Firms partner to unlock $20.5bn remittance market

A Nigerian fintech start-up, Rendcore, has announced its strategic partnership with Safe Haven Microfinance Bank and Monirates to capture part of Nigeria’s annual remittance flow. The group said this in a statement signed by Rendcore’s chief executive officer, Gabriel Iruaga, on Monday in Lagos. The collaboration positions Rendcore to capture part of Nigeria’s $20.5 billion annual remittance inflows (World Bank, 2023) through its peer-to-peer foreign currency exchange, cross-border remittance, and tuition payment services. Mr Iruaga said Rendcore would benefit from the partnership by having a stronger regulatory backbone. He added that Safe Haven MFB would provide the compliance framework to strengthen Rendcore’s Foreign Exchange and payment operations. “On the global scale, Monirates, which processes over $150 million annually across Africa, Europe, and North America, offers Rendcore direct access to international corridors.
“On cost advantage, Rendcore’s P2P FX marketplace delivers exchange rates up to 15 per cent cheaper than traditional banks, helping users save significantly on transfers and tuition payments. The partnership enables Rendcore to aim for a tenfold increase in active users while supporting at least 10,000 tuition payment transactions for Nigerian students abroad within two years,” he said. Mr Iruaga noted that the partnership aligns Rendcore’s digital technology with the regulatory cover of Safe Haven MFB and the global rails of Monirates. According to him, the strategy focuses on removing barriers for Nigerians seeking affordable foreign exchange, secure remittance, and seamless tuition payment solutions.
“Nigerians lose billions yearly to high charges, poor FX access, and delays in cross-border payments. This partnership is a turning point. By combining our P2P technology with Safe Haven’s regulatory backing and Monirates’ international network, Rendcore is giving users a trusted channel to move money globally at lower cost,” Mr Iruaga said. With Nigeria remaining the largest recipient of remittances in sub-Saharan Africa, the collaboration is expected to significantly improve financial access for students, SMEs, and professionals. Rendcore is a fintech platform that offers peer-to-peer foreign currency exchange, cross-border remittances, and tuition payment services. Its mission is to make global payments transparent, inclusive, and affordable for Africans. Safe Haven Microfinance Bank is a Central Bank of Nigeria-licensed financial institution serving more than 50,000 SMEs and retail clients with innovative financial solutions. Monirates is an International Money Transfer Operator, regulated by the UK FCA and the CBN, processing over $150 million annually across global corridors.