News Formal

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

  • 📰 ITNewsAfrica
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 59%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 27. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FSS Ignites Future of Payments with BLAZE - IT News Africa | Business Technology, Telecoms and Startup NewsBlaze is an advanced payments technology platform designed to cater to the diverse needs of banks and financial institutions......
Source: ITNewsAfrica - 🏆 27. / 59 Read more »

TymeBank Joins PayShap Revolution - IT News Africa | Business Technology, Telecoms and Startup NewsIn an industry milestone, TymeBank introduces PayShap with zero fees for customers, setting a new standard for instant payment..
Source: ITNewsAfrica - 🏆 27. / 59 Read more »