Nigeria’s Transfy sees strong early use of payments infrastructure, plots speedy growth

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Nigerian fintech startup Transfy has seen strong early uptake of its payments infrastructure, processing US$15 million in its first year, and is planning continental expansion.

Launched in April 2021, the Lagos-based Transfy has developed a blockchain-powered financial services platform that makes it easy for individuals and businesses across Africa to seamlessly, securely, and freely send and receive money. 

Users are able to easily create an account on the Transfy platform, submit their KYCs, and start transacting. Vincent Omulo, the startup’s co-founder and chief operations officer, said moving money across Africa was too expensive. 

“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 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.

The bootstrapped Transfy processed US$15 million in transactions in its first year of operations, with zero marketing spend, and is currently raising a seed round for further growth.

“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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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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