KEY POINTS

• Under-40 founders lead Nigeria’s most influential fintech firms.
• Digital banking and payments are expanding financial inclusion nationwide.
• Investor confidence is further rising around youth-led financial innovation.

A crop of founders and CEOs under 40 is changing how money flows through Nigeria’s economy.

This is the start of a financial revolution, through digital banking and payments, investment platforms, and cross-border transfers, these young leaders are closing financial gaps, making more people feel welcome, and also helping the economy grow all over the continent. Four of Nigeria’s biggest banks are run by innovative people who are under 40.

1. Somto Ifezue is the CEO of PiggyVest and one of its founders

PiggyVest is one of the most popular apps for managing personal finances in Nigeria. It helps millions of people save, invest, and keep track of their money with easy-to-use digital tools. Somto Ifezue is in his 30s and is the owner of PiggyVest. It has expanded from a simple way to save money into a whole financial system that helps people plan for their financial futures. Ifezue intended to help people who don’t have a lot of money get access to financial services. He wants to assist normal Nigerians save for emergencies, invest, and save for the long term by making the software easy to use on mobile devices and adding automatic capabilities.

People and businesses who wanted safe ways to save money that weren’t traditional banks quickly became fans of PiggyVest when it launched in 2016. It has added investment options, fixed-income alternatives, and personalized financial tools that show how people deal with money challenges in real life. If you look at Ifezue’s leadership, you can see how fintech can benefit everyone with their money, especially in developing nations where banks aren’t very frequent.

2. Paystack’s CEO and co-founder is Shola Akinlade

Paystack is one of the most successful fintech stories in Africa. Shola Akinlade is now in his late 30s. He helped start and run Paystack, which built a good online payment system that lets businesses of all sizes accept payments online. It made it easy to utilize APIs that mix numerous payment methods, such cards, bank transfers, and mobile money, which transformed how people pay in Nigeria and all around Africa.

In 2020, Stripe, a large American company, paid $200 million for Paystack. This revelation generated headlines all over the world. This was a big step forward for African tech companies. Paystack has grown to support thousands of businesses, both new and well-known, thanks to Akinlade’s leadership. Paystack is a terrific example of how young Nigerian fintech entrepreneurs can start businesses that can compete with companies all around the world and also serve their own communities.

3. Babs Ogundeyi, Kuda CEO and Co-Founder

Kuda is one of the most popular internet banks in Nigeria. Some people call it “the bank of the free” because it’s cheap and was designed to work best on mobile devices. Babs Ogundeyi, who is also in his 30s, was one of the people who helped launch Kuda. The company has taken advantage of the increased need for financial products that are easy to use, open, and consumer-focused, and that appeal to millennials and people who grew up with technology.

Ogundeyi helped Kuda use technology to achieve things that normal banks had trouble with, like banking without fees, making mobile transactions easier, giving people tools to help them stick to their budgets, and sending notifications in real time. A lot of people have signed up for the site because it is easy to use and responds quickly. People in Nigeria who thought it was impossible to use or go to traditional banks can now use digital banking more readily.

Ogundeyi’s fresh innovation has made Kuda one of the greatest digital banks in Africa. This shows that people under 40 can come up with new ideas in fields that are very strictly controlled, like banking.

4. Tosin Eniolorunda is the CEO and co-founder of Moniepoint

Moniepoint, which used to be called TeamApt, is another success story in Nigeria’s active banking business. One of the people who helped start Moniepoint was Tosin Eniolorunda, who is 40 this year. The company offers loan products, business banking, and payment solutions to both people and small and medium-sized organizations. It has developed swiftly and is now one of Nigeria’s “unicorn” companies, worth more than $1 billion after a successful $110 million fundraising round.

The success of Moniepoint shows that investors are starting to trust fintechs that were started by young people in Nigeria more and more. Its banking software, point-of-sale terminals, and customized financing options have allowed small businesses that traditional banks don’t serve well fill the gap in financial services. Furthermore, Eniolorunda’s leadership is part of a larger trend in Nigeria where fintechs are becoming more important for economic growth and getting people to use banks.

The future and how it will affect a broader scale

These four financial startups show how Nigeria under-40 fintech leaders are changing the financial services industry in big ways by being open to everyone, doing new things, and using technology. Their companies provide digital solutions that are easy to use and appeal to Nigeria’s tech-savvy, rapidly rising population. These choices assist fix big problems with the old financial system, such as not being able to get credit, long banking processes, and high transaction prices.

All of these Nigeria under-40 fintech leaders are working together to make three important reforms to Nigeria’s financial system:

Financial Inclusion: These businesses are further bringing millions of Nigerians who didn’t have bank accounts or enough money to receive loans into the financial system by making banking, saving, and loans available on mobile devices.

Helping small and medium-sized businesses: Digital payment and finance solutions have given small and medium-sized businesses, which are particularly vital to Nigeria’s economy, the tools they need to manage their cash flow, accept digital payments, and receive loans.

Young People Are Innovating: Young people are showing that you can run difficult, regulated financial businesses even if you’re not 40 yet. More young Nigerians are starting their own enterprises in finance and technology since these folks have had success.

Final Thoughts on these Nigeria under-40 fintech leaders

These companies are in a wonderful place to grow into other African markets. Investing in African fintech is still increasaing, even though the world economy is slowing down. Finally this means that these new companies will probably obtain more money, partners, and possibilities to grow their enterprises around the world.

Many individuals in Nigeria still don’t use the formal banking system. But young leaders like Ifezue, Akinlade, Dozie, Ogundeyi, and Eniolorunda are not only launching businesses, they are also altering how Nigerians handle their money and giving them more control over their finances.