Nigeria’s cross-border payment sector is rapidly evolving through various startups that provide innovative solutions to international payment challenges. With predictions of $290 trillion in payment flows by 2030, these startups aim to facilitate secure, efficient, and cost-effective transactions. Key players include Juicyway, Accrue, WeWire, Waza, Klasha, Vesti, and Flutterwave, each contributing significantly to this burgeoning market.
The landscape of cross-border payments in Nigeria is undergoing significant transformation, largely due to innovative startups that are meeting the increasing demand for international transactions. According to data from the Fintech 2025+ report, projections indicate that cross-border payment flows will reach a staggering $290 trillion by 2030. This growth is fueled by the rise of global e-commerce, enhanced workforce mobility, and advanced digital payment solutions that facilitate quicker, easier, and more transparent transactions.
Startups across Nigeria are seizing this opportunity to deliver more efficient, secure, and affordable payment solutions, thereby promoting economic prosperity and financial inclusion. Cross-border payments can be executed through various channels including banks, fintech platforms, or blockchain technologies, each subject to different regulations, currency exchanges, and intermediaries.
Several startups are emerging as pivotal players in simplifying cross-border payments for Nigerians.
Juicyway is a notable startup that utilizes stablecoin technology to enable individuals and businesses to send, receive, and process payments globally using both fiat and cryptocurrencies. Since its inception in 2021, Juicyway has processed over $1.3 billion across approximately 25,000 transactions. Recently, it secured $3 million in pre-seed funding.
Accrue is another Nigerian startup, which recently raised $1.58 million in seed funding to enhance its payment services across Africa. Founded in 2021, Accrue originally focused on simplifying cryptocurrency and stock investments but has since pivoted towards addressing the demand for efficient cross-border payments, attracting over 200,000 users in the process.
WeWire is a platform facilitating local and international payments, officially launched in April 2022. The founder, Eben Ghanney, identified the need for businesses to have fast and reliable payment solutions for their multi-currency transactions, and WeWire quickly amassed a transaction volume of $210 million within its first year.
Waza, launched in January 2023, seeks to address liquidity challenges faced by African businesses in global trade. With a focus on providing foreign exchange liquidity and streamlined settlement infrastructure, Waza has established a transaction fee model that ensures both efficiency and feasibility for its users.
Klasha specializes in delivering cross-border B2B payment solutions between Africa and Asia. Founded in 2021 by Jess Anuna, Klasha’s services enhance the transaction experience for businesses amidst evolving currency and payment requirements across continents.
Vesti, established in 2020 by siblings Olusola and Abimbola Amusan, is a migration-focused fintech offering secure international money transfer services. Utilizing AI and blockchain for security, Vesti assists users throughout their migration journeys with its AI-powered copilot.
Flutterwave, launched in 2016 by Olugbenga Agboola, is a key player in the payment gateway sector in Nigeria and Africa at large. It has facilitated over 550 million transactions worth $32 billion, establishing extensive infrastructure in 34 African countries and integrating with major payment systems globally.
In conclusion, Nigeria’s startups are at the forefront of transforming the cross-border payments landscape, with each entity addressing unique challenges in international financial transactions. As projected growth in payment flows continues to rise, these startups are poised to play critical roles in fostering economic growth and financial inclusion. Through innovative and efficient solutions, they are catering to the crucial needs of both businesses and consumers in this dynamic environment.
Original Source: businessday.ng
