The deal allows ShipAfrica to plug into Unlimit’s payment network, giving customers access to a wide range of local and international payment options. 

The integration is already live in several countries. Users in Kenya can now complete transactions through Pesalink, M-Pesa, and Airtel Money. 

Tanzania has added M-Pesa, Airtel Money, and Mixx, while ShipAfrica customers in Nigeria can pay via bank transfers and cards. Major global card schemes will also be enabled in additional markets.

ShipAfrica’s platform connects African sellers and shoppers with overseas destinations and offers delivery services for individuals and businesses. The company expects the new payment channels to reduce failed transactions and improve access for users who rely on domestic payment systems. 

“Enabling cross-border operations is at the heart of Unlimit’s mission. By integrating Unlimit’s payment platform, we are enabling ShipAfrica to receive payments locally in the markets where our customers are most active. 

“This eliminates the friction of international payment processing, reduces transaction costs, and improves access for consumers who prefer local payment methods,” explains Walter Isoko, CEO, at ShipAfrica.

Unlimit, which launched in 2009, provides payment processing, banking-as-a-service, and other financial services to clients operating across different regions. The company has offices in 17 locations, including London, Singapore, and São Paulo, and employs more than 700 staff.

Africa’s online retail market continues to expand, with revenue expected to reach $61.78 billion by 2030. Rising demand for digital payments has pushed logistics and financial service providers to improve settlement times, reduce operating costs, and support local payment behaviour across borders.

“Unlimit is deeply committed to supporting the new chapter of Africa’s e-commerce growth. Our partnership with ShipAfrica helps businesses scale by giving their customers access to familiar, reliable payment experiences across borders. 

“Together, we’re reducing operational costs, avoiding settlement delays, improving cash flow, and enabling merchants to tap into the full potential of Africa’s fast-growing e-commerce economy,” adds Irene Skrynova, Chief Customer Officer at Unlimit.

Both Unlimit and ShipAfrica say the partnership is aimed at easing trade across regions and supporting businesses that need faster, simpler international transactions.

This new feature is a big step forward in Unlimit’s mission to deliver faster, more secure, and frictionless payment solutions that drive growth for merchants.

The Click-to-Pay feature simplifies the checkout process by removing the need for shoppers to manually enter their card details.

Instead, customers, who are part of their card schemes’  Click-to-Pay programmes, can seamlessly verify their identity through an email or phone number, allowing their payment information to be automatically populated. 

This not only accelerates the transaction process but also reduces fraud, thanks to the tokenization of the customers’ data, and checkout abandonment – the latter being a major concern for merchants all over the globe. 

The enhanced security, combined with streamlined verification, is expected to improve transaction approval rates and minimise payment rejections, contributing to higher conversion rates for businesses.

“With Click-to-Pay, we are addressing a major friction point in the online payment journey, while also enhancing security and boosting merchant performance,” said Irene Skrynova, chief customer officer at Unlimit. 

“The innovative payment solution will enable us to provide increased convenience to consumers and empower merchants to maximise revenue while mitigating fraud risks.”

The launch of Click-to-Pay comes amid growing demand for faster, more efficient digital transactions, particularly in e-commerce, and is supported by major card schemes.

With Click-to-pay, Unlimit strengthens its existing offering and enables merchants to offer a seamless and secure checkout experience to customers around the world.

This strategic move addresses the unique financial landscape of the region, where a significant portion of the population still remains unbanked.

This integration will further Unlimit’s offering for Tanzanian businesses, with their solution enabling access to a comprehensive suite of national, regional and global payment methods. 

It will also provide merchants access to a vast new customer base of M-Pesa’s 60 million, Mixx by Yas’ 20 million and Airtel Money’s 41.5 million users, simplifying transactions and minimising customer churn, while helping to create a smoother and more inclusive payment experience.

Tanzania is quickly emerging as a regional digital payments hub, with the annual transaction value of its mobile money market now exceeding $80 billion.

This shift comes as cash payments become less common and total digital transaction volumes surge, with Unlimit recording a 76% increase between 2023 and 2024.

“Tanzania is one of the fastest-growing economies of the decade, and it’s now entering a new era of digital payments maturity,” said Irene Skrynova, Chief Customer Officer at Unlimit. 

“By continuously expanding our services and integrating dominant local payment methods, we ensure that both banked and unbanked users are fully supported. This positions us to seamlessly enable international brands to enter and scale in this thriving market, while empowering Tanzanian businesses to connect with their target audiences effortlessly.”

The expansion of Unlimit’s services in Tanzania follows their successful launch into the nation in Q2 2024, with the receipt of their Bank of Tanzania licence and the opening of a regional office. 

The integration of these mobile-money services expands Unlimit’s existing Tanzania offerings and underscores its commitment to supporting merchants with a wide range of payment options across Africa. 

These include local and international cards across Africa, such as Visa and Mastercard, and Verve in Nigeria; mobile money solutions such as M-Pesa and Airtel Money in East Africa; USSD payments in Nigeria; as well as bank transfers through all regional banks.

A 2023 report by Tradingeconomics shows that Nigeria is currently ranked 131 out of 190 countries in terms of ease of doing business. Ease of doing business is a measure that assesses how conducive an environment is for businesses to operate.

The long-term consequence of a challenging business environment is a mass exodus of manufacturing firms to other regions. Operating costs for businesses in our climate are rising day by day; firms that can’t keep up are forced to either halt production or pivot to other business models.

The recent devaluation of the Nigerian naira cum foreign exchange (windows) market unification by the Central Bank of Nigeria (CBN) had a significant effect on the balance sheets of most multinationals and local businesses.

FMCGs, telcos, report massive losses

The Fast-Moving Consumer Goods (FMCG) sector was the hardest hit by the recent reforms. Just recently, GlaxoSmithKline (GSK) announced its decision to end its 51-year presence in the country. It plans to adopt a third-party distribution model. They cited reasons such as a cost-of-living, crisis, rising OPEX, and a shrinking customer base.

Although, analysts said the exit shouldn’t be blamed on naira devaluation and the fuel subsidy removal alone, rather the parent company’s decision to pivot, but critics have argued that no business would exit an economy that is flourishing.

“Today, I was saddened to hear that GlaxoSmithKline (GSK) is exiting Nigeria after 51 years of operation. Their reason for leaving Nigeria is even more disheartening: they no longer perceive prospects for the country as a business environment that would be anchored on productivity. We have painfully come to that point in our nation’s journey where multinationals are leaving the country, and the local ones are closing down,” Peter Obi, one of the presidential candidates during Nigeria’s 2023 elections, twitted about GSK’s exit.

The count continues. Cadbury Nigeria Plc, in its recently published financials, declared a loss of 20.77 billion naira resulting from the exchange rate devaluation.

Meanwhile, Nestle posted a loss of over 49 billion naira arising from the devaluation as well. Guinness Nigeria Plc incurred losses amounting to 49 billion naira, citing the same reasons. A closer look at some of these firms reveals that they had foreign loans that had to be readjusted to reflect the new exchange rate.

Unilever Plc in the early part of the year announced its exit from some customer segments in a bid to prioritize business continuity measures. This meant it would cease the production of popular household brands like Omo, Sunlight, and Lux.

The telecommunication sector was not left out in this turmoil. MTN posted a whopping loss of 131.41 billion naira. Meanwhile, Airtel Nigeria Plc recorded an exchange rate loss of 471 million dollars.

To reverse the trend of the exodus of multinationals, Nigeria must look inward and block the fiscal leakages and loopholes in our system.

Economic reforms take time to bear dividends; we hope for the best.

Taiwo Oyedele speaks

Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms’ speech during the Committee’s inauguration by President Tinubu on August 8, 2023 speaks to this:

“We must be committed to establishing a conducive policy environment to attract global businesses and position our nation as a hub for research and development, technology, and innovation.”

He further stated: “The pathway for shaping the future begins with the choices we make today.”

He advocated the removal of Value Added Tax (VAT) on diesel as a measure to cushion the impact of high energy cost- a key cost item for manufacturing firms, and the cessation of payment of taxes in foreign currencies to stem the pressure on the naira.

Other economists share same view as they stressed current losses are only short-term as the long-term impact of government’s reforms will eventually become beneficial.

Writing on the subject, Trevor Goott, Director of Africa and India, Unlimit, expressed that FX Unification, for instance, will open the door of opportunity for Nigeria.

“The problems of access to dollars at the official rate were many. Appointments had to be booked in advance, a lot of paperwork was required, and the final decision would come weeks or even months later. If you were granted the rate, there was no guarantee that you would even be able to get the full amount requested.

…All of this is now in the past. The main entry barrier, and an obstacle to the Nigerian economy, has been removed. Now, there is one less issue for both businesses and people to deal with — which is encouraging for both Nigerian and foreign businesses who want to start, scale and grow companies in Nigeria” – Trevor Goott.

Experts believe the results of recent interventions by the government will lead to improved business climate in Nigeria.

But the question remains: When?

The Central Bank of Nigeria’s (“CBN”) announcement of “operational adjustments to the foreign exchange market” last week is, in my opinion, the single most important domestic economic decision Nigeria has made in recent years — one that will have a significant and advantageous impact on the Nigerian market and, as Africa’s largest economy, the region as a whole.

To recap, Nigeria has struggled for a long time with a physical shortage of USD to pay for imported goods and services.

In response to this shortage, the Nigerian Naira (“NGN”) should have become less expensive or lost value relative to the dollar, according to the fundamental principles of supply and demand.

However, to protect from deprecation, the CBN would set the official rate, rather than let it be determined by market forces. It was around NGN463 per USD the day before the announcement.

The reality was that there were no dollars available on demand at this rate and as a result, a parallel market opened up where people could source dollars.

The day before the announcement, that parallel rate was approximately NGN750 per USD — a 62% premium to the official rate. That was the price for liquidity and dollar availability, and an indication of where the true equilibrium between demand and supply should have been set.

The problems of access to dollars at the official rate were many. Appointments had to be booked in advance, a lot of paperwork was required, and the final decision would come weeks or even months later. If you were granted the rate, there was no guarantee that you would even be able to get the full amount requested.

This made it challenging for businesses in Nigeria to plan and forecast effectively.

Cause and Effect: Consequences of the premium

Up until the announcement last Wednesday, Nigerian Banks were only allowed to transact at the official rate meaning that customers needing cash, today, had to find other means of getting access to cash. Following the announcement banks are now free to set their own rate.

One of the unintended consequences of the USD shortage and the premium was that it drove many Nigerians to buy into cryptocurrencies to preserve their savings in a USD-quoted coin and to be able to use the crypto coins to make foreign payments – making Nigeria one of the top countries in the world for peer-to-peer crypto transactions.

However, the problem with this has been that many people have lost money, either from fraud or volatility in the crypto market.

The system was also vulnerable to abuse. People would attempt to obtain USD at NGN463 through forged paperwork and then resell it at NGN750 on the black market, and then carry on the process. Rinse and repeat.

Business Blocker: Losing out on foreign investment

The old model — and it feels great to say that — was a major blocker to doing business in Nigeria. Late last year, we saw Emirates Airlines suspend flights to Nigeria because it was unable to repatriate funds from ticket sales out of Nigeria.

The airline couldn’t make that exchange at the 62% premium price because the cost to do so was simply too high.

We’ve also seen this impact on foreign investors, who have had to weigh up the cost and consider whether the investment returns after the premium are worth the risk. The answer has often been “no”, leading Nigeria to lose out on Foreign Direct Investments that would bring much-needed USD cash. This left the country caught in a cycle that only ever led to further cash shortages.

In reality, the majority of Nigerians accepted the parallel rate and conducted their business at that rate rather than that set by the CBN.

Additionally, the pricing itself lacked transparency, with no publicly published or quoted cost, and people frequently paid the price.

The closest people could come to “price discovery” would be through unauthorized Nigerian websites that would survey various FX merchants to find out what their USD rate was on any given day.

As a foreigner travelling to Lagos for business, it was common to be accosted by dozens of street FX dealers as soon as you exited Murtala Muhammed International Airport, all seeking to exchange their stacks of Naira notes for Dollars, Pounds, or Euros.

Opening the door of opportunity

All of this is now in the past. The main entry barrier, and an obstacle to the Nigerian economy, has been removed. Now, there is one less issue for both businesses and people to deal with — which is encouraging for both Nigerian and foreign businesses who want to start, scale and grow companies in Nigeria.

Nigeria has a thriving and exciting startup scene. Following this announcement, I expect to see more interest from foreign investors who will be updating their FX assumptions in their investment models, and they will discover that more Nigerian businesses have now crossed the threshold from uninvestable to investible.

In my opinion, the door of opportunity has opened — Africa’s largest economy has just opened itself up for business, and the positive economic consequences for Nigeria will be evident for years to come.

Unlimit, the leading global fintech and payment solutions company, is thrilled to announce its entry into the Kenyan market and the receival of the Central Bank of Kenya license, marking a significant milestone in its ongoing expansion throughout Africa.

This strategic move follows Unlimit’s recent acquisition of the Central Bank of Nigeria license, solidifying the company’s official recognition as a reputable provider of payment solutions within the region.

As part of its strategic expansion, Unlimit is committed to delivering an unparalleled payment experience by integrating internationally acclaimed payment best practices, industry-leading security protocols, comprehensive merchant analytics, and a customer-friendly interface.

By offering diverse payment solutions, Unlimit will cater to the preferences and support the unique requirements of local enterprises in Kenya.

This milestone demonstrates Unlimit’s dedication to advancing the payment landscape in Africa and empowering businesses with cutting-edge payment solutions.

Trevor Goott, Director for Africa, and India at Unlimit, expressed immense enthusiasm about the company’s African expansion and its entry into the Kenyan market.

It gives me great pleasure to bring on board Kenya as our second African country, following the recent announcement of the awarding of our Nigerian license,” said Goott. “We are also pleased to add Kenya to our global portfolio for our foreign merchants seeking access to the Kenyan market. The high demand from our international merchants to establish local operations in Kenya has further motivated us to enter the market. Also, given its strategic location in East Africa, Kenya serves as an ideal hub for the expansion of our operations in the region.”

– Goott said.

Commenting on the expansion, Unlimit’s CEO, Kirill Evstratov, said:

“We have ambitious plans for Kenya and East Africa, and are looking forward to supporting local businesses on their expansion goals. For 14 years we have successfully been aiding companies worldwide to enter new markets and go beyond borders, strengthening their business outreach and expanding their customer base. Now, we are bringing those years of expertise to Africa. Our unwavering ambition is to establish ourselves as the benchmark in the payments processing industry, setting the standard for excellence and innovation, and allowing companies around the globe to go borderless with their payments. “

Over the last 15 years, Kenya has emerged as a leading force in the African payment ecosystem, gaining global recognition for its ground-breaking mobile money revolution.

This innovation has not only propelled Kenya’s economy forward but has also facilitated business expansion for numerous companies.

Leveraging mobile payment technology, Kenya has created a robust payment infrastructure that presents promising opportunities for domestic and foreign enterprises seeking to establish a presence there.

By expanding its operations to Kenya, Unlimit strengthens its position in the continent’s payment landscape as part of its mission to lead Africa’s payment evolution in the coming years.

…Global fintech Unlimint is changing its name to Unlimit in a bid to align the company’s brand with its new positioning and mission to deliver solutions that eliminate financial borders

Global fintech, Unlimint has announced a rebranding of its name to Unlimit, which will reflect the company’s new positioning, unify its product line, and highlight its mission to eliminate financial borders, enabling businesses to operate both locally and internationally with ease across Europe, the UK, LatAm, APAC, and Africa.

Unlimit was initially launched in 2009 with a focus on payment processing services. However, in its 14 years of existence, the company has never stopped expanding its capabilities and product offering, constantly implementing new solutions that answered the ever-changing demand of the market.

Today the company boasts one of the largest in-house developed payment infrastructures in the world, consisting of various financial services like payment processing, banking as a service (BaaS), and an on-ramp fiat solution for crypto, DeFi, and GameFi.

The new name is a strategic step in the company’s goal to unify its products and amplify its brand on a global spectrum.

The company’s BaaS solution will now be called Unlimit BaaS, while the on- and off-ramp solution for Web 3, GateFi, will be renamed to Unlimit Crypto.

It will also come with a new website and slogan of “borderless payments”.

The fintech is evolving alongside the industry to deliver new solutions that meet ever-changing users’ needs, and the new website reflects this by providing a holistic view of the company’s offerings with an interactive map and descriptions of payment methods per region to empower businesses across the globe to make educated decisions about their expansion plans.

Cross-border transactions have been growing consistently over the last few years and according to BCC Research, the market is projected to grow to $238.8 billion USD (£193,556 billion) by 2027, at a CAGR of 5.3 percent. Unlimit aims to give clients the freedom and flexibility to pay from anywhere, at any time, eliminating any limitations that may be keeping businesses from expanding.

Commenting on the new branding, Kirill Evstratov, founder, and CEO of Unlimit, said:

“As a company that has always moved alongside industry trends, we never stop perfecting our products and portfolio, and want our brand to reflect this. The change is a natural development for us because it highlights our mission and the end goal – the removal of any existing financial boundaries, that could prevent our customers from operating and growing both locally and globally, allowing them to “unlimit themselves and go beyond borders”. We are committed to our goal, committed to our customers, and will continue delivering cutting-edge solutions to accommodate this.”