KEY POINTS
- Nigerian tech entrepreneurs are innovating in fintech, financial inclusion, and tech education.
- These entrepreneurs have collectively secured over $500 million in funding.
- Their platforms have reached millions across Africa, driving economic growth and opportunity.
A new wave of tech entrepreneurs from Nigeria is changing the face of African business. This shift is being fueled by five Nigerian digital entrepreneurs developing innovative solutions that are revolutionizing several industries on the continent.
Their efforts have caught the attention of investors and global tech giants, proving that innovation can flourish in any environment, regardless of the difficulties.
Here are the five notable Nigerian tech entrepreneurs whose inventions are transforming lives and industries around the continent.
Iyinoluwa Aboyeji: Empowering African businesses with Flutterwave
Renowned Nigerian businessman Iyinoluwa Aboyeji co-founded Andela and Flutterwave, two of Africa’s unicorn firms. His 2014 launch of Andela facilitated the connection of African software professionals with multinational corporations. By training thousands of engineers and attracting a $24 million investment from Mark Zuckerberg’s Chan Zuckerberg Initiative, the company has positioned Africa as a hotspot for tech talent.
In 2018, Aboyeji resigned from Flutterwave as the CEO. After leaving, he established Future Africa, a venture platform that supports African businesses. Aboyeji has contributed to the funding of over 100 startups, adhering to his goal of promoting innovation throughout the continent.
Among the many honours bestowed upon Aboyeji is inclusion in New African magazine’s list of the Top 100 Most Influential Africans. His contributions continue to be crucial in shaping Africa’s digital and startup sectors.
Odunayo Eweniyi: Revolutionizing personal finance with PiggyVest
With more than 4.5 million customers, PiggyVest is the largest digital savings platform in Nigeria. Odunayo Eweniyi is the co-founder and CEO of the company. Her leadership has revolutionized personal finance in the nation by enabling millions to save and invest.
She was a co-founder of First Check Africa, a fund that supports internet entrepreneurs run by women, in 2021. In addition, Eweniyi is a co-founder of The Feminist Coalition, an organization that rose to popularity by raising funds for victims of police brutality during the End SARS rallies.
Odunayo has received numerous honours for her work, including inclusion in the TIME 100 Next list and Forbes Africa’s 30 Under 30 list. Her reputation as one of Africa’s most significant tech leaders was further cemented in 2022 when she was named a Bloomberg New Economy Catalyst.
Olugbenga Agboola: Scaling Flutterwave’s global impact
Co-founder and CEO of Flutterwave, Olugbenga Agboola, has emerged as a key player in the African fintech setting, helping to shape the development of digital payments on the continent. Agboola led Flutterwave’s incredible development since its establishment in 2016 and helped it become one of Africa’s few unicorns, with a valuation of more than $3 billion. In addition to propelling the business’s growth throughout 40 nations, Agboola’s vision has completely transformed cross-border payment processing, particularly in and out of Africa.
Under his direction, Flutterwave has grown to be an indispensable resource for companies, handling more than $16 billion in transactions in more than 30 currencies. The platform makes it possible for multinational corporations such as Uber, Netflix, and Alipay to seamlessly operate in African markets.
Apart from expanding its operations throughout Africa, the company has also achieved notable success in novel areas like India, where it has collaborated with IndusInd Bank to optimize cross-border remittances.
The business has been awarded 13 money transmission licenses in the United States and a Payment Service Provider License in Ghana, enabling it to operate in 29 states.
Shola Akinlade: Leading Africa’s fintech surge and empowering youth through football
Sola Akinlade cofounded Paystack, a Nigerian fintech startup that revolutionized internet payments for companies throughout Africa.
Paystack made headlines in 2020 as one of the largest digital acquisitions in Africa, when purchased by Stripe for more than $200 million. Over 60,000 businesses rely on Paystack to handle millions of daily transactions, streamlining payments in several currencies throughout the continent. Its state-of-the-art technology has been essential to the expansion of e-commerce and the digital transformation of businesses in Nigeria and other African markets.
Apart from his achievements in fintech, Akinlade also made an entry into football by establishing Sporting Lagos FC in 2022. This football team is a testament to Akinlade’s philosophy of using sports as a means for social change and community development.
Due to Sporting Lagos’ rapid rise to prominence and commitment to youth development, Akinlade was able to purchase a 55% share in Denmark’s Aarhus Fremad football team in 2023. Through this cooperation, Sporting Lagos will emerge as a more professional team while offering a pathway for Nigerian football talent to be seen internationally.
Sim Shagaya: From eCommerce to Edtech, transforming Nigeria’s digital economy
Serial entrepreneur Sim Shagaya is a driving factor behind two innovative companies. He started uLesson, an EdTech platform that aims to give millions of people access to high-quality education, and Konga, one of Nigeria’s biggest e-commerce platforms.
By 2020, Paystack handled millions of transactions for more than 60,000 companies in Nigeria, Ghana, and other African markets, spanning from tiny startups to major multinationals. One of the largest acquisitions in African tech history, Stripe, a global finance behemoth, paid $200 million to purchase Paystack in a historic agreement. In addition to showcasing Akinlade’s accomplishments, this acquisition paved the way for Paystack to enter new markets.
With its curriculum-aligned content and interactive video lessons, uLesson has become incredibly popular, reaching students across Africa. Thanks to his breakthroughs in e-commerce and education, Shagaya has established himself as a major figure in Nigeria’s tech industry.
Collectively, these five business owners are driving a revolution. Their businesses are improving Nigeria’s economy, generating jobs, and demonstrating to the rest of the world what African entrepreneurs are capable of. They are redefining what’s possible in technology as they expand, not only in Nigeria but globally.
