The Rise of Fintech in Nigeria: A Journey from Crisis to Innovation

Only a few know that the groundwork for what we now recognize as Fintech was laid by the Central Bank of Nigeria (CBN). Following a banking crisis in 2007, the apex bank launched the Payments System Vision 2020, aiming to modernize payments and reduce reliance on cash. This initiative marked the beginning of a transformative journey for Nigeria’s financial landscape.

The Pioneers of Digital Transactions

Early players like Interswitch and eTranzact were instrumental in this evolution. Founded in 2002, Interswitch pioneered shared infrastructure for digital transactions, establishing platforms for ATMs, POS terminals, and online payments that the entire ecosystem would later rely on. eTranzact followed suit, contributing to the foundational infrastructure necessary for a modern financial system.

The Catalyst: Mobile Phones and Internet Penetration

Between 2010 and 2017, Nigeria experienced a fintech boom catalyzed by the proliferation of affordable mobile phones and improved internet penetration. The CBN’s implementation of the cashless policy around 2012 forced businesses and consumers to adopt digital transactions, creating a burgeoning demand for new, faster services. This rapid growth was fueled by a young population, increasing smartphone adoption, and significant foreign venture capital, transforming Nigeria into Africa’s leading fintech hub.

Women Leading the Charge

By 2025, the fintech landscape is dotted with women who have become the sector’s most important architects. From launching multi-million user apps for savings and investment to leading key payments firms, their ingenuity is attracting global attention and reshaping the continent’s digital economy. Here’s a look at some of the most notable female leaders in Nigeria’s fintech space.

Odunayo Eweniyi of PiggyVest

Leading Nigeria’s fintech evolution is Odunayo Eweniyi, Co-founder of PiggyVest. Launched in 2016 as Piggybank.ng, the platform fundamentally redefined personal finance for millions of Nigerians. Within just four years, it crossed the one million user mark, showcasing the urgency with which Nigerians adopted this modern savings tool. Eweniyi’s vision was to create a secure, transparent, and easy-to-use digital vault that combined automated savings with high-yield investment options. Today, PiggyVest stands as one of Africa’s most successful fintech stories.

Ifeoma Uddoh of Shecluded

Ifeoma Uddoh, founder of Shecluded, is another key player in this revolution. Launched in 2019, Shecluded is Nigeria’s first fintech specifically for women. Uddoh’s mission stems from her personal experiences with economic hardship and her professional observations of systemic bias. She realized that the biggest barrier for female entrepreneurs was not a lack of drive but a critical gender financing gap. Shecluded offers a holistic ecosystem of capital access, financial education, and business growth resources, using proprietary algorithms to assess creditworthiness beyond traditional parameters.

Chinyere Don-Okhuofu at Interswitch Group

Bringing decades of foundational experience to the payments backbone is Chinyere Don-Okhuofu, a top executive at Interswitch. As the Divisional Chief Executive Officer of Sales Networks, she is responsible for ensuring the widespread adoption of Interswitch’s infrastructure across various sectors. With extensive experience in banking and financial control, Don-Okhuofu drives the sales strategy that ensures organized businesses adopt digital solutions.

Oluwatosin Olaseinde of Money Africa

Oluwatosin Olaseinde operates two powerhouse brands: MoneyAfrica and its sister investment platform, Ladda. Established in 2018, MoneyAfrica addresses the critical knowledge gap that often hinders participation in wealth creation. Ladda, launched in 2020, serves as a practical application of that knowledge, offering users curated investment portfolios and essential services. By linking education with accessible investment products, Olaseinde empowers a new generation of Africans to participate in global financial markets.

Foyinsola Akinjayeju of EFInA

A critical pillar supporting Nigeria’s digital ecosystem is Foyinsola Akinjayeju, CEO of EFInA (Enhancing Financial Inclusion and Advancement). Established in late 2007, EFInA operates at the intersection of data, policy, and innovation, producing the definitive Access to Financial Services in Nigeria (A2F) survey. Under Akinjayeju’s leadership, EFInA drives the strategic agenda to move beyond mere access to financial services toward true financial health and empowerment.

Yanmo Omorogbe of Bamboo

Further expanding the global reach of Nigerian finance is Yanmo Omorogbe, co-founder of Bamboo. Launched in 2020, Bamboo addresses the limited investment opportunities in local markets by offering a secure platform for users to buy, sell, and hold shares in U.S. and Nigerian publicly listed companies. Omorogbe’s efforts create access to global assets, including major tech stocks and ETFs.

Uche Uzoebo of SANEF

Uche Uzoebo, the current CEO of SANEF (Shared Agent Network Expansion Facilities) Limited, ensures that the physical and operational backbone of financial services reaches every corner of Nigeria. With over 20 years of experience in banking, Uzoebo focuses on leveraging SANEF’s mandate to rapidly scale financial inclusion, linking the nation’s high-tech fintech revolution to the low-tech reality on the ground.

Ife Durosinmi-Etti of Herconomy

Bridging the gap between social community and financial infrastructure is Ife Durosinmi-Etti, Founder and CEO of Herconomy. Originally launched as a community platform in 2019, Herconomy has evolved into a fintech platform designed to drive economic empowerment for women. Durosinmi-Etti’s vision centers on the principle that financial freedom requires a supportive ecosystem, providing access to digital savings tools, grants, scholarships, and a powerful network.

Solape Akinpelu of HerVest

Championing a gender-focused approach is Solape Akinpelu, Founder and CEO of HerVest. Established in 2019, HerVest employs a Gender Lens Investment strategy to address the financial exclusion gap faced by African women. Akinpelu recognized that solutions had to be tailored to women’s needs, particularly in the agricultural sector, offering targeted savings plans and loans to support underserved female entrepreneurs.

Tomilola Majekodunmi of Bankly

Finally, focusing on the foundational issue of cash is Tomilola Majekodunmi, Co-Founder and CEO of Bankly. Launched in 2019, Bankly aims to digitize the informal cash-based savings system known as ajo or esusu for Nigeria’s unbanked population. Majekodunmi created a hybrid model to help individuals convert their physical cash savings into secure digital wallets, effectively integrating millions of cash-dependent Nigerians into the formal financial system.

Through the efforts of these remarkable women and their innovative platforms, Nigeria’s fintech landscape continues to evolve, driving financial inclusion and economic empowerment across the continent.