On Thursday, January 9, 2025, LemFi, the fast-growing remittance startup, announced its expansion into Europe, covering Italy, France, and Spain. For Nigerians living in these countries, this means they can now send money home quickly and with zero fees!
Here’s how it works: LemFi has partnered with Modulr Finance, a payment provider well-established in the UK and Europe. Thanks to Modulr’s e-money license, LemFi can easily extend its services to more European countries in the future.
Why is this such a big deal? Remittances are a huge part of Nigeria’s economy, with the country ranking among the top 10 globally for receiving money from overseas. LemFi has been smart about focusing on both “send markets” (like Europe and North America) and “receive markets” (like Nigeria and other African nations).
Since launching in 2020, LemFi has been expanding rapidly. It started with Canada as its first send market and Nigeria as its first receive market. Now, the company operates in 10 African countries, including Ghana, Kenya, and Senegal. In 2023, LemFi even cracked the US market, processing an impressive $2 billion in remittances that year.
But LemFi isn’t stopping there. The company is now eyeing the Asian diaspora, targeting countries like India, China, and Pakistan—some of the largest recipients of remittances worldwide. To support this expansion, LemFi is bringing in experienced talent from companies like TerraPay and OPay.
And there’s more on the horizon! LemFi is planning to launch a card for its users in the US, UK, and Canada soon. With over a million users already and ambitious plans for the future, LemFi is making a big push to become a global leader in the remittance industry.
