African Remittance Startups Surge as Inflows Hit Record $56B in 2024
- LemFi secured $53 million in funding and surpassed $1 billion in monthly transactions.
- Nala expanded operations to the Philippines and Pakistan, securing $40 million in funding.
- Sub-Saharan Africa is projected to receive $56 billion in remittances in 2024.
The rapid growth of remittance startups in Africa presents a significant opportunity for innovation in the financial sector. However, the persistent challenges of high fees and inefficiencies indicate that while the market is ripe for disruption, substantial work remains to be done to create a more streamlined and cost-effective remittance process.
