Nigeria’s cross-border payment sector is being revolutionized by innovative startups responding to the growing demand for seamless international transactions. These companies leverage technology to enhance payment efficiency, reduce costs, and foster financial inclusion, contributing to the country’s economic growth.
The landscape for cross-border payments in Nigeria is rapidly transforming, propelled by startups aiming to meet the surging demand for seamless international transactions. With projected flows expected to reach $290 trillion by 2030, driven by booming international e-commerce and workforce mobility, fintech innovations are making money transfers faster, easier, and more transparent. Testimonials reflect how these startups not only enhance financial inclusions but also stimulate economic growth by providing secure and cost-effective payment options.
Several Nigerian startups are at the forefront, streamlining cross-border payment processes:
Juicyway utilizes stablecoin technology to facilitate global transactions for individuals and businesses alike. Founded by Ife Johnson and Justin Ziegler in 2021, the startup has processed $1.3 billion in transactions across various nations and recently raised $3 million to expand its reach.
Accrue, founded by Clinton Mbah, Adesuwa Omoruyi, and Zino Asamaige, has pivoted from a cryptocurrency investment platform to a cross-border payment facilitator. With $1.58 million in seed funding, Accrue has attracted over 200,000 users in three years, offering efficient payment solutions across Africa.
WeWire allows businesses to handle payments in local and international currencies, serving Nigeria, Ghana, and Kenya. Co-founded by Eben Ghanney, WeWire achieved a transaction volume of $210 million in its first year, addressing the pressing need for a reliable payment platform for businesses engaging in international trade.
Waza, launched in January 2023, focuses on enhancing foreign exchange liquidity while tackling settlement complexities for African businesses. Co-founders Maxwell Obi and Emmanuel Igbodudu offer a revenue model based on transaction fees, and the recently launched Lync aids businesses in managing multi-currency accounts.
Klasha, founded by Jess Anuna in 2021, provides support for cross-border B2B payments across Asia and Africa. The startup offers flexible payments through various financing options, thereby facilitating seamless transactions between the two regions while serving clients in several countries.
Vesti, a migration fintech company established in 2020 by brothers Olusola and Abimbola Amusan, utilizes AI and blockchain technology to secure money transfers for users abroad. Vesti’s AI-driven assistant empowers immigrants with personalized migration support, ensuring their global endeavors can flourish.
Flutterwave, one of the leading payment gateways in Africa, was founded by Olugbenga Agboola in 2016. It boasts a robust platform that has processed over 550 million transactions worth more than $32 billion, catering to over two million businesses across 34 African countries while supporting diverse currencies and integration with major payment systems.
In summary, the Nigerian fintech sector is significantly enhancing the cross-border payment experience through innovative startups. With solutions tailored to meet international transaction demands, these companies not only provide rapid and secure payment facilitation but also contribute to broader economic development and financial inclusion in the region. As these startups continue to evolve and expand their offerings, they are likely to play a pivotal role in the future of cross-border commerce.
Original Source: businessday.ng
