services, enabling smooth cross-border payments via a single API.

Cellulant's setup offers businesses flexible payment methods like mobile money, cards, and bank transfers, meeting Africa's diverse financial needs.

Cellulant’s Impact

Cellulant impact extends beyond its role as a pan-African payment solutions provider. One notable contribution is its support for the agriculture sector through its Agrikore platform, which connects farmers and financial institutions. This platform has enabled over one million Kenyan farmers to access financing, market their produce, and receive payments digitally.

Cellulant has made partnering with other businesses a core strategy in simplifying payments across Africa. One of its notable collaborations is with NALA, which allows Kenyans abroad to send money home more affordably.

Another impactful partnership is with UBA (United Bank for Africa), where Cellulant powers digital payment solutions that help businesses and individuals access flexible payment options. This has opened up opportunities for smoother transactions, better financial inclusion, and more reliable cross-border payments.

5. Flutterwave

Founded in 2016 and headquartered in Lagos, Nigeria, Flutterwave has grown rapidly to become a leading payments company with a strong African presence. The company provides businesses of all sizes with the tools to accept payments, make payouts, and manage financial operations seamlessly.

Flutterwave’s flagship platform supports over 30 payment methods, including cards, mobile wallets, M-Pesa, and bank transfers, making it easier for businesses to connect with customers globally. The company’s focus on security and compliance has earned the trust of millions of users while enabling rapid expansion into multiple markets.

Flutterwave’s Impact

Flutterwave has prioritized collaboration with investors and financial institutions to facilitate seamless digital transactions. The company has partnered with 16 organizations, including three channel partners and 13 technology partners. These collaborations play a crucial role in enhancing Flutterwave’s infrastructure, expanding its reach, and improving the reliability of its services.

For instance, the latest partnership with American Express has opened new opportunities for African e-commerce businesses. It has given them access to a broader customer base and increased their revenue potential.

In addition, Flutterwave’s multi-currency payment support allows businesses to operate in global markets while managing transactions in local currencies. This has empowered thousands of African exporters to expand their reach and tap into previously inaccessible markets.

6. Onafriq

Onafriq, formerly MFS Africa, is based in Johannesburg, South Africa. It connects over 500 million mobile wallets across 40-plus African countries. Its mission is to build a unified payments ecosystem that ensures seamless transactions and broadens financial access across the continent.

Onafriq integrates various payment systems, bridging gaps between mobile money platforms, banks, and other payment networks. Giving businesses and individuals access to a wide range of financial services fosters economic growth and empowers underserved communities.

Onafriq's Impact

Onafriq's Treasury Services simplifies business financial operations by allowing them to handle payments in different currencies and settle them in one preferred currency. With competitive FX rates, brands can boost their cash flow and increase margins.

The float continuity feature ensures that cash is always available by curating local currencies. These solutions help businesses grow and expand smoothly without worrying about currency fluctuations.

Onafriq's partnerships play a crucial role in enhancing its service offerings. For instance, its collaboration with VGS supports fintech innovation and provides solutions that cater to Africa's diverse financial needs. Similarly, its partnership with M-Pesa and Safaricom to facilitate remittances to Ethiopia via mobile phones eliminates the need for expensive intermediaries.

7. Fawry

Fawry, founded in 2008 in Cairo, Egypt, is a leading provider of electronic payment solutions in North Africa. The company avails a wide range of services, including bill payments, mobile top-ups, and financial transactions, making it a key player in Egypt’s digital finance ecosystem.

The platform operates through a vast network of over 310,000 points of sale, including kiosks and retail stores, allowing customers to make payments quickly and securely. It also partners with financial institutions, government agencies, and utility providers to enable smooth transactions for millions of users.

Fawry Microfinance provides products tailored for merchants and SMEs, particularly those lacking access to traditional financial institutions. Additionally, Fawry Insurance Brokerage delivers insurance services to millions of users without adequate coverage.

Fawry’s Impact

Fawry has significantly transformed Egypt's financial landscape by enabling seamless electronic transactions. Its partnership with PayMe in 2024 has empowered Egyptian expatriates to pay bills and conduct financial transactions electronically, simplifying cross-border payments.

Also, its extensive network of ATMs, retail points, and mobile apps ensures convenience, allowing users to pay bills, recharge mobile credit, and shop online quickly. Additionally, it supports SMEs by providing tools for accepting electronic payments, helping them grow, and contributing to job creation. These innovations also fuel Egypt’s booming e-commerce sector.

8. Chipper Cash

Chipper Cash, founded in 2018, has quickly positioned itself as a key player in Africa's fintech space. Headquartered in San Francisco, partly due to the founders' African roots and ties to the U.S., the platform operates across several African countries, providing cross-border payments and solving the persistent issue of costly and inefficient money transfers.

By adopting mobile technology, Chipper Cash ensures financial access for individuals and small businesses. It goes beyond simple transactions, offering services such as bill payments, cryptocurrency trading, and virtual debit cards to meet its users' diverse needs. Its integration with local banking systems and mobile money platforms makes it accessible to a broad audience, including those without traditional bank accounts.

With backing from prominent investors like Jeff Bezos’ Bezos Expeditions, Chipper Cash continues to grow. It has expanded into Ghana, Uganda, and Nigeria and plans to reach more African countries.

Chipper Cash's Impact

Chipper Cash's use of blockchain and AI has brought financial empowerment to life by making cross-border payments faster, cheaper, and more secure. Blockchain ensures transparency and reliability, eliminating inefficiencies in traditional banking.

Meanwhile, AI personalizes the experience by detecting fraud, optimizing transactions, and keeping operations smooth. This combination doesn't just simplify payments—it gives Africans confidence in managing their money, whether for personal needs or growing their businesses. It's a game-changer for financial access and economic participation across the continent.

9. Paystack

Paystack is transforming businesses across Africa by simplifying payment management and processing. Its modern platform enables merchants to receive payments through debit and credit cards, mobile money, and bank transfers.

Founded in 2015 in Lagos, Nigeria, Paystack has earned a reputation for its developer-friendly APIs, which allow businesses to integrate payment solutions effortlessly. Its suite of tools, including invoicing, analytics, and subscription management, acts as a growth engine, helping organizations thrive in the digital economy.

Paystack's Impact

Paystack has transformed Africans' lives through its collaboration with forward-thinking businesses like Cadana and Stripe. Cadana, a global payroll platform, uses Paystack's APIs to streamline payroll operations for Kenyan brands. This ensures employees receive secure and timely payments, improving financial stability and quality of life for workers.

Stripe's acquisition of Paystack in 2020 has also amplified its impact. With Stripe's resources, Paystack has expanded into countries like Kenya, Ghana, and South Africa. This has enabled thousands of businesses—from small to large corporations—to access tools like invoicing, analytics, and subscription management, driving growth and innovation.

10. Minka

Minka is transforming how financial institutions in Africa connect and manage money flow. With its platform-as-a-service, businesses can build customizable money systems. Its focus on real-time payments and seamless integration across different ledgers allows money movement to happen instantly and securely.

Minka’s innovative approach offers financial operations greater flexibility and scalability. It’s designed to handle cross-currency transactions, enabling users to move money effortlessly across various platforms.

In 2024, Minka entered East Africa, starting operations in Kenya, Tanzania, Uganda, and Ethiopia. The company also plans to expand further into Southern Africa. As its footprint grows, Minka remains committed to leveraging its Latin American expertise to improve Africa's unique financial needs.

Minka’s Impact

Minka is tackling real financial challenges in Africa, making a tangible difference for individuals and businesses. For instance, families in Kenya who rely on remittances can now receive funds from abroad faster and at lower costs, ensuring timely support for their daily needs. This improves household cash flow and reduces financial stress.

For local businesses, Minka’s infrastructure is a game-changer. Retailers in East Africa’s informal sector can now streamline payments from multiple sources, like mobile money and cooperatives, into one system. This saves time, enhances financial oversight, and helps businesses reinvest and grow more effectively.

A New Era for Finance in Africa

Africa’s fintech revolution keeps improving, and the above startups are at the forefront of the transformation. By tackling real challenges with innovative solutions, they are reshaping finance and empowering individuals and businesses to flourish in a digital-first economy. As these companies continue to grow, it's clear that the future of African finance will be bright, inclusive, and digital.