Nigerian Fintech Platnova Hits 100K Users, Axes All Fees

In a market where most fintechs nickel and dime their users, one Lagos-based company just did the opposite.

Platnova, a Nigerian fintech celebrating its third anniversary, announced it's eliminating all naira transfer fees with no caps, no hidden charges, and no expiration date. The company has simultaneously grown to over 100,000 verified accounts transacting in 15 currencies across 50+ countries since launching in 2023.

Surviving three years as a Nigerian fintech is an achievement on its own. High inflation, regulatory complexity, and deep-pocketed competitors have claimed many startups. But Platnova CEO Benjamin Oyemolan isn't celebrating survival, he's celebrating a business model built on giving money back to users.

"Nigerians are already doing so much with so little," Oyemolan said. "We want to give them tools that save money and expand possibilities. Free transfers are not a promo for us, it's a principle."

The company has expanded well beyond basic money transfers. Users can now access multi-currency wallets, a Vault savings product offering 15.5% returns, virtual and physical debit cards, USD accounts for African users, bill payments, and even flight and hotel bookings.

Platnova is also targeting Nigerian small businesses with merchant API tools designed to solve cross-border payment headaches. Payment failures, currency mismatches, and settlement delays are routine problems for African businesses, and Platnova's regulatory standing across Nigeria, the UK, the US, Canada, and Rwanda positions it to help.

The Ripple Effect

When a fintech company eliminates fees permanently, it's not just one customer saving money. It's thousands of small business owners keeping more revenue, families sending support home without penalty, and students paying bills without watching their money disappear to charges.

The company gained recognition as Nigeria's Fastest-Growing Fintech Startup and reached the Startup World Cup Grand Finale in San Francisco. It opened a new Lagos headquarters this year and participated in over 10 major fintech events in 2024.

Platnova isn't disclosing revenue figures yet, but its over 100,000 app downloads and expanding infrastructure tell a story of steady, intentional growth. Year four's priorities are clear: deepen business products, expand in existing markets, and enter new ones.

Whether a young fintech can execute an ambitious roadmap at market speed remains to be seen, but three years of consistent building has earned Platnova the right to be taken seriously.