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Remittance Startups Thrive in Africa Amid Record Inflows and Challenges
1452+ Words Refined into 7 Facts by AI • 1 source • 1h ago
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- Startups like LemFi raised $53 million after hitting $1 billion in transactions.
- Nala expanded to Philippines and Pakistan, raising $40 million.
- New firms challenge Western Union with faster, cheaper remittance services.
- High fees and inefficiencies persist in sending money, says Babacar Seck.
- Nigeria received an estimated $20 billion in remittances in 2024.
- World Bank reports record remittances to sub-Saharan Africa for four years.
- Innovation needed to reduce costs in the remittance sector.
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