Biggest Tech Companies In Nigeria 2024 And Their Net Worth: Top 10

Biggest Tech Companies In Nigeria 2024: The 21st century is one that is significantly marked by technological feats and breakthroughs! Events that were presumed ridiculous years and decades ago have been realized to our astonishment.

A tech company, short for technology company, refers to an organization that basically focuses on developing, manufacturing, or providing products, services, or solutions related to technology.

These companies leverage technological advancements, innovation, and expertise to create, enhance, or deliver products and services that cater to various industries and sectors.

Tech companies may span a wide range of fields, including software development, hardware manufacturing, telecommunications, e-commerce, artificial intelligence, robotics, biotechnology, and more.

They may specialize in developing software applications, designing and manufacturing electronic devices, providing IT services and support, or creating cutting-edge solutions for specific industries such as healthcare, finance, or transportation.

In addition to developing and producing technology-related products, tech companies often play a crucial role in driving digital transformation, shaping industry trends, and pushing the boundaries of what is possible with technology.

Tech companies can range from small startups and agile entrepreneurial ventures to large multinational corporations. Regardless of their size, these companies typically thrive on a culture of creativity, collaboration, and a deep understanding of technology and its applications.

So how do you tell if a company is a tech company?

The answer is pretty straightforward! Once a company utilizes technology to solve problems and create solutions to existing issues in any industry or sector, then that company qualifies as a tech company!

In recent years, there has been a proliferation of tech companies across all sectors.

However, in this article, we will take a look at the top 10 tech companies cutting across major sectors such as finance, education, e-commerce, hospitality, etc.

Let’s go tech!

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Top 10 Biggest Tech Companies In Nigeria 2024

1. Flutterwave – Over $3 Billion US Dollars Net Worth: Flutterwave is a fintech company that provides a platform for businesses and individuals to make and receive payments across Africa and globally.

The company founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola offers a range of payment solutions and infrastructure to facilitate secure and seamless transactions.

At the heart of Flutterwave’s product is its payment gateway, which enables businesses to accept payments from various sources, including credit and debit cards, mobile wallets, and bank accounts. It supports both online and offline transactions, making it versatile for businesses operating in different contexts.

In addition to payment processing, Flutterwave also enables businesses to disburse payments to their customers, suppliers, or employees through its mass payout feature.

Furthermore, Flutterwave provides technology infrastructure for developers, including APIs and software development kits (SDKs).

These tools allow developers to integrate Flutterwave’s payment solutions into their own applications or websites, giving them the flexibility to customize the payment experience according to their specific needs.

The head office of Flutterwave in Nigeria is located at No. 8, Providence Street, Lekki Phase 1, Lekki, Lagos. Sadly Aboyeji, the co-founder of Flutterwave parted ways with Agboola and resigned from the company in 2018 over policy differences.

2. MTN Nigeria – $6 Billion+ US Dollars Net Worth: MTN (Mobile Telecommunications Network) was founded by a group of South African businessmen. The company was established in 1994 by a consortium led by South African entrepreneur and businessman, Miko Rwayitare.

It is a notable telecommunications company operating in several countries, including Nigeria. While MTN provides telecommunication services and infrastructure, it is not typically considered a tech company.

MTN Nigeria made a revenue of over #5 trillion naira in the first quarter of 2023. However, There was a 0.4 decline in revenue compared to the previous quarter’s revenue.

Additionally, MTN Nigeria is involved in various areas of technological development in Nigeria. Some of the key areas include:

• Mobile Money: MTN offers mobile financial services through its platform called MTN Mobile Money. This service enables users to send and receive money, make payments, and access other financial services using their mobile phones.

• Internet Services: MTN is involved in providing broadband internet services to both consumers and businesses. They offer various internet packages, including 4G LTE services, to enable fast and reliable internet access.

• Internet of Things (IoT): MTN is exploring opportunities in IoT solutions, which involve connecting devices and systems to the Internet for data collection, monitoring, and control. This includes applications in areas such as smart homes, agriculture, healthcare, and transportation. The current CEO of MTN Nigeria is Karl Olutokun Toriola.

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3. Paystack – Over $1.5 Billion US Dollars: Paystack is a Nigerian-based online payment platform that allows businesses to accept payments from customers securely and conveniently. It was founded in 2015 by Shola Akinlade and Ezra Olubi and has become one of the leading payment gateways in Nigeria.

Paystack provides a simple and easy means of enabling businesses to accept online payments through various channels, including debit and credit cards, bank transfers, and mobile money.

The platform also supports payments in both Nigerian Naira (NGN) and U.S. dollars (USD), making it suitable for businesses operating within and outside Nigeria.

A distinguishing feature of this company is its detailed fraud prevention system, which helps businesses minimize the risk of fraudulent transactions.

The platform also provides a system that allows businesses to set up and manage subscriptions or recurring payments from customers.

In 2020, Paystack was acquired by Stripe, an Irish-American financial services company. The acquisition was a significant milestone for Paystack and demonstrated the recognition of its innovative solutions and potential for growth.

To a casual onlooker, it may seem as though Paystack offers the same services as Flutter Wave. Although this is correct, in that they are both payment platforms, however, Flutterwave offers a wider range of services beyond online payment supporting transactions in over 150 currencies!

On the flip side, if you are on the search for a payment platform with a more robust fraud preventive system, then Paystack is the way to go!

4. ULesson – Over $1.2 Billion US Dollars Asset Valuation: ULesson is an educational technology (ed-tech) company that leverages technology to provide learning solutions for students in Africa. It was founded in 2019 by Sim Shagaya, a Nigerian entrepreneur.

ULesson which is short for “Universal Lesson” aims to make quality education accessible and affordable to students across Africa, particularly in underserved communities.

ULesson offers a mobile app that provides access to a wide range of very engaging and interactive curriculum-aligned video lessons, quizzes, and practice exercises in subjects such as mathematics, science, and languages which helps students grasp difficult concepts and improve their academic performance.

One of the outstanding features of ULesson is its offline mode, which allows students to download lessons and study materials to their devices and access them without an internet connection. This is especially beneficial in regions with limited internet connectivity.

Did you know that Sim Shagaya, the founder of ULesson is also the brain behind one of the largest e-commerce platforms in Nigeria, Konga.com?

Laudably, the company’s vision of providing universal access to quality educational content and lessons for students in Africa is fast becoming a reality as the app has gained significant popularity in Nigeria and most African countries.

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5. Jumia: – $0.28 Billion US Dollars Net Worth: Any Nigerian who has not heard of Jumia is probably still in the medieval era! Jumia is a leading force in the e-commerce industry! It utilizes technology and a well-designed website to make online shopping easy and stress-free.

The e-commerce platform founded in 2012 and often referred to as “the Amazon of Africa” operates in multiple African countries, including Nigeria, and offers a wide range of products such as electronics, fashion, home appliances, groceries etc.

It definitely will interest you to know that Jumia was majorly established by two French entrepreneurs with a background in business and e-commerce – Sacha Poignonnec and Jeremy Hodar. Jumia is often referred to as the first unicorn startup (a privately held startup company valued at over $1 billion) from Africa.

In 2019, this same tech beast became the first African tech startup to be listed on the New York Stock Exchange (NYSE).

Agreeably, these are incredible feats! Jumia has also expanded its operations to involve a kitchen (Jumia Kitchen), an online payment system (Jumia Pays) and so much more!

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6. HOTEL.ng: – $50 Million+ Annual Revenue: Hotel. ng is an online travel agency and hotel booking platform that allows users to search, compare, and book hotels in Nigeria and other parts of the world. It was founded in 2013 by Mark Essien, a Nigerian entrepreneur.

According to Wikipedia, it is the first and largest online travel agency in Nigeria having well over 7,500 budget and luxurious hotels registered on the platform!

This amazing tech company has its headquarters in Lagos and is fired with the vision to revolutionize the hotel booking process in Nigeria and beyond!

Hotel. ng offers a wide range of accommodation options, including hotels, guest houses, apartments, and resorts.

The platform provides detailed information about each hotel, including photos, amenities, room types, and customer reviews. This gives you the ability to make informed decisions on your choice bookings and reservations.

Once users find a suitable hotel, they can make a reservation directly through the Hotel.ng website or mobile app.

The platform offers secure online payment options and provides instant confirmation of the booking while issuing you a booking voucher you can present upon check-in.

The fun part is you can also manage their reservations and make changes or cancellations if needed!

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7. Opay: $2 Billion US Dollars Net Worth: Opay is a Nigerian fin-tech company that primarily focuses on providing financial technology solutions. It was launched in 2018 as a subsidiary of Opera Software, a Norwegian software development company.

Opay aims to revolutionize the way Nigerians make payments and access financial services by leveraging mobile technology.

Opay’s flagship product is its mobile payment platform, which allows users to make seamless and secure digital transactions.

Through the Opay app, users can transfer money, pay bills, recharge mobile airtime, purchase goods and services, and even order food or book rides.

The platform integrates various payment options, including bank transfers, card payments, and digital wallets, to provide convenience and accessibility to its users.

In addition to this, Opay has expanded its coasts to include other financial services. For instance, it introduced Opay Ride, a service similar to Uber, which allows users to book motorcycles and tricycles (popularly known as “okadas” and “kekes”) for transportation.

Opay also ventured into the provision of loans and microfinance services through its platform, allowing users to access quick and convenient financial assistance. Olu Akanmu is the president and CEO of Opay Nigeria.

8. Andela: $1 Billion US Dollars: Andela is a global technology company that specializes in training software developers and providing remote engineering teams to companies.

It was founded in 2014 and initially focused on recruiting and training developers in Africa, with its headquarters in Nigeria.

 Andela recruits talented individuals with a passion for technology and provides them with intensive training in software development.

The company has partnerships with prominent tech companies and organizations worldwide, allowing its developers to work on real-world projects while gaining valuable experience.

Andela was formed with the aim of bridging the technology talent gap and providing opportunities for African developers to work on global projects.

Commendably the company has also evolved its business model to focus more on providing fully remote engineering teams to clients rather than building its own internal teams.

This awesome tech recruiting company was founded by 6 amazing brains! Jeremy Johnson, Nadayar Enegesi, Brice Nkengsa, Ian Carnevale, Christina Sass, and our own Iyinoluwa Aboyeji! Interestingly, Iyinoluwa was once the Managing Director of Flutterwave before he resigned in October 2018. Andela Nigeria is located in EPIC Tower, No. 235, Ikorodu Road, Ilupeju, Lagos.

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9. Interswitch: $1 Billion+ US Dollar Valuation: Interswitch is a Nigerian technology company that provides payment and digital commerce solutions. This tech company founded some 21 years ago operates an extensive payment infrastructure and offers a range of payment solutions, including card processing, payment gateway services, and digital wallets.

Interswitch’s switching and processing platform ensures seamless and secure transactions between financial institutions, merchants, and consumers.

The company also offers value-added services such as fraud prevention and data analytics. Interswitch has expanded its offerings to include digital commerce solutions, enabling businesses to create and manage online marketplaces.

The company through her founder and CEO, Mitchelle Elegbe regularly collaborates with partners and has a pan-African presence, driving financial inclusion across the continent.

Interswitch prioritizes innovation and technology, investing in research and development to stay ahead in the industry.

With its head office in Lagos, Interswitch has played a significant role in advancing digital payments and commerce in Africa, empowering businesses and individuals in their financial transactions.

10. ORACLE Nigeria: Oracle Corporation is a multinational technology company based in the United States with billionaire Larry Ellison as Chief Technical Officer(CTO) and CEO.

While it operates globally, it has a presence in Nigeria, providing various technology solutions and services.

Oracle Nigeria focuses on delivering enterprise software, cloud computing services, and database management systems to businesses and organizations in the country.

Oracle’s offerings encompass a wide range of products and services, including database management systems, enterprise resource planning (ERP) software, customer relationship management (CRM) solutions, supply chain management tools, human capital management software, and cloud infrastructure services.

In Nigeria, Oracle serves customers across diverse industries, including finance, telecommunications, government, healthcare, manufacturing, and more.

Its solutions are designed to help businesses streamline operations, enhance productivity, and leverage data-driven insights to make informed decisions. Oracle Nigeria has its headquarters in Lagos and has Adebayo Sanni as its Managing Director.