100 Nigerian Best Startups That Made Impact in 2023

Nigerian Best Startups That Made Impact

The vibrancy of a nation’s startup scene often indicates its economic health, and with Nigeria, the future appears bright.

In recent years, this West African nation has experienced a significant surge in innovative startups, generating not only profit but also solutions for pressing societal issues.

2023 has been an outstanding year for these ambitious businesses, setting new milestones and leaving remarkable impressions.

Here, we delve into a compilation of 100 Nigerian Best Startups that made impact in their respective industries, making waves on both the local and global scenes in 2023.

They have pushed boundaries, fueled economic growth, and further positioned Nigeria as a powerhouse for African entrepreneurship.

Let’s journey through this list and witness how these remarkable entities have impacted various sectors ranging from healthcare to education, e-commerce, fintech, agri-tech, and more in 2023.

Related: How to Secure Start Up Business Grants: A Comprehensive Guide

Table of Contents

The Startup Sectors In Nigeria

Nigeria, Africa’s largest economy, has experienced a boom in startup activities over the last decade. Improved internet connectivity, an increase in tech talent, supportive government policies, and an influx of foreign investment has primarily influenced this development. Here, we explore some of the thriving startup sectors in Nigeria:

  • Fintech: With a significant portion of Nigerians lacking access to formal banking services, fintech startups are revolutionizing the finance sector by providing solutions that range from mobile payments to loans, money transfers, and micro-insurance.
  • E-commerce: E-commerce is a thriving startup sector in Nigeria. Jumia, one of Africa’s biggest online shopping platforms, is based in Nigeria. This sector is primarily powered by an increasing internet user base and a growing middle-class demographic.
  • Agtech: Agriculture is Nigeria’s largest economic sector and many agtech startups are providing farmers with access to services and markets that were previously unreachable. They’re using digital platforms to facilitate funding for smallholder farmers, sell farm products online, and provide agricultural advice.
  • Edtech: In response to the need for quality and accessible education, Nigerian edtech startups are providing platforms that support both learning and teaching. The shift to remote learning, induced by the COVID-19 pandemic, has also significantly contributed to the growth of this sector.
  • Healthtech: Given the challenges in the country’s health sector, healthtech startups in Nigeria are providing solutions such as telemedicine services, online drugstores, and health information platforms.
  • Logistics and Transport: Startups in this sector have been creating innovative solutions to tackle challenges related to transportation and logistics in the country, providing services such as bike hailing, ride sharing, delivery services, and vehicle financing.
  • Energy: Startups in Nigeria are taking advantage of the high sunshine duration in the country to provide solar power solutions to residents and businesses.
  • PropTech: Nigeria’s real estate industry is undergoing a digital transformation with startups offering platforms that simplify property searching, selling, and leasing processes.

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The 100 Nigerian Best Startups That Made Impact in 2023

The following is a list of 100 Nigerian best startups that made impact in 2023.

#1. Auto Check

Auto Check is a Nigerian startup that makes it easy to purchase and sell cars in Nigeria. TLcom Capital and 4DX Ventures led a $3.4 million investment in this automotive technology business. They are one of the Nigerian best startups that made impact in 2023.

#2. Paystack

Paystack is a Fintech startup that helps businesses and consumers make payments faster and easier. It accepts payments via credit card, debit card, USSD, money transfer, and mobile money from its consumers. It includes a proprietary API that allows companies to create their payment sites. They are second on the list of Nigerian best startups that made impact in 2023.

#3. PiggyVest

PiggyVest makes it easy for individuals and businesses to save and invest money. It enables debit cardholders to automate the savings process. Users choose a plan, and money is saved automatically on a monthly, weekly, or daily basis. This money can only be withdrawn on a specific day. 

#4. Field Intelligence

Field Intelligence is a promising Nigerian startup with a lot of space to develop. Their responsibility is to organize and deliver medical supplies. Many African countries have already benefited from Abuja’s pharmaceutical supply chain services, with the potential to grow to other continents. In 2018, they opened a location in Berlin, Germany. They are fourth on the list of Nigerian best startups that made impact in 2023.

#5. Youverify

Youverify is an Identity Verification startup that was founded in 2013 in Lagos, Nigeria. The startup’s access to many databases helps with identity verification. Standard Chartered, Sterling Bank, NIPOST, and Bolt have all worked with the company since its inception in 2017.

#6. Carbon (PayLater) 

Carbon is a rapidly growing Nigerian Fintech company. Carbon’s principal purpose is to provide Nigerians with short-term loans without collateral via their mobile app. The startup’s app now includes an investment function. Nigerians are saving and collecting interest. Carbon, once called Pay, changed its name later.

#7. Thrive Agric 

Thrive Agric is an agri-tech startup that intends to enhance African food security by empowering local farmers. This company has created a crowdfunding platform. This platform features local farmers. Subscribers may help these local farmers by funding them and receiving real-time updates on what is going on on the farm when harvest time arrives, as well as a portion of the profits. 

#8. Migo (KwikMoney)

Migo is a startup that provides users with loans, cash withdrawals, and credit depending on their credit score. Migo’s credit system was established utilizing Machine Learning and AI to enable businesses to lend to their low and middle-income clientele.

#9. Kobo360

Kobo360 is an online logistics company based in Nigeria that connects shippers and carriers. Using big data and technology, Kobo360 creates strong products and solutions for all supply chain network stakeholders through seamless mobile and web applications, minimizing supply chain risks, logistical bottlenecks, manufacturing waste, low turn-around, and product loss. 

#10. Eden

This innovative tech-enabled house concierge service is a one-of-a-kind Nigerian business. Eden has made it easy to care for your home and conduct daily tasks! It does your housework for you by outsourcing daily tasks to a human. This permits you to carry on with your life as usual. It is well-known for its experience and saves users time and energy.

#11. Flutterwave

Flutterwave’s APIs let clients create bespoke payment systems. It provides the underlying technology, services, and infrastructure required to produce unique payments and make transactions run smoothly. 

#12. Gradely

Gradely, a Nigerian business is attempting to make learning more pleasurable for children. They work with students, teachers, schools, and parents to identify and close learning gaps in each kid. They also provide pupils with a personalized performance and learning journey to follow. 

#13. Konga

Konga is an online retailer. It sells anything from books to telephones to groceries, among other things. Konga.com is a retail mall that operates online. It started in 2012 but has taken off in the following several years, with the main goal of becoming the greatest commerce trading company. It allows both dealers and customers to buy in bulk.

#14. Opay

Opay is a financial services company based in Africa that develops applications for payment, transit, groceries, and food delivery, among other things. OPay is used by millions of people every day to send and receive money as well as pay bills.

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#15. Otras

Otras is a platform for medical practitioners to learn continuously. They offer medical professionals specialized courses and training. The goal of Otras is to create a learning platform that promotes the ongoing development of health practitioners. 

#16. ReQuid

ReQuid is a fascinating Nigerian startup that allows you to invest in agriculture. It enables you to invest, monitor, and liquidate your investments with ease. It rocketed to notoriety after winning the Nigerian Stock Exchange’s first-ever X-Kathon, which included a grand prize of $5 million.

#17. Roqqu

Roqqu is a blockchain-based FinTech firm that allows consumers to buy, sell, and exchange cryptocurrencies. They feature a mobile app and a web platform that allow customers to buy cryptocurrency directly with their debit cards. This platform is designed exclusively for Nigerian users, allowing them to safely trade digital assets. 

#18. Andela

Andela is a Nigerian company that connects African software developers with international organizations. Andela was formed in 2014 to foster IT talent in Africa and provide top worldwide IT companies with access to a pool of highly skilled professionals.

#19. Moniepoint 

Moniepoint (previously TeamApt) is a Nigerian fintech pioneer that provides payment and banking solutions for businesses. It works as a digital platform for banks, people, and enterprises to ease financial transactions. It serves 26 financial institutions and has a monthly transaction volume of $160 million.

#20. CredPal

CredPal is building a name for itself in the financial technology industry by allowing clients to buy things and pay for them in installments. CredPal is extending its consumer credit operations across Africa thanks to a recent $15 million bridge round of funding.

#21. ULesson

ULesson, a Nigerian startup, is the country’s most popular learning app. It is intended to make education more accessible and affordable by employing the finest available teachers, resources, and media. Their customized learning, breadth of content, and relevancy set them apart. They cover the curriculums of WAEC, JAMB, NECO, and GCE. 

#22. Reliance Health

Reliance Health uses technology to improve healthcare availability and affordability in emerging markets. Individuals and businesses benefit from the Nigerian health-tech firm’s innovative health insurance alternatives, telemedicine, and a combination of partner and original healthcare services.

#23. Interswitch

Interswitch is a well-known African FinTech firm that provides individuals, governments, banks, and institutions with full digital payment and transaction processing solutions. Interswitch facilitates frictionless electronic money movement, cementing its position as a key participant in Nigeria’s financial technology sector with a market capitalization of more than $1 billion. 

#24. Moove

Moove has created the most comprehensive integrated vehicle finance platform for mobility businesses by combining technology and productivity statistics. Lack of money for automobiles is a difficulty faced by 2 million African mobility entrepreneurs, which is why Moove was formed in 2020. Moove services are now available in six African locations, and the company is continually growing. 

#25. Bamboo

Bamboo, like a growing Vest, is another investing platform that lets customers invest in both Nigerian and US shares. It is also beneficial to invest in or trade in the 3500 stocks listed on the NYSE. Stocks.

#26. Jumia

Jumia provides cutting-edge, practical, and cost-effective online services to African clients to help them meet their daily needs. Jumia, a leading pan-African e-commerce platform with operations in 11 African countries, was established in 2012. Its platform consists of an online marketplace with integrated logistics and digital payment systems, connecting thousands of suppliers with millions of buyers.

#27. Omnibiz

Omnibiz is a Nigerian B2B e-commerce platform that uses technology to connect FMCG manufacturers with retailers, ultimately automating the supply chain process. They offer African SMEs company management and marketing solutions.

#28. Vendease

Vendease is a Y Combinator-backed online marketplace that helps African food entrepreneurs with food sourcing. Vendease, which operates in eight locations in Nigeria and Ghana, provides restaurants with economical food supplies via its digital platform, with guaranteed 12-hour delivery. 

#29. Cowrywise

Cowrywise is one of Nigeria’s leading startups, offering superior investing and financial services to the general public. It streamlines the saving and investment procedure. 

#30. Yellow Card

Yellow Card, founded in 2019 by Chris Maurice, is a digital currency exchange business aiming at easing money transfers by converting local currencies into bitcoins. This firm works with local merchants, suppliers, and convenience stores to allow them to exchange vouchers for cryptocurrency.

#31. Max

Max is a Nigerian ride-hailing service that connects customers with dependable motorbike taxis. Max envisions a seamless transportation experience for Africans that is powered by innovation, technology, and ecologically friendly infrastructure, delivering the future of mobility to Africa right now.

#32. Lifebank

Lifebank is a MedTech business that intends to address Nigeria’s blood shortage. This startup has created an app that connects to hospitals and clinics. They supply those in need of medical care with blood from blood banks as well as medical supplies such as oxygen, pills, and medicines. 

#33. Helium Health

Another emerging African tech startup is a Nigerian health tech company that provides healthcare professionals with digital health management solutions. Helium Health provides cutting-edge technical solutions to all healthcare stakeholders in emerging regions. 

#34. Lidya

Lidya is a Finance-on-Demand startup that uses data to identify well-run businesses and then gives them same-day loans, low-interest payments, and growth-accelerating forecasting tools. It is a Nigerian fintech firm that uses machine learning and artificial intelligence to provide loans to small businesses.

#35. Tizeti

Tizeti has created a network of owned and operated towers with cheap CAPEX/OPEX to deliver disruptive, customer-friendly pricing for unlimited internet service across Africa. It accomplishes this by leveraging Wi-Fi’s vast radio capacity and the decreasing cost of solar panels. 

#36. Payday

Payday is a financial technology company formed in 2021 with offices in Canada and Rwanda that allows Africans to send and receive money globally.

#37. Chaka

Chaka is a digital investment tool for managing and growing your portfolio. Nigerians can now invest in global stock markets like the NASDAQ and NYSE. 

#38. Flying Doctors Nigeria

Flying Doctors Nigeria is West Africa’s first indigenous flying ambulance. This organization offers air ambulance, medical solutions, and medevac services. This company has been in operation for over ten years, delivering life-saving aeromedical transport at the lowest feasible cost.

#39. Giga Layer

Giga Layer is a web hosting company that provides domain names and other services to companies that host their websites in Nigeria. Among the various services they provide are domain names (.ng), website security certificates, virtual servers, and shared hosting.

#40. Haulr

Haulr solves a long-standing issue: truck tracking. This AI-powered firm gives real-time updates to partners and logistical suppliers. It helps to reduce theft and the cost of transporting things. This is accomplished by continuously monitoring the trucks and minimizing empty hauls. 

#41. Hotels.ng

Hotels.ng is a Nigerian internet travel firm that specializes in hotel reservations. Customers can book hotels online, make payments, read online reviews, and even post recommendations for their peers. They strive to ensure that every hotel stay in Nigeria is clean, safe, and pleasurable. 

#42. Overwood Capital

Overwood Capital is a Nigerian startup that uses technology to provide “regular people with access to high-yield investment instruments.” The goal of launching this was to provide safe, high-yield investments that the people of Nigeria could use. 

#43. Paga

Paga is a startup that wants to make receiving and sending money more convenient. It was founded to encourage people to use a safe platform to send and receive money. Paga is a mobile payment service that allows customers to send and receive money digitally.

#44. Riby

Riby is a platform that aids businesses in their transition to digital currency. Trade associations, cooperatives, small businesses, and even individuals gain from it. Users can use their platform to access services including savings, peer-to-peer lending, and loans. Riby’s objective is to help Nigerians make smarter financial decisions. 

#45. Rise Vest

Rise Vest offers customers to invest in US real estate, Eurobonds, sticks, and venture capital. Over 40,000 people have put money on the rise. Rise Vest has been working hard and has successfully improved people’s lives via their Service.

#46. Safer Codes

Safer Codes is an independent startup that creates personalized QR codes for its clients. To generate a QR code for a website, a social profile, or even to share a document, simply enter the information on their page and press enter! 

#47. Slatecube

Slatecube is a cloud-based e-learning and workforce development application. They offer a SaaS platform that uses AI to its full potential. They provide comprehensive learning solutions to corporations, government organizations, and recruiters to overcome the education-skills gap.

#48. TalentQL

TalentQL promises to be Africa’s best talent cluster. They specialize in talent acquisition, talent pipeline development, and remote workforce management. This means they find the right people for African businesses while simultaneously building a talent pipeline.

#49. Vinsighte

Vinsighte is a Nigerian startup in the Facebook Accelerator 2019 class. It employs computer vision and sonar technology to make life easier for the visually handicapped. Their guiding devices assist the vision handicapped in moving around and reading and writing. 

#50. Wealth.ng

Wealth.ng is a Nigerian fintech startup that focuses on integrating all of your investment portfolios in one location. It was founded by Sankore Securities Limited and aggregates treasury bills, bonds, mutual funds, equities, real estate, and agro investment. They also have choices for gifting stocks to your loved ones.

#51. WeMove

WeMove is a transportation technology firm that develops one-of-a-kind mobility solutions. They have a distinguished client roster that includes Unilever, Flutterwave, and Techpoint. ng, and others. It is well-known for letting users construct, find, and rent any type of vehicle.

#52. 54gene

54gene collaborates with hospitals and research organizations in African countries, as well as pharmaceutical and biotechnology firms, to address the dilemma of scarce diversity genome data, it may hold the key to medical discoveries and innovative healthcare treatments.

#53. DrugStoc

Chibuzor Opara and Adham Yehia launched DrugStoc, a cloud-based multi-channel health pharmaceutical platform. The platform serves to help healthcare practitioners fulfill their responsibility to make Africa healthy. DrugStoc at Opara is looking for ways to increase access to pharmaceutical products and services.

#54. Edukoya

Edukoya is a free learning program that assists students in increasing their exam success rate by giving limitless practice problems, detailed solutions, and access to online tutors, among other things.

#55. Agricrop

Agricrop International is a Nigerian start-up that specializes in manufacturing, processing, and exporting spices, specifically ginger. Kenneth Obiajulu and Oyewale Omotimirin founded the company in November 2018.

#56. Mono

Mono is a technology startup that gives businesses access to high-quality financial data as well as direct bank payments through open banking systems.

#57. Quidax

Quidax is a cryptocurrency exchange where Nigerians can buy and sell Bitcoins and other cryptocurrencies in Nigerian Naira. They are progressively spreading outside Africa’s borders.

#58. Umba

Umba is an African digital bank that offers free bank accounts and financial services to its clients. It provides an ecosystem of interconnected financial services that allows clients to manage all of their accounts from a single App.

#59. Farmcrowdy

Farmcrowdy is an agritech platform in Nigeria, that links farmers with potential investors who fund the cultivation process and share in the profit. This initiative fosters a beneficial relationship and also boosts agricultural growth.

#60. IHS Towers

IHS Towers is a telecommunication infrastructure startup in Nigeria. They manage approximately 31,000 telecommunications towers and strive to provide uninterrupted telecommunication services throughout Nigeria.

#61. Zola Electric

Zola Electric is a renewable energy startup in Nigeria, striving to deliver affordable, renewable energy to millions of households. It’s fighting the prevalent issue of power shortages with an environmentally friendly alternative.

#62. Lumos

Lumos is an innovative start-up providing affordable, solar-powered electricity to households and small businesses in Nigeria, promoting clean, sustainable energy use.

#63. PalmPay

PalmPay is a fintech startup offering mobile financial services, from money transfers to bill payments and airtime top-ups, simplifying banking needs for Nigerians.

#64. TradeDepot

TradeDepot is a retail tech start-up linking micro-retailers with distributors and manufacturers, digitizing the supply chain, and providing easy access to goods.

#65. MainOne

MainOne is a leading provider of innovative telecom services and network solutions, committed to improving internet connectivity and infrastructures in West Africa.

#66. Kuda

Kuda

 is Nigeria’s first fully digital bank, delivering free banking services through its app, aiming to make personal and business banking hassle-free.

#67. Hygeia HMO

Hygeia HMO is a leading health insurance company in Nigeria, offering comprehensive healthcare services to individuals, families, and businesses. It utilizes innovative technology to enhance the efficiency of its healthcare delivery and customer service.

#68. Sabi

Sabi is an online marketplace in Nigeria that connects local tradespeople and businesses with customers. It covers a vast array of services including repairs, cleaning, and delivery, thereby fostering local economic growth and job creation.

#69. Sigma Pensions

Sigma Pensions is a renowned Pension Fund Administrator in Nigeria, providing an array of pension services to its clientele. Their goal is to secure and increase individuals’ wealth for a rewarding retirement. Sigma Pensions offers tailored products and services using technology to drive excellent customer service.

#70. Releaf

Releaf is a supply chain technology firm that sources materials for African food factories.

Beginning with vegetable oil, Releaf offers extension services to smallholder farmers. The startup acts as a buyer of their output and converts the raw material into factory-grade inputs for vegetable oil producers.

#71. Hello Tractor

Hello Tractor is an agricultural technology startup that uses IOT technology to link farmers in emerging markets with farmers who own farm equipment. The company connects tractor owners with smallholder farmers who require tractor services.

#72. VoguePay

VoguePay

 is a secure online payment gateway that allows individuals, businesses, and developers to accept payments and make payouts globally. It offers a wide range of financial services like payment processing, transaction disbursements, and product integrations.

#73. Trove 

Trove is a digital investment platform in Nigeria, offering users a secure and simple way to buy and sell financial assets including stocks, bonds, and mutual funds from various global markets. Trove aims to break barriers in investment accessibility for Nigerian citizens.

#74. Jobberman 

Jobberman is an online career portal in Nigeria, that provides the most efficient and relevant platform for job seekers and employers. It’s a user-friendly platform that features various job listings across different sectors, making the recruitment process more accessible for all parties involved.

#75. Indicina 

Indicina is a technology-driven financial services startup that helps businesses operating in Africa’s retail sector. They offer digital solutions for identity verification, credit scoring, and consumer lending, to help improve the financial services landscape in Nigeria and beyond.

#76. Tyche 

Tyche is a digital solutions provider that specializes in the healthcare sector. The startup utilizes AI technology to deliver personalized, efficient healthcare experiences. Tyche enables healthcare providers to offer patient-centric services, transforming Nigeria’s health-tech space.

#77. Lifepage

Lifepage Group is a Nigeria-based real estate investment and property development startup. Offering innovative housing solutions with strategic partnerships, they contribute towards meeting the rising housing demands in Nigeria. They have gained recognition for their comprehensive property financing services.

#78. Sidmach 

Sidmach Technologies is an innovative tech startup providing smart solutions in education and health. They deliver value through bespoke software development, cloud solutions, and information management.

#79. Casava 

Casava is an insurtech startup focusing on providing affordable and comprehensive insurance plans for Nigerians. They strive to protect their clients from unexpected hardships.

#80. Wecyclers 

Wecyclers is a unique social enterprise aimed at reducing waste. They offer households recycling services using specially designed cargo bikes and incentivize participation through rewards.

#81. Healthtracka 

Healthtracka is a tech startup in the health sector that provides reliable data solutions for disease surveillance and health service provision. It supports improved healthcare delivery by ensuring real-time data availability.

#82. Spleet 

Spleet offers flexible co-living and fully furnished homes on a subscription-based service. Its offerings are tailored to ensure comfort, affordability, and convenience for individuals and corporations who need short to medium-term accommodation solutions in Nigeria.

#83. Jetstream Africa 

Jetstream Africa  is a tech startup providing logistics services to businesses exporting and importing goods to and from Africa. Their goal is to simplify trade and make it more accessible for small and medium-sized enterprises.

#84. Kwik 

Kwik is a delivery platform offering speedy logistics solutions to businesses and individuals in Lagos, Nigeria. By employing technology and an effective network of drivers, Kwik ensures the timely and secure delivery of parcels, thereby aiding commerce within the city.

#85. Shuttlers

Shuttlers is a Nigerian start-up that revolutionizes public commuting by providing a convenient and cost-effective commuting service in Lagos. It allows individuals to book seats on air-conditioned buses on various routes, providing efficient and affordable urban transportation.

#86. Twiga Foods

Twiga Foods, is a start-up focused on improving agricultural processes in Nigeria. It connects farmers to urban retailers in informal markets. The platform guarantees a fair price for the producers while ensuring consistent and quality supply for the consumers.

#87. Oja Express

Oja Express is a grocery delivery start-up in Nigeria. It offers same-day delivery services for African and Caribbean groceries. The platform focuses on giving people access to culturally specific foods and spices, thus connecting people to their cultural roots in a convenient way.

#88. Prospa

Prospa is a leading digital bank in Nigeria that caters to the financial needs of small businesses. The company helps businesses automate their finances, get access to small loans, and better manage their cash flow to encourage economic growth and sustainability.

#89. Branch 

Branch is a revolutionary mobile lending platform in Nigeria offering 24/7 online loans without any paperwork. The platform uses data science algorithms to determine the creditworthiness of a client and then gives a loan accordingly, enhancing financial inclusion.

#90. Aella Credit

Aella Credit is a financial services company in Nigeria that provides instant loans and personal finance management tools to its clients. The startup’s innovative digital lending platform focuses on employee lending, aiding employees to meet their financial obligations effortlessly.

#91. Pave 

Pave is a Nigerian fintech startup that simplifies investing by offering custom investment portfolios. The platform also educates its users about various financial concepts and investment strategies to empower them to make better financial decisions.

#92. Okra 

Okra is a Nigeria-based API startup, providing a platform that connects bank accounts to apps, offering capabilities like transactional and balance data. Okra has become a leading infrastructure in Africa’s booming fintech industry.

#93. Kudi

Kudi is a Nigerian startup providing users with a digital wallet for cash transfers, bill payments, and purchases. Through Kudi, people can conduct these financial transactions seamlessly, and conveniently via an easy-to-use mobile application.

#94. Verod Capital

Verod Capital is an exceptional private equity firm based in Nigeria that is dedicated to developing medium-sized businesses into successful companies. They particularly focus on businesses in West Africa, investing in various sectors like manufacturing, consumer goods, business services, agriculture, and healthcare.

#95. Edves 

Edves is a cutting-edge startup in Nigeria that uses automated technology to modernize school management. Their digital services include record-keeping, performance tracking, payment systems, and parent-teacher communication. Edves’ goal is to improve education by streamlining operations in schools across Africa.

#96. Autofinc 

Autofinc is a leading Nigerian fintech startup. They are redefining car financing by leveraging technology to provide convenient, quick, and reliable means to car ownership. Autofinc offers a platform where prospective car owners can finance their dream cars in a stress-free manner.

#97. TerraPay 

TerraPay is a digital payments platform focusing on seamless international money transfer services. Based in Nigeria, TerraPay aims to simplify mobile payment methods by interconnecting global payment providers including mobile wallet operators, banks, and money transfer companies.

#98. VBank 

VBank, a product of VFD Microfinance Bank, is a virtual banking application that enables users to carry out financial transactions, and access loans and investments. The app offers a full digital banking experience without the need for physical branches.

#99. Pinksheep

Pinksheep is a Nigeria-based digital marketing company providing cutting-edge strategies and services. They help businesses increase brand visibility, attract potential customers, improve conversion rates, and maximize return on investments.

#100. Chapa 

Chapa is an innovative fintech startup that focuses on providing smart mobile banking solutions for users in Nigeria. The app simplifies money transfers, bill payments, and airtime recharge and offers other value-added financial services in one easy-to-use platform.

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The Criteria for a Successful Startup in Nigeria

In Nigeria, the startup landscape is one of the fastest-growing in Africa. With digital transformation gaining momentum in Nigeria, more startups are finding a favorable climate to launch and thrive. Here are the criteria for startup success in Nigeria in 2023.

1. Strong Business Idea

Any successful startup begins with a viable business idea. Whether it’s offering unique solutions to existing problems or a novel approach to everyday issues, the foundation of startup success in Nigeria is a strong business idea. However, a good idea must also be marketable and must resonate with the target market.

2. Adoption of Technology

Technology adoption is no longer a luxury for startups but a necessity. Technology allows startups to enhance their productivity, reach, and customer service. Therefore, embracing technologies like AI, Big Data, cloud computing, or Blockchain can contribute significantly to the success of startups.

3. Skilled Team

Human resources remains a pivotal factor in startup success. Building a competent team, not just in skills but also in terms of mindset and culture fit, drove the growth of these startups. Startups in Nigeria need to hire individuals who understand the market and can navigate its unique challenges.

4. Adequate Financing

Lack of access to funding is a significant impediment to startup success in Nigeria. Having access to venture capitalists, angel investors, government funding schemes, and financial institutions offering startup-friendly loan packages greatly enhanced their success in 2023.

5. Regulatory Support

As a startup, navigating through the complexities of regulation could be tasking. Therefore, startups need favorable regulatory policies from the government to foster a conducive business environment.

6. Collaboration and Networking

Collaboration is an often overlooked but powerful tool for startups. Startups need to develop strategic partnerships with other startups, corporations, educational institutions, etc., to access resources, knowledge, and marketplaces that they would otherwise not be able to reach on their own.

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The Future of the Startup Industry in Nigeria

The future of the startup industry in Nigeria appears promising. Technology-driven innovation has increased drastically, gaining international attention. Nigerian startups like Flutterwave, Paystack, and Andela are paving the way. Also, global venture capital has shown immense interest, injecting over $600 million in funding in 2021. 

Additionally, the government is also beginning to recognize the potential of the startup ecosystem. Its proposed policy to set up a $500 million innovation fund to support startups signifies this. 

Another crucial driver for this growth is Nigeria’s large, young, tech-savvy population that fuels demand. If the right infrastructure, funding, and policy environment are provided, Nigeria could soon become a global hot spot for entrepreneurship and innovation. It’s indeed an exciting era for Nigerian startups!

Frequently Asked Questions

What kind of impact have these startups made in Nigeria?

These startups have had far-reaching impacts in Nigeria and beyond. They’ve revolutionized industries, fostered innovation, and offered employment opportunities. More than that, they’re changing lives – by providing affordable education, improving healthcare, and boosting the agricultural sector.

Have these startups received any international recognition?

Yes. Several of these startups, like Flutterwave and Paystack, have been recognized globally and have raised funding from international investors. For example, Flutterwave raised $170 million in Series C funding in 2021 and Paystack was acquired by Stripe, a global payments giant, for over $200 million.

Conclusion

The startups emerging from Nigeria in 2023 have shown an impressive ability to tackle major challenges and thrive despite difficulties. 

They are becoming forces of change, bringing innovative solutions, enhancing productivity, and making profound impacts across various sectors. These startups prove that Nigeria is becoming a hotbed for technological and entrepreneurial talent. These is the list of Nigerian best startups that made impact in 2023.

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