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LemFi's $33 Million Leap: Pioneering Zero-Cost Remittance for Nigerian Migrants Worldwide - IT News Africa | Business Technology, Telecoms and Startup News

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Nigerian immigrants abroad grapple with challenges in money transfers, stemming from high remittance fees, limited access to formal financial

services, and regulations. Often sending a significant part of their income back home, these immigrants seek affordable remittance solutions., the average cost of sending remittances to Sub-Saharan Africa, which includes Nigeria, is 6.25%.

Moreover, many migrants, especially in rural areas, lack access to formal financial channels, compelling reliance on costlier informal options, exacerbating difficulties in ensuring reliable transfers to their families. Lemfi, Nigerian Fintech, raised $33 million in a Series A funding round led by Left Lane Capital. The funding enables the company to simplify remittance payments for immigrants globally. Other investors included Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.

 

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