Lemfi’s deal with Visa boosts its global presence, enabling efficient cross-border payments and expanding financial services worldwide.
Lemfi, an emerging fintech startup, has recently inked a pivotal expansion deal with the global payment processing platform Visa, marking a significant stride in its quest for global reach. This strategic partnership leverages Visa’s robust cross-border solutions, propelling Lemfi into new international markets, including China, India, and Pakistan.
LemFi’s Cross-border Partnership
The collaboration is a testament to Lemfi’s commitment to facilitating seamless cross-border transactions, a vision now bolstered by Visa’s extensive network and technological prowess. With Visa’s support, Lemfi aims to enhance its services and offer a broader audience of efficient and cost-effective financial solutions.
Ridwan Olalere, CEO and Co-Founder of Lemfi expressed enthusiasm about the partnership, emphasizing the combined expertise and technology platform that positions Lemfi for international expansion. Visa’s speed-to-market, transparency, and scalability are crucial as Lemfi extends its services worldwide.
Visa Cross-Border Solutions, co-launched with Currencycloud, will continue as the preferred provider of e-payments and foreign exchange services for Lemfi, supporting the remittance of funds for hundreds of thousands of UK-based citizens from various African countries. This deal also entails Visa providing debit and prepaid debit cards to over 250,000 users in the UK and EMEA regions.
The partnership renewal follows Lemfi’s hiring of ex-Opay COO Allen Qu to spearhead its China expansion, indicating a strategic move to tap into one of the world’s largest markets. With over 14 years of professional experience, Allen has a track record of building multi-billion dollar companies in many countries. As the Chief Operating Officer at OPay, he led the company’s growth to Unicorn status. This move is aligned with the company’s mission to bridge financial divides and create a more inclusive economic ecosystem.
As Lemfi accelerates its global reach, the fintech landscape watches with anticipation. The company’s innovative approach to cross-border transactions sets a new benchmark for financial inclusivity and efficiency.
LemFi’s Operation Expansion in Nigeria, USA & Ghana.
In August 2023, the Nigerian fintech platform expanded into the United States after acquiring an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria via its RightCard Payment Services Limited subsidiary.
During the same period, the platform successfully raised $33 million to simplify the remittance process for immigrants.
Furthermore, in December 2023, the company partnered strategically with ClearBank, a UK-based clearing and agency banking platform. This alliance is designed to bolster agency banking services, thereby improving international payment options for immigrants in emerging markets across North America and Europe.
After a brief suspension of services in Ghana due to regulatory challenges, LemFi resumed its operations in the country in February 2024, two months after the Bank of Ghana had deemed its activities unauthorized.
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