Remittance startups in Africa are flourishing, as sub-Saharan Africa recorded an unprecedented $56 billion in remittances in 2024, continuing a trend of growth for the fourth year in a row. Firms such as LemFi and Nala have garnered substantial funding and broadened their activities, tackling the shortcomings in a market that has been primarily controlled by Western Union and MoneyGram. In July of last year, Nala secured $40 million in funding. Remittance-oriented startups are gaining advantages from the influx of migrants in Africa.
