In its new report, ‘Decoding Cross-Border Payment Flows in Sub-Saharan Africa’, that was presented at the G20 summit on Cross Border Payments, dLocal and Access Partnership aggregated and anonymised over 665 million transactions across 14 Sub-Saharan African markets between November 2023 and March 2025.

South Africa represents 78 percent of the total transaction value on the dLocal platform across the region during this period.

Key South Africa findings:

Scale and growth: South Africa shows 125% average year-over-year growth in transaction value processed on the platform.

Payment mix: Debit and credit cards consistently dominate by value share, anchoring everyday online retail. Bank transfers and Buy Now, Pay Later (BNPL) have smaller shares but carry higher average ticket sizes.

Average transaction values: Card average transaction values declined modestly over the study period, consistent with the broadening use of the dLocal platform for more routine, lower-ticket online purchases.

Category mix: eCommerce represents the largest spending category, accounting for more than 80% of the value.

The dLocal platform also plays an important role in facilitating payments for Corporate Services & B2B SaaS (8.2%) and Transportation & Mobility (8.6%).

Merchant breadth: Activity spans 44 unique merchants, indicating a diversified retail footprint.

The report’s authors, Pedro Arnt, dLocal CEO, Pardon Mujakachi, vice president-operations (EMEA), Matthew Sharp (PhD), and Samantha Torrance (PhD), Access Partnership, note that these high-frequency signals can help guide policy and product choices.

For example, the data suggests that consumer protections and disclosures could be matched to the specific payment method and the size of the purchase.

The analysis also notes clear seasonal spikes in e-commerce that businesses can use to plan checkout options, fraud controls, and capacity.

Barrie Swart, South Africa Country Manager at dLocal, said:

“This report reinforces that South Africa is Sub-Saharan Africa’s powerhouse for cross-border eCommerce. As we host the G20 Leaders’ Summit, we have a unique opportunity to lead by example – championing clear, consultative, and evidence-based policymaking that reflects the real needs of consumers and businesses across the continent.”

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Entering a saturated but profitable space in the UK–Nigeria money transfer corridor, Moniepoint is expanding internationally, working to solve real problems rather than building just another app promising “faster, cheaper” transfers.

For years, Moniepoint focused on digitising payments for Nigeria’s wide network of small businesses. Now, it wants to be the go-to bank for immigrants who straddle two continents.

In 2024 alone, Nigerians abroad sent home nearly $21 billion. About half of that came from the UK. That’s not small money. That’s why Moniepoint has chosen to start here.

At first glance, MonieWorld might seem like just another company among giants — Send, LemFi, NALA, Taptap Send — all fighting for attention from migrants eager to send money home. But there’s a bigger play at hand. “We’re not trying to be a remittance app,” said Tosin Eniolorunda, Moniepoint’s founder and CEO. “We’re building a proper immigrant banking platform.”

He’s not wrong to think bigger. New migrants need more than just a channel to send money back home. They need banking services that understand where they’re coming from — literally and culturally. They need help settling, saving, building credit, and navigating life in a new system that usually doesn’t see them.

There’s a challenge, of course. The market is crowded and competitive. Many of the popular apps today have strong networks and loyal users. People don’t switch financial tools on a whim — especially when word of mouth carries weight in immigrant communities. Moniepoint isn’t naïve to that.

“We’re not trying to say we’re here to be the cheapest,” Eniolorunda admits. “But because we already have an existing technology, processing rails, and have achieved economies of scale in many places, it’s a means that we can afford to be cheaper for our customers.”

So what’s different? For one, Moniepoint owns its infrastructure. It processes over a billion transactions monthly in Nigeria alone. It has the rails, the licenses, the experience. That end-to-end control is something many rivals can’t claim.

The app, MonieWorld, is already live on the App Store and Google Play. Transfers take seconds. There are no fees. Exchange rates are competitive and adjusted throughout the day. You can pay using bank transfers, cards, Apple Pay, or Google Pay.

MonieWorld is launching from London under Moniepoint GB — the company’s first real move outside Africa. But this is just the beginning. According to Eniolorunda, more corridors will follow. “The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market,” he said.

“Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.”

The remittance business is known for razor-thin margins and fierce competition. But Moniepoint has never shied away from crowded spaces. When it entered agency banking in 2019, it was considered late. Now, it dominates. Maybe history is about to repeat itself.

As for the future? We don’t have all the details yet, but Moniepoint is hinting at credit-building tools and broader financial services for immigrants. If they pull that off — if they manage to be more than just a transfer app — they might just change the game again.

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XLink Communications is tackling this issue with the launch of XLink Send, an innovative cross-border payment solution designed to make remittances more accessible, affordable, and efficient for millions.

High transaction fees and cumbersome processes have long hindered financial transactions, making it difficult for individuals and businesses to access essential financial services. 

XLink Send aims to eliminate these issues by simplifying cross-border payments through strategic partnerships with financial institutions, telecom providers, retailers, and fintech firms. 

The platform enables users to send money seamlessly to bank accounts, mobile wallets, or cash pickup locations, significantly reducing costs and transaction time.

The launch of XLink Send comes at an important time when remittances help in sustaining households and boosting local economies. 

With the simplification of payment processes and cutting transaction fees, XLinkXLink is going beyond enhancing the efficiency of remittance flows to also empowering individuals and businesses to thrive in Africa’s evolving financial sector.

Key Features of XLink Send:

• Lower Transaction Fees – By reducing the cost of remittances, XLink ensures that more funds reach recipients, directly improving the financial well-being of families.
• Multi-Platform Accessibility – Users can transact effortlessly through popular platforms such as WhatsApp, mobile applications, and APIs, catering to diverse technological preferences and access levels.
• Enhanced Regulatory Compliance – A robust Know Your Customer (KYC) system ensures thorough customer verification, maintaining adherence to financial regulations while strengthening trust in the system.

In leveraging cutting-edge technology and strategic collaborations, XLink is ensuring XLink Send bolsters Africa’s cross-border payments space—driving financial inclusion and economic growth across the region.

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The funding round was led by QED Investors, a fintech venture capital firm, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This latest investment brings Raenest’s total funding to $14.3 million.

Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors, spoke about the firm’s assertiveness in Raenest’s vision, stating, “We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers, and businesses, ultimately driving greater economic empowerment across the continent.”

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially launched as an Employer of Record (EOR) to help foreign companies legally hire and pay African employees. However, the founders soon realised that the greater challenge was not just facilitating payments for companies but ensuring that individuals could receive their earnings seamlessly.

This led to the creation of Geegpay, a platform designed for freelancers and remote workers, allowing them to open virtual USD, GBP, and EUR accounts to receive international payments with ease. The platform quickly gained traction among African freelancers working with global clients through platforms such as Upwork, Fiverr, and Gusto.

Recognising a growing demand from businesses, Raenest expanded its services in 2023 by launching Raenest for Business, enabling companies to manage cross-border transactions efficiently. Today, more than 700,000 individuals and over 300 businesses rely on the platform for global payments, invoicing, and multi-currency management.

Raenest operates in a highly competitive fintech space, with rivals like Afriex, Cleva, Grey, Verto, and Leatherback offering similar multi-currency solutions. However, CEO Victor Alade believes Raenest’s dual approach—attending to both individuals and businesses—gives it a unique advantage.

“A U.S. company might not care if a payment is delayed by five days. But for someone in Nigeria or Kenya, that’s a big deal—especially when converting to local currency becomes another hurdle,” Alade explained.

Since its inception, Raenest has processed over $1 billion in transaction volume, a 160% growth between 2023 and 2024. Companies like Moniepoint, Helium Health, Fez Delivery, and Matta use Raenest to facilitate international transactions, raising capital, and paying global suppliers.

Currently operating in Nigeria with a money transfer license, Raenest plans to expand into Egypt, Ghana, Kenya, and the United States as part of its next growth phase. The company is also strengthening its banking partnerships in the U.S. and U.K. to provide better financial services for Africans at home and in the diaspora.

Beyond cross-border payments, Raenest aims to create a broader financial ecosystem that helps Africans earn, invest and grow their wealth globally. As part of this vision, the company is working on new product offerings and consolidating its services under a single brand, Raenest.

The post Raenest Secures $11 Million Series A Funding to Expand Cross-Border Payments in Africa appeared first on Tech | Business | Economy.

• Near-real-time funds delivery to over 60 countries, powered by Mastercard, now available through Fidelity Bank branches and digital platforms.
• Collaboration aims to bring a fast, reliable, and cost-effective cross-border payment solution to individuals and businesses in Nigeria.

Fidelity Bank Plc, a financial institution in Nigeria and Mastercard have collaborated to launch Fidelity Send, a new initiative to enhance cross-border payments and remittances in Nigeria.

The collaboration leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, driving financial inclusion in the country.

The new solution utilizes Mastercard Cross Border Services—a leading money transfer platform that allows participating banks to use the global Mastercard network to send money safely and securely to beneficiary bank accounts across the world.

Individuals and businesses using Fidelity Bank branches and digital platforms now have access to near-real-time funds delivery to over 60 countries.

Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9% in 2023 to $54 billion, with Nigeria accounting for 38% of the flows.

In 2024, remittance flows to the region are projected to increase by 2.5%, presenting significant opportunities for businesses to expand their services and tap into the growing market of financial transactions across borders. However, limited banking infrastructure, high fees, and long processing times hinder adoption.

This collaboration aims to address these challenges by providing a faster, more reliable, cost-effective, and transparent solution with lower fees, no landing fees, wider management options, and guaranteed funds delivery—aligning perfectly with the evolving needs of customers.

Osita Ede, Divisional Head, Product Development at Fidelity Bank Plc, said: 

“Our collaboration with Mastercard to introduce Fidelity Send demonstrates our commitment to meeting our customers’ business and lifestyle needs through carefully designed products and services. We are pleased to offer our valued customers a quick and seamless means of receiving or transferring funds globally via a range of service touchpoints.”

Fidelity Send is designed to bridge the gap in cross-border payments by providing the Fidelity Bank’s growing customer base with an enhanced banking experience. This solution also addresses the key challenge of managing foreign currency fluctuations during international money transfers.

Folasade Femi-Lawal, country manager, West Africa, Mastercard, said:

“We are honored to collaborate with Fidelity Bank to introduce innovative solutions that offer greater choice, security, and flexibility to individuals and businesses in Nigeria.  Through advancements in payment technology, we aim to empower people and enhance financial inclusion for millions in underserved communities.”

In recent years, Mastercard has amplified its efforts to facilitate better access to cross-border payments in Nigeria and across the continent, in line with its commitment to bringing one billion individuals into the digital economy by 2025.

This collaboration with Fidelity Bank strengthens this initiative and enables both parties to connect and power an inclusive digital economy that benefits everyone, everywhere.

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