Nigerian fintech firm LemFi has partnered with Visa’s Cross-Border Solutions division in a strategic deal aimed at facilitating its global expansion into key markets such as China, India, and Pakistan. The partnership will leverage Visa’s prowess in cross-border transactions, enhancing LemFi’s capacity to serve its increasing number of users.
This deal follows in the footsteps of LemFi’s recent hire of Allen Qu, a seasoned industry professional and ex-COO of OPay, tasked with leading LemFi’s growth efforts in China.
This agreement fortifies the existing relationship between LemFi and Visa. To date, Visa has supplied debit and prepaid debit cards to over 250,000 LemFi users in the UK and the EMEA region. Visa will also continue to be LemFi’s preferred partner for e-payment and foreign exchange services.
LemFi, formerly known as Lemonade Finance, was established in 2020 by Ridwan Olalere. The company provides immigrants with a multi-currency account solution, enabling users to manage, transfer, and receive funds effortlessly between their home and host countries’ currencies. At present, LemFi facilitates money transfers to over 30 countries worldwide.
Ridwan Olalere, the founder of LemFi, commented on the partnership stating, “Our combined expertise and robust technology platform position us perfectly for international expansion… Visa’s established network, transparency, and scalability will be instrumental in extending our services globally.”
In August 2023, LemFi’s international growth ambitions were bolstered by its U.S. launch, a move supported by an International Money Transfer Operator (IMTO) license the company acquired via its subsidiary, RightCard Payment Services Limited, from the Central Bank of Nigeria.
Additionally, LemFi raised $33 million in funding in the same month to enhance its remittance services for immigrants. Later, in December 2023, the company allied with ClearBank, a UK-based clearing and agency banking platform, aiming to offer improved international payment services for immigrant communities across North America and Europe.
In February 2024, LemFi successfully recommenced operations in Ghana following a brief suspension prompted by regulatory clarifications from the Bank of Ghana.
With a solid partnership with Visa and a clear international expansion plan, LemFi is on a promising path to become a significant player in the international money transfer arena, providing seamless financial solutions to immigrants worldwide.
