Concierge model yielded $20 million plus processing for Oneremit in the first half of 2025
OneRemit, a Nigerian fintech company founded by Hammed Afenifere, is making waves in the cross-border payment industry. Based in Lagos, OneRemit combines the personal touch of traditional banking with the efficiency of modern technology, offering a unique blend that addresses common trust and convenience challenges in African cross-border payments.
A Grassroots Start with a Personal Touch
The journey of OneRemit began in Ibadan, Nigeria, where Afenifere established connections and a customer base. In 2023, he and his co-founder formalized and scaled their trust-based approach, leading to the creation of OneRemit. Today, the company leverages a concierge model, personally engaging clients by walking into their offices and offering tailored services such as same-day settlements.
Technology at the Forefront
OneRemit effectively leverages technology to enhance its practical approach. At the core of their operations, stablecoins enable same-day settlements, offering a level of efficiency that traditional banking methods may not provide.
Focus on Trust and Service Quality
Despite the reliance on technology, OneRemit maintains a strong focus on human relationships. Approximately 70% of OneRemit's transactions still occur via over-the-counter (OTC) channels, reflecting the company's commitment to building and maintaining trust with its clients.
A Growing Presence in the Fintech Ecosystem
OneRemit's approach has enabled the company to process significant transaction volumes—for example, $20 million—while focusing on relationship management and service quality. This has helped OneRemit to distinguish itself from purely digital competitors. The company is also active in key fintech forums, such as the 2025 Canada-Africa Fintech Summit, highlighting its growing prominence in the African fintech ecosystem.
Expansion and Innovation
OneRemit aims to expand its currency options beyond the current six (USD, GBP, EUR, CNY, CAD, and AUD) by adding UAE dirhams, Moroccan dirhams, Brazilian real, and Indian rupees. The startup can collect Ghanaian cedis in exchange for any of the currencies it offers. OneRemit is also preparing to launch retail services alongside its B2B focus.
Regulatory Compliance and Reliability
OneRemit holds regulatory licenses as a registered MSB in Canada and the US, and has approval-in-principle for Nigeria's IMTO. The company's commitment to reliability is further cemented by their 24/7 support model, with team members across Nigerian and Canadian time zones ensuring assistance is always available. OneRemit is potentially pursuing licenses in the UK and Europe.
A Transparent Pricing Structure
OneRemit's pricing structure is designed for simplicity and transparency, with no hidden costs. The company's rates are the closest to mid-market compared to some competitors.
A Look into Nigeria's Global Trade
OneRemit's transaction patterns offer a fascinating glimpse into Nigeria's global trade. From medical equipment imports from Brazil and India, to fish imports from Norway, OneRemit's services play a crucial role in facilitating these transactions.
Pioneering Innovation in Nigeria's Foreign Exchange Market
Hammed Afenifere pioneered a system using LocalBitcoin to convert naira to Bitcoin, then to any desired currency, to tackle Nigeria's foreign exchange challenges. After refining this Bitcoin-based workaround for four years, Afenifere relocated to Europe for further studies and discovered similar hurdles in moving money across borders. This experience further fueled his dedication to creating a reliable and efficient cross-border payment solution.
In summary, OneRemit's history reflects a grassroots start with a unique blend of trusted, personalized banking service and modern payment technology, positioning it as a notable player in Africa’s cross-border fintech space. The company's concierge approach, focus on trust and service quality, and commitment to innovation make it a compelling choice for businesses and individuals seeking reliable cross-border payment solutions.
OneRemit, a Nigerian fintech company, combines the personal touch of traditional banking with the efficiency of modern technology to address common trust and convenience challenges in African cross-border payments. In its operations, OneRemit leverages technology, such as stablecoins for same-day settlements, to enhance its practical approach in the business sector.
