RemX, the first multi-currency payment processing startup founded in 2020 is out of stealth mode. RemX Capital Ltd was created by Eghosa Nehikhare whose good work is evident across multiple establishments including the Africa Courier Express and Venture Garden Group, which was co-founded by Olufemi Olukunmi Demuren and Olubunmi Akinyemiju. The two Nigerian FinTech tycoons are also major shareholders and investment partners of RemX.
The idea for RemX came while its founder and director was at Africa Courier Express (ACE). ACE expressed challenges collecting payments in other African currencies and remitting Naira to Nigerian merchants. With the backing of the Venture Garden Group, the company devised techniques to resolve this issue that were never sufficient. It was obvious that there was a gap in inter-Africa payment. Eghosa Nehikhare, being a key figure in the establishment, was involved in developing payment processing solutions for African business owners to enjoy. But they were often temporary. The need for a viable solution was created. In 2020, Eghosa’s ideas for resolving this issue had matured and RemX was born. The company has hitherto been in stealth mode and is now ready for more responsibilities in the sector.
RemX Capital focuses on solving a single problem. Its mission is to solve cross-border currency challenges experienced by companies operating across the African continent. RemX’s typical customers are companies who are currently doing business in multiple African countries, who have a plan to expand across Africa, or who need a multi-currency payment processor. RemX doesn’t aid the government or politicians. Rather, it is a Business-to-Business company (B2B), and so its payment processing services are not offered to individual customers. As such, the company has a clearly defined clientele whose needs it sets out to meet across Africa.
Here’s how far RemX has gone since its inception.
In its first year of operation, RemX processed a total of $1.2 billion. In its second year, the company processed payments worth $943 million and during the first quarter of 2022, it had already processed $221 million. RemX payment processing amount for its first year was groundbreaking for any country in the industry.
In only two years of operation, RemX has seen a huge spike in growth. Starting off in West Africa, RemX has penetrated into East Africa with the Kenyan Market as a starting point. In every country where RemX is active, the company works in partnership with local banks. Two of these banks are UBA Bank and Equity Bank. The partnering banks hold the money for customers, ensuring ease of transaction and safety of funds.
Now that RemX is out of stealth mode, what does the future hold for RemX and its customers?
RemX’s goal is to eliminate the existing challenges presented by payment processing around Africa. RemX clients typically find making payments across Africa challenging. RemX is resolving these issues and with the growth already experienced, the future promises expansion to even more African countries. This allows for more African merchants to make payment easily thereby allowing them to focus on building their business instead of solving problems related to payments.
In the next couple of years, RemX will be expanding into other regions of Africa with Ghana and Tanzania top on the list. With this expansion comes partnerships with local banks making the entire payment process easier for businesses looking to use RemX.
RemX Capital will also be offering a complete white label of its capabilities and will provide these to other FinTechs looking to increase their treasury management efficiency. This will not only scale RemX but also fellow Financial Technology companies. Providing white labelling will also allow more people to benefit from the solution RemX has to offer.
Now that RemX is out of stealth mode, what does this mean for businesses?
With RemX out of stealth mode, businesses can now enjoy RemX to its full potential. RemX has a lot to offer and you can only see that if you are involved in trading with merchants from other parts of Africa. Perhaps your business has remained within the borders of your country as a result of payment challenges. You can now expand across Africa while RemX takes care of your payment challenges.
After processing a staggering $1.2 billion for African merchants in its first year, the future of RemX is promising and now is the best time to join the train. If you are a business owner, you can now expand your business, not just in Nigerian and Kenya, but across Africa while RemX handles the payment challenges, offering solutions your business would find beneficial.