Exciting news in the financial industry: the Nigerian fintech company LemFi has announced a strategic expansion to include all emerging markets worldwide. Having originally offered remittance services for African migrants, the company now aims to cater to underbanked and unbanked populations globally.
After thriving in Africa, LemFi is turning its sights towards Latin America, Asia, and beyond. Overcoming regulatory challenges in Ghana last year opened more doors for the company’s expansion. They launched successfully in the U.S. and are now eyeing Asia for potential growth.
Not stopping at Asia, the company has a broad vision of becoming a dominant force in the global remittance market. Their success has been undeniably impressive, beginning with targeting Nigerian migrants in Canada and quickly growing to cover other African diaspora in Canada and the U.K. They even had a significant breakthrough in the UK market following the $2.5 million acquisition of RightCard in 2021.
The goal? By 2023, enable immigrants in Canada, the U.K., and Nigeria to send money to at least ten African countries.
LemFi targets global expansion to underserved markets
They gained initial popularity with multi-currency accounts for Nigerian migrants and have adapted their services over time to suit the needs of their expanding customer base.
Recently though, LemFi has also started focusing on migrants from Asian countries living in the U.S., U.K., and Canada. They’ve recognised comparable remittance patterns in these areas and hope to simplify the remittance process and cut costs. This not only benefits the migrant community but promises to boost the company’s customer base and revenue.
Overall, remittance forecasts, particularly for Africa and Asia, are looking positive. With a successful foothold in the U.S. — the world’s largest remittance market — LemFi aims to diversify its clientele and income streams. They plan to focus on easing money transfers from the U.S. to India, China, and Pakistan, despite the inherent challenges in compliance and fraud prevention.
LemFi’s expansion marks an exciting stage in the fintech sector. Their planned expansion into Asia poses promising growth opportunities. It’s a bold move that underscores their commitment to leveraging fintech to address the complexities of the global remittance market and provide services to the underserved.
