Global B2B payment platform Nilos has announced its strategic expansion into West Africa, specifically targeting the Ivory Coast, Senegal, Benin, and Togo. This move aligns with the company’s mission to simplify cross-border transactions by introducing instant payouts in the West African CFA franc (XOF) and integrating mobile money services, thereby enhancing accessibility for both businesses and individuals in the region.
Founded in 2021 by Raphael Fettaya and Eytan Messika, Nilos was established with the goal of streamlining financial operations for businesses that operate across multiple currencies. The platform offers a unified solution that enables businesses to manage both fiat and cryptocurrency payments seamlessly. In its first year, the startup successfully raised $5.2 million in funding, and in 2023, it launched new Virtual EU IBANs specifically designed for companies engaged in cryptocurrency transactions within Europe.
Nilos has been steadily expanding its footprint by providing multi-currency accounts, automated compliance tools, and integrations with traditional banks and fintech platforms. The company has been processing millions in deposits each month and collaborating with a diverse range of clients, from well-known brands like Warner to web3-native companies such as DappRadar.
As Nilos ventures into the African market, it aims to address the ongoing challenges associated with costly and slow cross-border payments. Many African businesses face hurdles such as high transaction fees, limited banking infrastructure, and currency volatility. Nilos seeks to alleviate these issues by offering a platform that circumvents many of the traditional inefficiencies. With its multi-currency accounts (EUR, GBP, USD) and the ability to make instant payouts in XOF and through mobile money, Nilos is poised to transform the speed and accessibility of payments across the region.
With this expansion, businesses in West Africa will now have the capability to top up their multi-currency accounts in EUR, GBP, and USD, execute instant payouts in XOF, and transfer funds via popular mobile money platforms. Nilos’s entry into the burgeoning payments market of Francophone Africa positions it in direct competition with established platforms such as Cauridor, HUB2, and Bizao.
As Africa’s digital economy continues to grow, innovative payment solutions like Nilos will play a crucial role in reducing trade barriers and facilitating smoother financial transactions across the continent. This expansion not only enhances Nilos’s service offerings but also contributes to the overall development of a more efficient and accessible financial ecosystem in West Africa.
