Following its recent success as a licensed International Money Transfer Operator through its subsidiary, RightCard Payments Limited, authorised by the Central Bank of Nigeria, LemFi is excited to bring its innovative digital money transfer services to American customers.
The USA has long been a desirable destination for Africans, especially Nigerians seeking diverse living opportunities, as LemFi found out. Since 2015, Nigerian immigrants have comprised over 0.6% of the total foreign-born population in the US, making it one of the largest sources of African migration.
LemFi is a notable player in the African fintech landscape, experiencing growth and change with backing from venture capital partners such as Zrosk, Ventures Platform Fund, and Microtraction. This partnership has fuelled LemFi’s innovation and the global expansion of its international payments services.
The USA launch signifies a significant achievement in line with the shared objective of providing secure and accessible financial solutions. Kola Aina, a Partner at Ventures Platform Fund, underscores the role of Nigeria’s Diaspora remittances in addressing foreign exchange scarcity and maintaining the nation’s forex reserves. He expresses pride in LemFi’s effective execution and its empowerment of the African diaspora.
As the company sees it, with the US launch, LemFi grants individuals in the United States the chance to enjoy the convenience, speed, security, and affordability that the company provides, making money transfers to friends and family back home effortless. LemFi's aim is to deliver secure, efficient, and economical money transfer services.
As an Electronic Money Institution (EMI) authorised by the UK’s Financial Conduct Authority (FCA) and a registered Money Service Business (MSB) with Canada’s Financial Transactions and Report Analysis Centre, LemFi upholds the highest financial compliance standards. In the US, LemFi operates as a Financial Technology company under the name Lemonade Two.
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