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Transfy in Nigeria sees early payment infrastructure adoption, forecasts rapid development

Transfy, a Nigerian fintech business, saw a significant early acceptance of its payment infrastructure, processing $15 million in its first year, and is now looking to expand throughout the continent.

Transfy, located in Lagos, has built a blockchain-powered financial services network that allows individuals and organisations across Africa to send and receive money seamlessly, securely, and freely.

On the Transfy platform, users may quickly register an account, submit their KYCs, and begin transacting. Moving money across Africa is too expensive, according to Vincent Omulo, the startup’s co-founder and chief operations officer.

“Most of the money remittance companies concentrate on other corridors outside of Africa like origination of transactions from the United States, Canada, United Kingdom, and the Middle East among others. There are very few companies, which are committed to connecting Africa financially. We, therefore, came in to bridge this gap,” he said.

Transfy is presently pursuing a seed round for additional expansion after processing $15 million in transactions in its first year of business with no marketing expense.

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

“We are rapidly expanding, and before the end of Q2, we will be present in 30 African countries.”

 

 

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