Next Wave: Lemfi’s bet on immigrant credit shows where remittance fintechs are headed
- Lemfi becomes the first African fintech to offer credit to immigrants in the UK.
- Moniepoint, another major player, plans to develop a credit product for immigrants as part of its long-term roadmap.
- Lemfi's acquisition of Pillar enables it to offer credit cards to immigrants, helping them build credit histories.
Lemfi's strategy to integrate credit offerings into its services represents a significant evolution in the remittance industry, particularly for underserved immigrant populations. This approach not only enhances customer loyalty but also positions Lemfi as a leader in a competitive market. However, the challenge remains in building trust and data-driven credit assessments for immigrants, which could determine the success of this model.
