In a bid to accelerate its international presence, Nigerian fintech startup LemFi has partnered with Visa’s cross-border payments division, Visa Cross-Border Solutions.
This strategic collaboration aims to propel LemFi into new markets, with a particular emphasis on the economic powerhouses of China, Pakistan and India. The deal also comes after LemFI hired ex-Opay COO Allen Qu to lead China expansion.
Drawing on the complementary strengths of both entities, this partnership is poised to yield significant benefits.
LemFi, renowned for its diverse range of currency accounts and efficient international money transfer services, stands to gain access to Visa’s expansive global network and cross-border transaction expertise.
The deal will be pivotal as LemFi ventures into Asians key markets including Pakistan, China and India.
The symbiotic relationship extends advantages to Visa as well. By aligning with LemFi, Visa can tap into the remittance channels served by LemFi, potentially accessing new customer demographics.
Furthermore, Visa will emerge as LemFi’s primary partner for cross-border transactions within these burgeoning markets. For LemFi, this deal marks a pivotal stride towards its global aspirations.
CEO Ridwan Olalere underscores the significance of the partnership, positioning LemFi for robust international expansion. Leveraging Visa’s established network and streamlined processes is expected to play a pivotal role in driving this growth trajectory.
While the direct impact on users remains to be witnessed, this collaboration holds promise for expediting, securing, and possibly reducing costs associated with cross-border money transfers, particularly for individuals transacting with China and India.”
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