As the wave of emigration from Nigeria, popularly known as the ‘japa’ movement, continues to grow, so does the demand for seamless cross-border payment solutions. From parents funding their children’s education abroad to migrants sending money back home to support family, the need for fast and reliable international money transfers is at an all-time high.
Beyond personal needs, Nigeria’s increasing participation in global trade, rising diaspora remittances, and the expansion of Nigerian businesses into international markets have fueled the demand for better cross-border payment options. Seeing this opportunity, many fintech companies have stepped in to provide innovative solutions.
To support intra-African trade, countries across the continent are also collaborating on initiatives like the Pan-African Payment and Settlement System (PAPSS), designed to make payments between African nations quicker and more affordable. Though still being fine-tuned, PAPSS represents a major step toward reducing dependency on foreign currencies and improving regional financial integration.
Previously, high costs and limited accessibility were major barriers to cross-border payments. However, with fintech innovations now in play, international money transfers have become significantly more efficient and budget-friendly.
Here are some of the top platforms currently transforming the cross-border payments space in Nigeria:
Send by Flutterwave
Originally launched in 2021 and relaunched in August 2023, Send by Flutterwave enables users to transfer money to over 30 countries, including the US, UK, Egypt, Senegal, and various nations across Europe and Africa.
The service leverages Flutterwave’s global payment infrastructure to offer smooth remittance experiences. Exchange rates are updated daily and reflect current market values, ensuring transparency and accuracy for users.
Afriex
Designed with immigrants in mind, Afriex is a money transfer app that allows fast, free international transfers, particularly between Africa and countries like the US, UK, and Canada.
Users can send money to recipients in Nigeria, Ghana, Kenya, Uganda, and other countries. Funds can be deposited into local bank accounts, wallets, or mobile money platforms. While Afriex charges no fees for sending money, it applies charges on withdrawals. The daily transfer cap is $3,000.
Founded in 2019 by Tope Alabi and John Obirije, the app supports transfers via debit cards, bank accounts, or directly to other Afriex users.
LemFi (formerly Lemonade Finance)
LemFi is a digital financial service tailored for Africans living abroad. It provides users with dual accounts, one in their country of residence and one in their home country, for both personal and business use.
The app supports money transfers between more than 20 countries, including Canada, the US, the UK, Ghana, Nigeria, and Uganda, all with zero transfer fees. LemFi was founded in 2020 by Olalere Ridwan and Rian Cochran, and users can transfer up to £5,000 weekly (approximately $846 daily).
Africhange
Africhange simplifies money transfers between Africa and North America, primarily serving users in Canada, Nigeria, and Australia. The platform prides itself on quick transactions and competitive exchange rates.
Launched in December 2020 by David Ajala, Africhange plans to extend its reach to other countries and regions worldwide, aiming to become a global solution for cross-border remittances.
Payday
Payday is a remittance app focused on borderless financial services for Africans. Founded in July 2021 by Favour Ori and Dr. Rex Idaminabo, it’s widely recognized for offering virtual USD, GBP, and EUR accounts and cards.
The platform allows users to receive money, convert between currencies instantly, and shop online with ease. With its operations headquartered in Rwanda and presence in Canada, the US, and the UK, Payday offers fast and affordable financial transactions for users across the continent.
These platforms are revolutionizing the cross-border payments landscape in Nigeria by offering faster, cheaper, and more user-friendly options. As demand continues to grow, especially among the diaspora and digital entrepreneurs, these fintechs are set to play an even bigger role in Nigeria’s evolving financial ecosystem.
