LemFi, an African online money transfer platform that offers free and fast international remittance service, has announced its expansion to Europe.
“LemFi is officially LIVE in Europe! Nigerians in Europe can now send money with LemFi,” the company told customers on Wednesday, January 8, 2025. “Your family and friends in Europe, especially Italy, France, and Spain, can now enjoy quick and direct transfers home at the best rates with zero transfer fees”.
LemFi’s European expansion is being facilitated through a collaboration with Modulr Finance B.V., an established embedded payments provider founded in 2015. Modular holds a European e-money issuer license from the Netherlands, enabling seamless operations across the European Economic Area (EA). This strategic partnership provides LemFi with the capability to launch in several European countries simultaneously, maximizing its reach and efficiency.
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According to a report by African Business, Africa is a major beneficiary of the sustained increase in the flow of migrant workers to rich countries in Europe and North America. African migrants who leave their country of origin in search of opportunities and work in richer countries like the UK, France, Germany, Canada, and the US regularly send money back home to loved ones.
These cross-border transfers referred to as remittances, have been growing in leaps and bounds over the past decade, underscoring the contribution of African migrants in the diaspora to their countries of origin.
LemFi’s recent expansion further seeks to enable African migrants to move money across Europe quickly and seamlessly, at the best rates with zero transfer fees.
Founded in 2020 by Ridwan Olalere and Rian Cochran, both former employees at Chinese-owned fintech company OPay, LemFi was launched to ease the process of sending and receiving money for immigrants. The platform enables users to send money to over 22 countries across the world.
In 2023, LemFi announced that its subsidiary, RightCard Payment Services Limited, has obtained an International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN). This enables the platform to work directly with banks, making money transfers to Nigeria smoother and more convenient. It also eliminated intermediaries, enabling fasting and a better experience for users.
LemFi is licensed as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA). Additionally, it is registered as a Money Service Business (MSB) by Canada’s Financial Transactions and Report Analysis Centre, and in the United States of America, it is registered as a Financial Technology company. These credentials underscore the company’s unwavering commitment to compliance and to offering users secure and reliable financial services to customers worldwide.
LemFi’s mission is to make life easier for people who migrate from their home countries to abroad, by providing borderless financial services that allow them to truly participate in the global economy wherever they are in the world.