Nigeria’s cross-border fee panorama is quickly evolving, pushed by startups addressing the rising demand for seamless worldwide transactions.
Based on knowledge from the Fintech 2025+ report, cross-border fee flows are projected to achieve $290 trillion by 2030. This development is pushed by the rise of worldwide e-commerce, elevated workforce mobility throughout borders, and progressive digital fee options that make sending cash quicker, simpler, and extra clear.
Startups in Nigeria are tapping into this market to offer quicker, less expensive, and safe fee providers, thereby fostering financial development and monetary inclusion.
These funds may be made by way of banks, fintech, or blockchain and contain foreign money trade, laws, and intermediaries.
Listed here are some notable startups simplifying cross-border funds for Nigerians:
Juicyway
Juicyway, a fee startup utilizing stablecoin know-how allows people and companies to ship, obtain, and course of funds globally by way of fiat and cryptocurrencies. The agency has processed $1.3 billion throughout 25,000 transactions and 4,000 prospects in Nigeria, Canada, the USA, and the UK.
Based in 2021 by Ife Johnson and Justin Ziegler, the startup lately raised a $3 million pre-seed spherical led by P1 Ventures, with participation from Ventures Platform, Future Africa, Magic Fund, Andrew Alli, Gbenga Oyebode, Tunde Folawiyo, Microtraction, and others.
Accrue
Accrue, a Nigerian cross-border infrastructure platform that lately secured $1.58 million in seed funding to broaden its fee options throughout Africa.
Based in 2021 by Clinton Mbah, Adesuwa Omoruyi, and Zino Asamaige, Accrue’s preliminary mission was to simplify cryptocurrency and inventory investments for retail customers. Nevertheless, in response to the cryptocurrency market downturn in 2022, the corporate acknowledged a rising demand for environment friendly cross-border fee options inside Africa.
Accrue’s pivot in direction of cross-border funds has yielded exceptional success. Over the previous three years, the platform has attracted over 200,000 customers, facilitating safe and swift monetary transactions throughout the continent.
Learn additionally: Nigerian SMEs count on elevated income from digital funds, improvements
WeWire
WeWire empowers companies to pay and accumulate native and worldwide currencies. The platform facilitates sending and receiving cash from Nigeria, Ghana, and Kenya.
Eben Ghanney, founding father of WeWire, stated in a report that companies want a quick, dependable, and dynamic fee automobile for his or her multi-currency wants. In April 2022, WeWire was formally launched to resolve these cross-border fee issues.
The primary WeWire OTC desk was arrange in April 2021. Companies quickly started arriving with Cedis, Naira, and Kenyan Shillings, asking for worldwide funds to be made to the US, UK, China, and quite a few different nations for his or her import, manufacturing, know-how, and logistics operations. On the finish of its first 12 months of enterprise, the startup hit a transaction quantity of $210 million.
Waza
Launched in January 2023, Waza has positioned itself as a key participant in Africa’s burgeoning fintech panorama. The corporate’s platform facilitates international trade liquidity and gives a streamlined settlement infrastructure, addressing the complicated challenges that African companies face in international commerce.
Co-founded by Maxwell Obi, a veteran of the fintech business with earlier stints at Sendwave and Amplify, and Emmanuel Igbodudu, a former senior engineer at Revolut, Waza’s speedy development underscores the numerous demand for environment friendly cross-border fee options in Africa, the place companies typically battle with liquidity points and prolonged fee cycles.
The corporate’s income mannequin relies on international trade spreads and a transaction take charge of 0.75 p.c to 1 p.c.
Waza lately launched Lync, a banking product designed to assist companies handle multi-currency accounts and make worldwide funds
Klasha
Klasha focuses on offering seamless cross-border B2B fee options between Asia and Africa by way of its digital multi-currency accounts, assortment, payout APIs, and cross-border wire providers. It goals to handle the evolving wants of sending and receiving funds between Asian and African markets whereas delivering quick terminations in a mess of currencies at aggressive costs.
Based in 2021 by Jess Anuna, the startup is licensed to offer providers in a number of international locations, facilitating transactions for companies and customers throughout six African international locations, Canada, the UK, and the US.
Vesti
Vesti is a migration fintech firm that gives options that allow customers to ship and obtain cash overseas with real-time encryption. It makes use of synthetic intelligence and blockchain for safety.
Based in 2020 by two brothers Olusola and Abimbola Amusan, the corporate’s services assist folks discover new horizons globally and legally.
Vesti’s AI-powered copilot, Miai, is a key part of its complete providing, offering personalised help and steerage to immigrants all through their migration journey.
Flutterwave
Flutterwave, based by Olugbenga Agboola in 2016, is among the fee gateways in Nigeria and throughout Africa. It’s recognized for its strong platform that facilitates seamless cross-border funds.
It has processed over 550 million transactions totalling over $32 billion and has served over two million companies. The agency has in depth infrastructure throughout 34 African international locations, with Uganda lately becoming a member of the listing. It helps over 150 currencies and integrates with main international fee programs like PayPal, Alipay, and cell wallets.
