Best Fintech Companies in Africa



With the wake of digitization of almost everything today, Africa has not been left behind in the innovation of fintech companies. Financial technology is the backbone of all the businesses so these startups have served a major role in business growth. The fintech companies in this article are making it big in the financial digital space.


Bitsoko is a digital currency exchange company that makes it possible for developed countries to send money as bitcoins but reach Africans inthe  form of mobile money. It’s a reliable method that links the fiat currency with mobile money like M-PESA, MTN, and Airtel Money. This method implements bitcoin technology through the use of an Android blockchain. Bitsoko helps to cut the costs incurred when transacting using different currencies.


This startup started in Kenya and Nigeria in the year 2004. It has expanded to 9 other African countries, offering services to more than 12% of Africa’s population. Cellulant provides consumers with services such as merchant payments, agency banking, consumer banking, among others. This startup major on its mandate of empowering farmers across Africa by prompting, collecting, settling and reconciling payments by the use of mobile wallets. Cellulant acts as an intermediary between mobile money and merchants as well as utilities, in all their transactions.

Branch International

This Kenyan-based Fintech company has over 10 million customers and has disbursed a total of $100,000 million since inception. Branch allows its users to fill out a loan application in the comfort of their smartphones, which then deposits on their mobile money account. Recently Branch partnered with VISA in efforts to reach a wide market. Microlending facilities like Branch International allow users to enjoy real-time credit for both personal and business needs.

Eclectics International

Eclectics International is a tech-savvy company that operates under state-of-the-art ICT systems and software. The company believes in maintaining its core purpose of performing complex audits and evaluations. It has transformed Africa in the Financial, Agricultural, Transport, and the Public Sector by offering tailor-made software solutions. This company has developed ICT Systems in 20 African countries with ongoing projects in Botswana, Zambia, Ethiopia, Southern Sudan, Cameroon, Gambia, Ghana, Malawi, Rwanda, Burundi, Tanzania, Uganda, and Kenya.


JamboPay is an online service provider that allows subscribers to make and receive payments via their phones over the internet. It provides a platform for buyers to pay for goods and services while sellers receive payments on sales they have made. JamboPay accepts mobile payments like M-PESA, Airtel Money, bank payments, Visa and MasterCard debit, and credit cards. Most users have been attracted by its automation of payments which happens with just a click of a button. To be specific, Kenya has 10,000 agents, and over 3,500 organizations in Kenya, Uganda, Tanzania, and Rwanda rely on JamboPay for their transactions. On top of that, more than 1.8 million subscribers are on its e-wallet.

Grass root Bima

Grass root Bima is an insurtech company created to cater for the insurance needs of its members by offering affordable digitized insurance covers. Through the innovation of various insurance products and services, this Fintech company allows for financial inclusion of all the members. For excellent performance, Grass root Bima has a platform called WazInsure. It helps manage the entire insurance process, starting from underwriting to compensating the claims. The SaaS platform where WazInsure runs makes it efficient to manage an insurance coverage goal. This company has gained popularity due to the innovative products it offers. No wonder it was placed position 76 by KMPG Fintech and H2 ventures in the 2017 100 Fintech leading global innovators report.


M-PESA is a mobile money service launched in 2007 after passing a pilot testing. It’s now a general mobile money transfer facility that has grown in leaps and bounds. M-PESA allows for micro-financing and loan repayments without necessarily visiting a bank. It’s preferred because it offers lower interest charges on loans such as M-Shwari and KCB M_PESA to the borrowers as compared to banks. Now businesses can thrive with the use of this mobile money service that’s safe and reliable. It makes it easier to pay for services, and also get paid for services, provided you have registered your M-PESA account.

The Bottom Line

Digitizing the financial sector is the best thing technology has done. This is because fintech has allowed for faster transactions across Africa, therefore expanding businesses and enterprises. The digital currency exchange is bound to advance even more with the rise of Bitcoin and Blockchain technology.


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