Nigeria’s financial landscape is undergoing a significant transformation, thanks to a wave of innovative fintech startups revolutionizing cross-border payments. These companies are making international money transfers faster, more affordable, and more secure, helping businesses and individuals seamlessly send and receive funds across borders.
With global cross-border transactions projected to hit $290 trillion by 2030, Nigeria is positioning itself as a key player in this evolving ecosystem. From leveraging stablecoin technology to streamlining international trade payments, Nigerian startups are addressing critical financial challenges and driving economic inclusion.
In this article, we discuss the top 7 Nigerian fintech startups transforming cross-border payments in Nigeria and beyond.
Global Cross-border Payment Trends
The global cross-border payments market is on an upward trajectory. In 2023, the total value of these transactions was $190.1 trillion, and projections indicate a rise to $290.2 trillion by 2030. This surge is largely attributed to the expansion of consumer-initiated cross-border payments, driven by factors such as the growth of borderless e-commerce, increased cross-border trade, and the digitalization of payment systems across various industries.
7 Nigerian Fintech Startups Transforming Cross-border Payments in Nigeria
Several Nigerian startups are at the forefront of simplifying international payments:
1. Flutterwave
Flutterwave is a leading Nigerian fintech company that provides seamless and secure payment solutions. The app allows users to send money to over 150 countries with just a few clicks. Its integration with various global payment systems ensures competitive exchange rates and lower fees compared to traditional banks. Flutterwave also offers a virtual dollar card, making international transactions even more accessible.
2. Paystack
Another homegrown fintech giant, Paystack, offers cross-border payment services that are fast and reliable. Although primarily known for processing online payments for businesses, Paystack’s international payment feature allows Nigerians to send money to several countries effortlessly. The app’s user-friendly interface and transparent fee structure make it a popular choice for cross-border transactions.
3. Juicyway
Established in 2021 by Ife Johnson and Justin Ziegler, Juicyway leverages stablecoin technology to facilitate global money transfers for individuals and businesses. The company has processed $1.3 billion in payments and secured $3 million in funding to support further expansion.
4. Accrue
Launched in 2021 by Clinton Mbah, Adesuwa Omoruyi, and Zino Asamaige, Accrue initially focused on cryptocurrency and stock investments. Following a downturn in the cryptocurrency market in 2022, the company pivoted to enhance cross-border payment solutions in Africa and now serves over 200,000 users.
5. WeWire
Founded in 2022 by Eben Ghanney, WeWire addresses the challenges businesses face when dealing with multiple currencies. The company experienced rapid growth, handling $210 million in transactions in its inaugural year, and simplifies international payments for businesses.
6. Waza
Since its inception in January 2023 by Maxwell Obi and Emmanuel Igbodudu, Waza has become a significant player in Africa’s fintech sector. The platform addresses issues African businesses encounter in global trade, such as foreign currency dealings and lengthy payment processes.
7. Klasha
Founded in 2021 by Jess Anuna, Klasha facilitates smoother transactions between businesses in Asia and Africa. The company offers multi-currency accounts, enabling swift cross-continental money transfers.
Other notable Nigerian fintech startups
Beyond the aforementioned companies, other Nigerian fintech startups are making significant strides in the cross-border payments sector:
1. LemFi: This startup has captured 5% of Africa’s remittance inflows, showcasing its growing influence in the market.
2. Moniepoint: In October 2024, Moniepoint secured $110 million in funding from prominent investors, including Google. The company processes over 800 million transactions monthly, with a transaction value exceeding $17 billion, underscoring its substantial role in Nigeria’s fintech landscape.
Challenges and Opportunities
Despite the progress, challenges such as regulatory fragmentation, infrastructure deficits, and cybersecurity risks persist. However, the surge of cross-border payment firms in Africa presents opportunities for entrepreneurship and small and medium-sized enterprises (SMEs), fostering financial inclusion and economic development.
Nigerian fintech startups are playing a pivotal role in transforming the cross-border payment sector. Their innovative solutions are not only simplifying international transactions but also contributing to the broader economic growth and financial inclusion in the region.
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