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Inside LemFi’s play to be fintech to the Global South diaspora
Nigerian fintech LemFi started by banking in the African diaspora. Now it provides money transfer services to migrants from the Global South.
By the end of 2023, immigrants in these three countries could send money to 10 African destinations, including Nigeria, Kenya, Ghana, Senegal, Ivory Coast, Benin Republic, Cameroon, Tanzania, Rwanda, and Uganda. LemFi will rely on its regional hires and local expertise to attract users as it enters the Asian diaspora market, competing against established players like Zepz, Wise, Remitly, and Sendwave. “The markets we serve will continue to need millions of immigrants yearly, so we want to be one of the first products introduced to the African, Indian, Chinese, or Pakistani communities,” remarked Daniel, the company’s global expansion lead.
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