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.
Visa-backed African unicorn Moniepoint tackles remittances. But is it late to the game?
Visa invested in Nigerian fintech Moniepoint, validating its status as a unicorn and signaling a new direction. Moniepoint launched MonieWorld, targeting the UK-Nigeria corridor for diaspora-focused financial services.
Fintech Companies Aim to Slash High Remittance Costs for Sub-Saharan Africa
In 2023, remittances to sub-Saharan Africa were valued at $54 billion. Remittances account for over a fifth of GDP in The Gambia, Lesotho, and Comoros.
Profitable Fincra believes Africa needs more cross-border startups
Fincra processed over $10 billion in transactions since 2023. The company raised $120,000 from Techstars in 2022.
