Oneremit Tackles Cross-Border Payment Challenges in Africa

African firms are losing billions in cross-border payments due to high foreign-exchange spreads, slow correspondent banking processes, and complex compliance frameworks. For instance, a typical $20,000 payment can incur over N400,000 in hidden costs.

Delays in settlements strain vendor relationships, particularly in regions with foreign exchange volatility like Nigeria. To combat these challenges, Oneremit, a cross-border payment platform founded in 2024 by Hammed Afenifere, Olusola Carter, and Bolaji, has expanded its services to over 1,000 businesses, processing more than $200 million in outbound transactions.

Olusola Carter stated that existing payment infrastructures do not meet Africa's trade ambitions. Oneremit collaborates with traditional banks and international payment firms like OwlPay, TerraPay, and Blockradar to enhance transaction efficiency.

The platform operates under regulatory licenses in Canada, the United States, and Nigeria, with pending approvals in the United Kingdom and Ghana.