Raiz powers $2.6m volume of local payouts across multiple markets

Raiz, a financial platform, has facilitated $2.6 million in transactions within its first 90 days of operation.

The firm combines USD banking, real-time currency exchange, local and cross-border payouts and collections, smart budgeting tools and virtual cards into a single, intuitive mobile app designed to streamline global money management.

As Africa’s digital economy accelerates, remittance flows to Sub-Saharan Africa reached $54 billion in 2023, a 1.9 percent increase year-on-year, underscoring both the demand for and the friction in cross-border money movement, according to the World Bank. Yet only 27 percent of Nigerians use mobile internet services, leaving a 60 percent usage gap despite widespread network coverage.

Globally, the cross-border payments market is projected to exceed $200 trillion by 2028, growing at a compound annual growth rate of 5–7 percent, even as customers face average fees of 0.5–3 percent per transfer.

Closer to home, Nigeria’s mobile sector alone contributed 13.5 percent of GDP, around N33 trillion, in 2023, highlighting the critical role of mobile-first solutions in driving economic productivity.

Since its launch earlier this year, Raiz’s user-first approach and resilient technology stack have driven swift adoption among diverse customer segments from students and freelancers to SMEs. Its ability to execute local payouts across multiple markets with speed, transparency and low fees has particularly resonated with users seeking cost-effective, reliable financial solutions.

“This milestone confirms our belief that borders should not restrict financial opportunity,” said Segunfunmi Oyedele, CEO and Co-founder of Raiz.

“Processing $2.6 million in just three months demonstrates that our platform truly addresses the everyday challenges of modern Africans.”

Building on this early success, Raiz is preparing for its public launch, with plans to roll out additional features, expand into new territories, onboard more users and enterprises, and forge partnerships that further enhance cross-border financial inclusion. By making both global and local payments accessible and affordable, Raiz aims to redefine how Africans manage and move money worldwide.