Nigeria’s Transfy Experiences Strong Early Adoption of Payments Infrastructure, Plans Continental Expansion

Transfy, a Nigerian fintech startup, has seen strong early adoption of its payment infrastructure, processing $15 million in its first year, and is planning continental expansion.

Transfy, based in Lagos, will launch a blockchain-powered financial services platform in April 2021, making it simple for individuals and businesses across Africa to send and receive money seamlessly, securely, and freely.

Users can quickly set up an account on the Transfy platform, submit their KYCs, and begin transacting. Moving money across Africa, according to Vincent Omulo, the startup’s co-founder and chief operations officer, is prohibitively expensive.

“Most money transfer companies focus on other corridors outside of Africa, such as origination of transactions from the United States, Canada, the United Kingdom, and the Middle East, among others.” There are very few companies that are committed to financially connecting Africa. “As a result, we came in to bridge this gap,” he explained.

Transfy, which was bootstrapped, processed $15 million in transactions in its first year of operation while spending no money on marketing, and is currently raising a seed round for future growth.

Omulo stated, “We are currently operational in Kenya, Nigeria, South Africa, Rwanda, Uganda, Zambia, Ghana, and Botswana.”

“We are rapidly expanding, and by the end of the second quarter, we will be present in 30 African countries.”