The landscape of cross-border payments in Nigeria is evolving rapidly due to innovative startups. With projections estimating cross-border payment flows to attract $290 trillion by 2030, companies such as Juicyway, Accrue, WeWire, Waza, Klasha, Vesti, and Flutterwave are leading the charge by providing secure and efficient payment solutions that foster economic growth and financial inclusion.
Nigeria’s cross-border payment sector is witnessing rapid expansion, spurred by innovative startups that cater to the growing need for seamless international transactions. The Fintech 2025+ report anticipates cross-border payment flows to reach $290 trillion by 2030, fueled by surging international e-commerce, increased workforce mobility, and advanced digital payment solutions making money transfers faster and more transparent. Startups in Nigeria are leveraging this trend to deliver efficient, cost-effective, and secure payment services that promote economic growth and enhance financial inclusion.
Several noteworthy startups are making significant strides in simplifying cross-border payments for Nigerians. Juicyway, founded in 2021 by Ife Johnson and Justin Ziegler, utilizes stablecoin technology to facilitate global payments through fiat and cryptocurrencies. With $1.3 billion processed over 25,000 transactions, the startup has garnered a strong customer base across various countries, including Nigeria, Canada, the USA, and the UK, recently raising $3 million in a pre-seed funding round.
Accrue, another key player, is an infrastructure platform that raised $1.58 million to enhance its payment solutions across Africa. Launched in 2021 by Clinton Mbah, Adesuwa Omoruyi, and Zino Asamaige, Accrue originally focused on simplifying cryptocurrency and stock investments. However, recognizing the increasing demand for cross-border payment solutions, the company successfully adapted its services, attracting over 200,000 users and facilitating efficient financial transactions across the continent.
WeWire offers businesses the capability to manage local and international currencies efficiently. Launched in April 2022 by Eben Ghanney, WeWire serves businesses that require reliable payment solutions for multi-currency needs. Having established its OTC desk in April 2021, the startup achieved a transaction volume of $210 million within its first year, helping businesses in Nigeria, Ghana, and Kenya with international payments.
Initiated in January 2023, Waza addresses challenges faced by African businesses in global trade by offering foreign exchange liquidity and streamlined settlement processes. Co-founded by fintech veterans Maxwell Obi and Emmanuel Igbodudu, Waza has quickly established itself within the fintech sphere, demonstrating the critical demand for efficient cross-border payment solutions. The company’s revenue model is based on foreign exchange spreads and transaction fees, alongside its new banking product, Lync, designed to assist businesses with multi-currency accounts.
Klasha, founded in 2021 by Jess Anuna, focuses on seamless B2B payment solutions between Asia and Africa through virtual multi-currency accounts and APIs. The company aims to streamline payment processes for businesses across six African countries and other global markets, addressing the need for fast and competitively priced services. Klasha’s innovative approach is set to significantly enhance the cross-border payment landscape.
Vesti is a migration fintech founded in 2020 by brothers Olusola and Abimbola Amusan. The company provides real-time encrypted solutions for sending and receiving money internationally, utilizing AI and blockchain for enhanced security. Its AI-powered copilot, Miai, provides personalized support to immigrants, enabling them to navigate their migration journeys more effectively.
Finally, Flutterwave, established in 2016 by Olugbenga Agboola, is one of Africa’s leading payment gateways. It facilitates seamless cross-border payments while boasting a robust infrastructure across 34 African countries. With over 550 million transactions processed and over $32 billion transacted, Flutterwave supports more than 150 currencies, integrating with major global payment systems to optimize payment processes for businesses.
In conclusion, Nigeria’s cross-border payment landscape is transforming, driven by innovative startups that are enhancing financial connectivity. Companies like Juicyway, Accrue, WeWire, Waza, Klasha, Vesti, and Flutterwave are leveraging technology to improve the efficiency, security, and cost-effectiveness of international transactions. Their collective efforts are contributing to economic growth and empowering businesses and individuals in Nigeria and beyond with advanced payment solutions.
Original Source: businessday.ng
