21. eTranzact: eTranzact is Nigeria’s first award-winning multi-application and multi-channel electronic transaction switching and payment processing platform. It was launched in 2003 by Valentine Obi and today has one of the country's largest financial services company, with its products cutting across virtually all aspects of the e-payment space: ATM, internet, POS and mobile. In 2011, the firm was given final approval by the Central Bank of Nigeria to commence mobile money in Nigeria, with a special focus on the unbanked, and that truly signaled the revolution in the financial industry. Since then, the company has deployed its mobile payment solutions to banks and non-bank financial institutions. Its products include BankIT, Corporate Pay, eTranzact Strong Authentication (ESA), ATM Cardlex Cash, WebConnect+, Payoutlet, Mobile TopUp, and PocketMoni. To bolster its reach, it has partnered with 18 banks and is in use in over 400 educational institutions. In the first quarter of 2018, eTranzact showed revenue of ₦3.3bn, with profit after tax at ₦62m. The firm has since grown from its operations in Nigeria to six other countries, namely: Ghana, Cote d'Ivoire, UK, Kenya, Zimbabwe, and South Africa, with plans to expand to more countries worldwide. It is currently a publicly quoted company on the Nigerian Stock Exchange with a fully paid-up capital of 4.2 billion shares.
22. Asoko Insights: Asoko Insights provides data on companies in Sub-Saharan Africa to identify leads, research investment opportunities and monitor corporate developments. The firm collects and updates company information through a number of frontline data acquisition channels, ensuring that all data undergoes a quality assurance process. Asoko utilizes data science to turn raw data into actionable information to draw insights that can be utilized by companies. In addition to this, its local research analysts based in Lagos, Accra, Nairobi, Addis Ababa, and Abidjan monitor corporate data from key companies. The firm was incorporated in 2014 and is headquartered in London, United Kingdom. It was founded by Rob Withhagen and Greg Cohen, two former members of the Oxford Business Group with backgrounds in emerging market analysis. They saw the need for obtaining corporate data much easier after many years of conducting market research in Sub-Saharan Africa. Some of the products offered by Asoko Insights include documentation fetch, market map, industry reports, quick insights, and database access, with its clients including investors, traders, global corporates and African companies in need of comprehensive corporate information. It is currently building a new private equity product module that should be available in the first quarter of 2019 with content sourced from Africa Capital Digest’s current and future deal market coverage, and 4 year’s worth of historical deal and market coverage. According to Crunchbase, Asoko Insights has raised a total of $8m, is currently looking at expanding operations across the continent, from the 13 countries it provides business intelligence
on. The company says the newest funds ($3.6m), raised in 2018, will be used to deepen its product’s offerings, expand its African footprint and build out its technology to support scaling data collection, analysis, and delivery.
23. PropertyPro.ng (ToLet.com.ng): PropertyPro is the leading real-estate property center platform in Nigeria. They provide users with excellent property search experience, both online and offline, by connecting them with legitimate and verified real estate agents. It was founded in 2012 as Estanode.com by Fikayo Ogundipe, Sulaiman Balogun, Dapo Eludire and Seyi Ayeni, with their collective savings of $400. This was done with the sole aim of reaching out to agents and property owners in Lagos to change the concept of property search in Nigeria. In 2013, the firm rebranded to ToLet.com.ng, and nearly 6 months after acquiring Jumia House, it became PropertyPro.ng. The online property classifieds portal started by listing only rentals but evolved over time to also list land and buildings for sale. As at 2018, it has over 60,000 property listings and about 10,000 agents advertising on its platform. PropertyPro has raised $1.4m from SPARK and Frontier Digital Ventures. According to the Chief Executive Officer, Fikayo Ogundipe, "The new funds raised will be used to improve the platform’s technology offering to both property seekers as well as that used by listing agents. The rest of the funds will be channeled into improved marketing efforts and aggressive expansion across Nigeria over the next 12-18 months”. In a sector worth ₦8.06trn and projected to grow at an average of 10%, this platform has been able to re-organize the real estate market and build trust amongst buyers and sellers of properties in Nigeria.
24. Max.ng: Metro Africa Express, or better known as, Max.ng, is an on-demand Nigerian logistics platform. It is made up of two components: MaxNow and MaxGo. MaxGo is Nigeria’s first ride-hailing motorcycle app that offers users a safe and convenient way to navigate through Lagos. MaxNow, on the other hand, is a last-mile delivery service that ensures packages are delivered to their respective destination points in no more than 3 hours. It was founded in 2015 by Chinedu Azodoh and Adetayo Bamiduro in a learning space at MIT. After they graduated, they decided to launch the company to curb existing problems facing transportation in Nigeria. Partnering with companies like Bajaj to make high-quality, stronger, safer 200cc and 220cc motorcycles, the firm claims it’s able to reduce the daily commute time of its passengers by 70%. The Max platform also provides consistent pricing to customers, protecting them from exploitation as it charges per kilometer covered. According to Chinedu, in 2018, the firm was doing close to 3,000 rides a day within Lagos, alone. According to Crunchbase, the firm has raised $1.1m in funding over 3 rounds. With about 5000 riders, 60 employers and a minimum monthly turnover of $100,000 is transforming logistics in
Nigeria by leveraging its data infrastructure. MAX is 50-60% cheaper than taxi hailing platforms, and this affordability has aided its growth over the years.
25. Piggybank: Piggyvest, formerly, Piggybank.ng, is an app that helps people save and invest with ease. People can save periodically (daily, weekly or monthly) towards a specific savings target or lock funds away for a fixed period of time. It has involved from strictly a savings platform to one inculcating savings and investment and changed its name from Piggybank to Piggyvest to reflect that change in brand strategy. People can earn over 10% on savings and over 13% returns on investment. All saved funds are warehoused with and managed by AIICO Capital, the leading asset management company in Nigeria, registered and licensed by the Securities and Exchange Commission (SEC). In late 2015, 3 staff members from PushCV, Somtochukwu Ifezue, Josh Chibueze, and Odunayo Eweniyi were thinking of the next big thing to do with their startup, that just became profitable. So, it was fate that brought them to see the post of someone on Twitter who had just saved N1000 in her “kolo” (Piggybank) daily for the entire year. Immediately, Josh started looking for a way to digitize the concept. They asked PushCV users how they could help and saving salaries was top of the list. By mid-January 2016, the first version of the platform was built, and in April of the same year, Piggyvest (called, Piggybank then). Over the years, the firm has been able to build a community of 195,000 users who save N1bn monthly and have saved in excess of $15m since 2016. With a massive growth of 3000% between 2016/2007 who had saved $5m, Leadpath, their initial investor, assisted them as they raised $1.1m in seed funding in 2018. This investment is meant for license acquisition and product development. In early 2018, Piggyvest acquired a microfinance bank and its license. As part of its expansion plans, the organization aims to create an enhanced platform with more financial features, like, insurance and group investment options. Through its simplistic, convenient and flexible application, they are helping people develop a savings culture and manage their finances easier.