Nigeria’s cross-border payment sector is experiencing significant growth driven by innovative startups addressing the demand for seamless international transactions. The sector is poised to reach $290 trillion by 2030, with startups like Juicyway, Accrue, WeWire, Waza, Klasha, Vesti, and Flutterwave leading efforts to provide efficient and secure payment solutions. These companies enhance economic development and financial inclusion in the region.
The cross-border payment landscape in Nigeria is rapidly adapting, driven by innovative startups that meet the escalating need for seamless international transactions. According to the Fintech 2025+ report, transaction flows in this sector are anticipated to reach $290 trillion by 2030, spurred by growth in global e-commerce, workforce mobility, and advanced digital payment solutions. These startups aim to provide faster, cost-effective, and secure payment services that promote economic development and financial inclusion.
Several startups are significantly streamlining cross-border payments for Nigerians.
Juicyway is a prominent startup utilizing stablecoin technology, enabling users to send, receive, and manage payments globally through both fiat and cryptocurrencies. Founded in 2021, Juicyway has processed $1.3 billion across 25,000 transactions and has recently secured $3 million in pre-seed funding to further its mission.
Accrue is a cross-border infrastructure platform that recently raised $1.58 million in seed funding. Founded in 2021, Accrue initially focused on simplifying cryptocurrency investments but pivoted towards cross-border payment solutions, attracting over 200,000 users over the last three years.
WeWire facilitates local and international currency transactions for businesses. Launched in April 2022, WeWire addresses the need for dynamic payment solutions across currencies, achieving $210 million in transaction volume in its first year of operation.
Waza, established in January 2023, provides foreign exchange liquidity and a streamlined settlement infrastructure to address challenges faced by African businesses in global trade. Waza’s revenue model relies on foreign exchange spreads and transaction fees, and it recently introduced Lync, a banking product for managing multi-currency accounts.
Klasha aims to enhance cross-border B2B payment solutions linking Asia and Africa by offering virtual multi-currency accounts and competitive wire services. Founded in 2021, Klasha is licensed to operate in multiple countries and facilitates transactions for businesses in several regions.
Vesti serves as a migration fintech, enabling users to send and receive money abroad securely and efficiently. Founded in 2020, it employs artificial intelligence and blockchain technologies for safeguarding transactions. Vesti’s AI-powered component, Miai, offers personalized support for migrants.
Flutterwave stands as a leading payment gateway in Nigeria, facilitating seamless cross-border payments. Established in 2016, the platform has processed over 550 million transactions worth over $32 billion, serving over two million businesses across 34 African countries, while supporting more than 150 currencies.
In summary, the evolution of Nigeria’s cross-border payment landscape is propelled by startups that provide efficient and innovative solutions to meet the growing market demand. Companies such as Juicyway, Accrue, WeWire, Waza, Klasha, Vesti, and Flutterwave are leading the charge, addressing unique challenges faced by individuals and businesses in international transactions, thereby enhancing financial inclusion and economic growth. The potential growth in this sector is significant as the financial ecosystem continues to evolve.
Original Source: businessday.ng
