The growth of Fintech apps in Nigeria has made banking convenient not only for individuals but also for small and medium enterprises (SMEs). As a result, small businesses relied on these fintech apps instead of traditional commercial banks. In this article, we considered four (4) famous financial technology software applications that SMEs use today.
Moniepoint microfinance
Moniepoint mobile application has become widely used by Nigerian businesses. It is difficult to see a small business without a point of sales machine (POS) provided by Moniepoint. This app is mostly dedicated to receiving payment for services rendered or goods sold by the entity to its customers.
Moniepoint has taken over nearly all B2B payments, bruhh. They have practically cornered all the payments done by small businesses. The distribution is really insane.
— Rufybaba (@Rufyb) May 16, 2025
This quote is living proof that Moniepoint Microfinance Bank isn't joking. It's hard to see a single small business and many large entities that don't use their services. Fintech also provides working capital loans to small businesses.
Flutterwave
This Fintech provides the infrastructure required for small businesses who want to accept payments online to do so seamlessly. SMEs that sell digital products, loan providers, and other online businesses use the Flutterwave platform to receive payments. More so, Subscription as a Service (SaaS) companies such as domain name and web hosting providers use the platform.
Paystack
Paystack provides services similar to Flutterwave. Therefore, both entities are competing. However, most SMEs allow their customers to choose between Paystack or Flutterwave when making payments. Therefore, if one doesn't work out while trying to make a payment, the other will.
Grey.co
The Grey.co app is useful for individuals and small businesses that are into Freelancing as a Service. Therefore, they can receive payments for services they render to individuals and companies outside Nigeria. The application allows users to own a bank account in the United States or the United Kingdom. Therefore, helping small businesses to earn in US Dollars and British Pounds.
Tangerine Africa
Small businesses that have the interest of their staff at heart can use the Tangerine app to provide insurance, health, and pensions for their employees. The platform provides these solutions for businesses in Nigeria and other parts of Africa. Companies can use this platform hassle-free, so they can focus on things that matter.
The Fintech apps that can be used by Nigerian small businesses are not limited to these five. And the aforementioned are not necessarily the best. However, they are the most used platforms we know for now. There are others though. Momo by MTN and Teamapt, among others, are used by small businesses.
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