Proposed US tax raises alarm for African remittance startups
A US bill proposes a 5% tax on remittances sent by non-citizens, affecting African fintech startups. The legislation requires money transfer operators to verify the immigration status of senders.
Reinvention in Business: Lessons from Sterling Bank’s Transformation
Sterling Bank underwent a complete transformation, restructuring its core banking model and embedding technology into operations. The bank embraced a digital-first approach in 2019, integrating fintech solutions to stay competitive.
Fintechs rush for FX transactions will only benefit customers and startups with scale
Nigerian fintechs are focusing on consumer-oriented cross-border transaction products due to the stability of dollar-based transactions. The Central Bank of Nigeria reported remittance inflows of $553 million in July 2024, marking a 130% increase from 2023.
Lemfi completes acquisition of Irish currency exchange Bureau Buttercrane; begins European march
Lemfi acquires Bureau Buttercrane for European expansion. Acquisition received regulatory approval from the Central Bank of Ireland.
Lemfi Secures $53M Series B Funding to Expand Into Europe and Launch Global Services
Lemfi secured $53 million in Series B funding. The startup plans to expand into Europe through the acquisition of a European company.
