LemFi partners with Visa to help facilitate cross-border transactions in India and China. LemFi, a fintech startup based in Nigeria, has recently inked a fresh agreement with Visa’s Cross-Border Solutions division.
This deal aims to broaden LemFi’s presence into additional international markets like China, India, and Pakistan, with the assistance of Visa Cross-Border Solutions in handling its cross-border transactions.
LemFi Partners With Visa
Following the hiring of Allen Qu, former COO of Opay, to spearhead its expansion in China, LemFi, a Nigerian fintech startup, has entered into a new partnership with Visa’s Cross-Border Solutions division.
This collaboration aims to facilitate LemFi’s expansion into global markets such as China, India, and Pakistan. With over 250,000 users in the UK and EMEA region gaining access to Visa debit and pre-paid debit cards through this partnership, LemFi has chosen Visa Cross-Border Solutions as its preferred provider of e-payments and foreign exchange services.
Additionally, LemFi will continue to support the remittance of funds for hundreds of thousands of UK-based citizens from various African countries.
What LmFi Offers
Established in 2020 by Ridwan Olalere, LemFi, formerly known as Lemonade Finance. The company offers immigrants a multi-currency account. Thus enabling them to manage, transfer, and receive money in both their home country’s and host country’s currencies. It facilitates money transfers to over 30 countries, providing convenience to its users.
Olalere emphasized the combined expertise and technology platform of LemFi, positioning it favorably for international expansion in the upcoming months and years. He highlighted Visa’s role in expediting market entry, ensuring transparency, and scaling operations, essential elements for LemFi’s global service extension.
LemFi International Money Transfer Operator (IMTO) License
In August 2023, LemFi launched its services in the United States after obtaining an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria through its subsidiary, RightCard Payment Services Limited.
The fintech platform also secured $33 million in funding in the same month to streamline remittance services for immigrants.
LemFi Partners with ClearBank
Furthermore, in December 2023, LemFi partnered with ClearBank. ClearBank is a UK-based clearing and agency banking platform. The aim of this partnership is to enhance international payment services for immigrants from emerging markets in North America and Europe.
Despite facing regulatory challenges, LemFi resumed operations in Ghana in February 2024, following a suspension of its services prompted by the Bank of Ghana’s declaration of its operations as illegal.
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