As 2025 draws to a close, Nigerian Fintechs have once again demonstrated resilience, innovation and scale, reinforcing the country’s position as Africa’s leading financial technology hub.
In a year marked by rapid digital adoption, expanding credit access and deeper financial inclusion, Fintech Insights conducted a comprehensive review of the Nigerian fintech ecosystem to spotlight startups that delivered the most significant impact.
Using a combination of transaction volume, product expansion, funding activity and overall influence on Nigerians, Fintech Insights identified the top five fintech companies that defined 2025. Insights were also gathered from founders and key stakeholders on what these milestones mean and what lies ahead in 2026.
1. Moniepoint
For Moniepoint, 2025 was a year of accelerated momentum built on trust earned over the past four years. Early in the year, the fintech crossed a major threshold, processing over one billion transactions monthly, up from about 800 million in October 2024 when it raised $110 million in Series C funding and attained unicorn status.
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Speaking with Technext, Edidiong Uwemakpan, Vice President of Corporate Affairs at Moniepoint Inc., attributed the growth to the company’s expanding merchant base and focus on reliability.
“Our goal is to maintain that level of reliability as we move into the new year,” she said.
She added that the launch of Moniebook has strengthened Moniepoint’s value proposition by helping businesses manage sales records, inventory and bookkeeping more efficiently. Looking ahead to 2026, Moniepoint plans to scale its customer base, grow revenue streams and deepen its credit offerings to small and medium-sized businesses nationwide.
Further underlining its role in financial inclusion, industry data shows that seven in ten fuel stations across Nigeria now use Moniepoint POS terminals.
Key milestones in 2025 include: processing about one billion monthly transactions worth roughly ₦1 trillion; serving over seven million businesses and 10 million active users monthly; dominating POS usage nationwide; deriving 20 per cent of revenue from credit products; raising $90 million in Series C funding; and launching Moniebook.
2. Kuda Nigeria
Kuda Nigeria recorded one of its strongest performances yet in 2025. In its Q1 results released in July, the digital bank processed 300 million transactions valued at ₦14.3 trillion across its retail and business banking platforms. Retail users accounted for ₦8.5 trillion, while business users processed ₦5.8 trillion.
During the same period, Kuda relaunched its cross-border remittance service with a multi-currency wallet, enabling users abroad to send funds directly to Nigerian bank accounts. The relaunch followed a strategic pause to rebuild the product within Kuda’s core banking infrastructure.
Another notable milestone was the shift in transaction dynamics, with paid transfers surpassing free transfers for the first time. By mid-year, Kuda had also sustained steady growth in its user base, which stood at 7.5 million.
Key milestones in 2025 include: over 300 million transactions worth ₦14.3 trillion in Q1; sustained transaction growth; higher paid transfers than free transfers; and the relaunch of cross-border remittances.
3. Middleman
Middleman lived up to its “startup to watch” billing in 2025, recording impressive growth across products and users. The fintech expanded beyond payments by launching a full procurement service for e-commerce entrepreneurs sourcing goods from China.
Co-founder Adeola Owosho told Technext that customer demand drove the shift.
“Our users wanted more than payments. They wanted an end-to-end procurement platform,” he said.
The expansion led to the launch of Middleman AI, an intelligent sourcing assistant, and a version two (V2) platform upgrade. The new procurement service significantly improved the company’s margins, pushing gross margin from about two per cent to nearly seven per cent.
Middleman plans to double down on procurement services, strengthen its agent network and deliver a fully in-app experience in 2026.
Key milestones in 2025 include: rebranding and launching procurement services; processing nearly ₦2 billion in transactions; launching Middleman AI; crossing ₦2 billion in gross merchandise volume; securing backing from Google; and serving over 12,000 users.
4. LemFi
LemFi had a landmark year defined by expansion, partnerships and funding. The fintech raised $53 million in Series B funding in January, bringing total funding to over $86 million. It expanded operations to India, China, Pakistan, Brazil and Mexico, extending its footprint across Europe, North America, Africa and Asia.
The company also partnered with GCash to enable instant transfers for millions of Filipinos, connecting diaspora communities to trusted local financial platforms. By the end of 2025, LemFi launched Global Accounts, allowing Nigerians to operate real USD and GBP accounts within the app.
LemFi now processes about $1 billion monthly, driven largely by rapid growth in its Asian corridor.
Key milestones in 2025 include: expansion to Egypt and Europe; raising $53 million in funding; acquiring UK-based credit card issuer Pillar; securing 14 US Money Transmitter Licenses; and operating in 27 send-from markets and 20 destination countries.
5. PalmPay
PalmPay sustained strong momentum throughout 2025, crossing 40 million users while daily transaction volumes exceeded 15 million in the first quarter. Each user now averages about 50 transactions monthly.
The fintech paid out ₦4 billion in interest to users of its PalmPay Wealth product, reflecting growing trust in its savings and investment services. It also launched physical debit cards, extending its ecosystem beyond mobile banking.
PalmPay’s achievements earned it a place on CNBC and Statista’s list of the world’s top fintech companies for the second consecutive year.
Key milestones in 2025 include: surpassing 40 million users; completing the first live transaction on NIBSS’ National Payment Stack with Wema Bank; global recognition by CNBC and Statista; and launching physical debit cards in partnership with Verve and AfriGo.
While several other fintechs recorded notable progress in 2025, these five stood out for their scale, innovation and impact. As Nigeria’s fintech sector heads into 2026, the trajectory suggests even deeper financial inclusion, stronger infrastructure and broader global relevance.
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