Nigerian Technology Startups Are Creating Most Exciting Brands In Africa
Nigerian technology startups are creating Africa's most exciting brands, dominating the top 20 challenger brands
The Top 10 of the Top 20 brands are dominated by Nigerian startups, with only one from Uganda. They include the following:
Cowrywise
Cowrywise is a fintech company based in Nigeria that was founded in 2017 by Razaq Ahmed (CEO) and Edward Popoola (CTO). Since the startup's inception, it has attempted to personalize all of its communications through the now-famous 'Ope from Cowrywise' persona.
Cowrywise has made a concerted effort to position itself as a people-centric company. This strategy begins on the inside, by exposing the company's culture and elevating its employees to "public figures" while championing their users' stories. The brand's level of investment is evident through its customized use of various digital platforms, as well as a consistent personality and carefully curated visual identity that comes to life across social media, the web, and its mobile application.
Cowrywise earned a score of 29.5 for ingenious storytelling, a score of 34 for brand tribe, and a score of 30.5 for brand experience, totaling 94 to earn the top spot on the list.
Flutterwave
Flutterwave was founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji with the simple yet lofty mission of transforming payments in Africa and the rest of the world. The Nigerian fintech has remained true to this mission and is now one of the continent's most successful fintechs. Flutterwave is the list's sole unicorn.
Apart from its business, Flutterwave, one of Forbes' Top 100 Most Influential Companies, has invested heavily in building a strong brand. According to the report, the fintech has earned a reputation for not only its engineering excellence in delivering on its promise of dependable payment solutions for businesses, but also for its commitment to social development.
Flutterwave ranked second on the list with a score of 30 for ingenious storytelling, 34 for brand tribe, and 28.5 for brand experience.
Helium Health
Helium Health is the first of two health technology startups to crack the list of the top ten, which is dominated by fintechs. The health company was ranked third overall with a total score of 92.5 after earning 29 points for inventive storytelling, 34 points for brand tribe, and 29.5 points for brand experience.
Helium Health is gradually gaining public trust as it positions itself as a symbol of innovation for the sector's future by leveraging data and unique insights into the state of healthcare in Africa, while its founders facilitate conversations in the same direction.
Founded in 2016 by Adegoke Olubusi, Tito Ovia, and Dimeji Sofowora, all of whom were named to Forbes' 2019 list of the world's 30 under 30, the startup's solutions have been adopted by over 5,000 health professionals to manage over 165,000 patients on a monthly basis.
Eden Life Eden Life is a hospitality and general room service startup that alleviates the stress associated with household chores and catering, allowing individuals to focus on work and other important activities. Nadayar Enegesi (CEO), Prosper Otemuyiwa, and Silm Momoh founded the startup in 2019.
The Eden brand is constantly paying homage to a stress-free way of life—a new normal that is not nearly as expensive as one might assume. Across all brand touchpoints, the brand leverages the testimonials of its eagerly satisfied users as social proof to its advantage.
Eden Life amassed a total of 89.5 points, earning 29.5 for ingenious storytelling, 34 for brand tribe, and 26 for brand experience, to claim the fourth spot on the ranking.
Safeboda
Safeboda is the only non-Nigerian startup in the Top 10, as well as the only mobility/logistics company. Alastair Sussock (CEO), Maxime Dieudonne, and Ricky Rapa Thomson founded the Ugandan bike-hailing company in 2015.
Safeboda, which is renowned for its emphasis on user safety, has since expanded into West Africa's Kenya and Nigeria.
Safeboda has undoubtedly achieved success with its unique positioning centered on the well-being and safety of its riders and users, having completed over 35 million rides and claiming to own more than 80% of the market in Uganda and Nigeria.
The bike-hailing company earned 29 points for inventive storytelling, 36.5 points for brand tribe, and 23 points for brand experience, accumulating an overall score of 88.5 points and placing fifth.
Patricia
Patricia is a Nigerian fintech company that made a significant impact and impression on Nigerian youths by sponsoring the reality television show Big Brother Naija. However, as a result of the CBN's cryptocurrency prohibition, the startup relocated to Estonia.
Hanu Fejiro Agbodje, the platform's CEO, founded the technology-driven alternative payment platform in 2017. The fintech, which aims to reinvent traditional financial systems by developing new ways to transact, has processed more than $1.6 million in transactions.
Patricia earned a score of 28 for inventive storytelling, 33.5 for brand tribe, and 26 for brand experience, propelling her to the sixth position in the rankings.
Piggyvest
Given that Piggyvest is arguably one of the most digital and social technology companies in Nigeria today, many may wonder why the company did not rank higher on the list. Ayo Akinola, Joshua Chibueze, Odunayo Eweniyi, Nonso Eagle, and Somto Ifezue founded the startup in 2016 to provide users with a more convenient way to save and invest online.
Piggyvest has developed a brand that is firmly on the side of the people it serves through an incredibly engaging social media presence. Each month, it highlights the saving culture of a different Piggyvest saver, thereby growing its league of product evangelists who continue to spread the word about how Piggyvest has aided them in achieving their goals.
The fintech earned a score of 24.5 for inventive storytelling, 33 for brand tribe, and 30 for brand experience, totaling 87.5 points to claim the No. 7 spot.
Paystack
Paystack, without a doubt one of Africa's largest fintechs, provides modern online and offline payment services to users across the continent. It was founded in 2015 by Shola Akinlade (CEO) and Ezra Olubi (CTO), and was acquired by Stripe in 2020 for more than $200 million, one of the largest exits in the African technology space.
Paystack has built an enviable brand around its emphasis on talent and culture, easily becoming one of the continent's best and most sought-after startups to work for. The brand benefits significantly from positive customer feedback, which is unsurprising given the brand's outstanding customer service and active support for important causes such as EndSARS.
Paystack, which serves over 60,000 businesses and millions of individuals, received a score of 27.5 for ingenious storytelling, 28.5 for brand tribe, and 31 for brand experience, placing it eighth overall with 87 points.
Farmcrowdy
Farmcrowdy is the top agricultural technology company. Onyeka Akumah, Akindele Phillips, Tope Omotolani, Christopher Abiodun, Ifeanyi Anazodo, Sola Oyawale, Osazeeme Ndukwe, and Oluwakotanmi Ojo founded the startup in 2016 with the simple goal of empowering farmers through technology.
Despite the inherent risks and levels of insecurity inherent in agriculture as an investment field, FarmCrowdy has earned customers' trust – in terms of the security of their invested funds – by sharing stories about how they help farmers succeed and promote food production. Farmcrowdy has launched 'Shop with Uduak,' a free virtual shopper service designed to make online shopping easier for their customers and maintain business flow during Lagos' general lockdown.
Farmcrowdy is ranked ninth on the log with 87 points after earning 29 points for inventive storytelling, 33 points for brand tribe, and 25 points for brand experience.
Life Bank
Life Bank is the list's second health technology startup. Temie Giwa-Tubosun founded the startup in 2015 with the mission of saving lives through rapid access to blood supply. According to the startup, it has averted over 10,000 deaths in over 700 hospitals across Nigeria and Kenya.
Within five years, the brand has amassed an impressive collection of local and international accolades and awards. Mark Zuckerberg, the founder of Facebook, endorsed the brand as well, stating, "This is something that needs to exist." If she succeeds, she will establish a model that will have an impact on not just Lagos, not just Nigeria, but on countries throughout the world.”
Due to LifeBank's interaction with its customers, it earned a score of 29.5 for inventive storytelling, 30.5 for brand tribe, and 26.5 for user experience, putting it in tenth place with an overall score of 86.5.
Gokada, Fundall, Utiva, Bamboo, and Kuda Bank are among the other Nigerian technology startups on the Top 20 list. Sweepsouth from South Africa, Tanzania's Nala Money, Egypt's Swvl, Ghana's Bitsaka, and Uganda's Chipper Cash are the other five startups.
Nigeria accounts for 70% of the 20 tech startups, Uganda accounts for 10%, and South Africa, Ghana, Tanzania, and Egypt each account for 5%. Fintech is the most represented sector, accounting for 55% of the total. Transportation, health, and hospitality each receive 10%, while education, logistics, and agriculture each receive 5%.
Sweepsouth, a hospitality startup founded in 2013 in South Africa, is the list's oldest startup.
