Tech Startups Transforming Cross-Border Payments in Nigeria

Nigeria’s cross-border payment sector is evolving fast, driven by innovative startups. These companies are making it easier, cheaper, and safer to send money across borders. This is helping Nigeria’s economy grow and making financial services more inclusive.

Experts predict that by 2030, cross-border payments will reach $290 trillion globally. This growth is fueled by the increase in international online shopping, more people working across different countries, and new digital payment methods.

Here’s a look at some startups that are simplifying international payments for Nigerians:

Juicyway

Founded by Ife Johnson and Justin Ziegler in 2021, Juicyway uses stablecoin technology to help people and businesses around the world send and receive money. The startup has already handled $1.3 billion in payments and raised $3 million to grow further.

Accrue

Accrue started in 2021, aiming to make it easier to invest in cryptocurrencies and stocks. After the cryptocurrency market dropped in 2022, the company shifted to focus on improving cross-border payments in Africa. Accrue, founded by Clinton Mbah, Adesuwa Omoruyi, and Zino Asamaige, now serves over 200,000 users.

WeWire

Eben Ghanney launched WeWire in 2022 to meet the needs of businesses dealing with different currencies. The company quickly grew, handling $210 million in its first year. WeWire helps businesses make international payments easily.

Waza

Starting in January 2023, Waza became a key player in Africa’s financial tech scene. Founders Maxwell Obi and Emmanuel Igbodudu designed Waza to solve the problems African businesses face in global trade, like dealing with foreign currencies and long payment times.

Klasha

Jess Anuna started Klasha in 2021 to help businesses in Asia and Africa pay each other more easily. Klasha offers accounts that can handle multiple currencies, helping businesses send and receive money quickly across continents.