Payments will always be a big deal for many individuals and businesses in Nigeria. In fact, the World Bank ranks Nigeria as the largest remittance recipient in Sub-Saharan Africa and the sixth-largest among lower-middle-income countries. Despite this, making online payments to Nigeria can be quite a challenge. That is why, in recent times, many fintech players have emerged to provide innovative solutions that will facilitate payments and money transfers on various platforms in Nigeria. One such player and a Canadian based Techstars backed company, Korapay Technologies, launched its cross-border payment platform in 2019 to facilitate online money transfers from the United States to Nigeria. The service guarantees users of money transfer that are cheaper and faster than any platform of its kind.
Korapay aims to make the process of sending money online to Nigeria more seamless and to reduce the high cost of transferring money from abroad to Nigeria by introducing a super-fast, secure, and cheap payments platform.
“We believe that Africa is the new frontier of financial opportunity. Our mission is to serve all of Africa via one single API. Through doing this, we aim to create a seamless connection between Africa and the global financial system. Our initial focus is remittances (international money transfer) into Nigeria. Our regulation of remittance flow is key in assuring families and friends of Nigerian migrants receive the money sent to them with ease,” says Dickson Nsofor, Founder & CEO of Korapay Technologies.
As of 2019, Korapay was open to 12 states in the United States (Texas, Nevada, California, Pennsylvania, New York, Michigan, Illinois, Florida, Connecticut, New Jersey, & Massachusetts) and is still extending operations across the country. Any individual residing in any of these states can transfer money directly to bank accounts in Nigeria at cheaper rates and faster transaction speed.
The end-goal of the platform is to launch its services across the world to enable Nigerians in the diaspora to send money directly to the bank account of the folk at home irrespective of where they are.