Oneremit has processed more than $200 million in outgoing cross-border transaction volume within 18 months of operation, according to a published article on TechCabal, as the fintech expands its regulatory coverage and builds infrastructure to support international payments for African businesses.
The article reports that Oneremit holds regulatory licences and registrations in Nigeria, Canada and the United States, while pursuing additional approvals in Ghana and the United Kingdom. The company is positioning this regulatory footprint as a foundation for expanding its payment corridors and serving businesses operating across multiple markets.
The development comes amid persistent challenges for businesses moving money across borders, including fragmented banking relationships, varying compliance requirements and high transaction costs. According to the World Bank’s Remittance Prices Worldwide report, cited in the published article, Sub-Saharan Africa has an average remittance cost of 8.78 per cent.
Oneremit Processes $200 Million in Cross-Border Payments as It Expands Regulated Infrastructure
Oneremit says it has processed more than $200 million in outgoing cross-border payment volume within 18 months of operation, as the fintech expands its regulatory coverage and builds infrastructure to support international transactions for African businesses.
The cross-border payments platform holds licences and registrations in Nigeria, Canada and the United States, giving it a regulatory presence across markets that serve key international payment corridors. The company is also pursuing additional regulatory approvals in Ghana and the United Kingdom as it looks to widen its reach.
Oneremit’s growth comes amid persistent challenges for businesses moving money across borders, including fragmented banking relationships, varying compliance requirements and high transaction costs. According to the World Bank’s Remittance Prices Worldwide report cited by the company, Sub-Saharan Africa remains the most expensive region for sending money, with an average total cost of 8.78 per cent.
Regulation becomes part of Oneremit’s expansion strategy
Oneremit is positioning regulatory compliance as a core part of its cross-border payment infrastructure, rather than treating it as a requirement separate from its operations.
The company is registered as a Money Services Business with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) and the US Financial Crimes Enforcement Network (FinCEN). It also holds a Registered Payment Service Provider registration with the Bank of Canada and an International Money Transfer Operator licence from the Central Bank of Nigeria.
Applications for licences with the Bank of Ghana and the UK’s Financial Conduct Authority are in progress, according to the company.
These regulatory approvals and registrations provide the framework for Oneremit to operate within the relevant jurisdictions and develop relationships with banks and payment partners. Expanding that footprint could support the company’s ability to establish additional payment corridors and serve businesses operating across different markets.
In cross-border payments, each market brings its own regulatory requirements, banking systems and transaction processes. Building coverage across jurisdictions is therefore a significant part of developing a payment network that can serve businesses with international operations.
$200 million in transaction volume points to demand
The company’s reported $200 million in outgoing transaction volume within 18 months offers an indication of the activity moving through its platform.
For African businesses, cross-border payments are an essential part of sourcing goods, paying suppliers, receiving revenue and managing operations across countries. However, differences in banking infrastructure and compliance requirements can make these transactions complex.
Oneremit is targeting this friction by investing in the systems that support international transfers, including regulatory coverage, payment corridors, transaction monitoring, technology partnerships and customer support.
The company’s approach goes beyond providing a digital interface for initiating payments. It is focused on connecting the underlying components required to process transactions across markets.
While the reported volume signals early traction, the company’s longer-term growth will depend on its ability to expand its corridor coverage, maintain compliance across jurisdictions and meet the needs of businesses using the platform.
Building payment corridors across African markets
Oneremit’s regulatory expansion reflects the complexity of building cross-border payment services for businesses operating across multiple countries.
A payment corridor depends on more than the ability to transfer funds between two locations. It also requires access to banking and payment partners, processes for meeting local regulatory requirements, transaction monitoring and systems for managing settlement.
By building its presence in Nigeria, Canada and the US, Oneremit is developing a regulatory base across markets relevant to international money movement. Its planned expansion into Ghana and the UK could extend that coverage, subject to the relevant approvals.
The company is also investing in technology partnerships and human support as part of its wider infrastructure strategy, recognising that payment reliability involves both digital systems and operational processes.
The cost challenge in cross-border payments
High transaction costs remain a challenge for individuals and businesses sending money across borders. The World Bank’s reported average remittance cost of 8.78 per cent for Sub-Saharan Africa highlights the expense associated with moving money into the region.
For businesses, payment costs can affect supplier relationships, operating expenses and the economics of serving customers in different markets. Delays and uncertainty around settlement can create additional pressure on finance teams managing international transactions.
Oneremit is seeking to address these challenges through regulated payment infrastructure and broader corridor coverage. However, the cost and speed of transactions can vary depending on the markets, payment routes and partners involved.
Oneremit’s next phase of growth
Oneremit’s near-term priorities include securing additional regulatory approvals, expanding payment corridor coverage and continuing to develop the technology connecting its network.
The company’s reported transaction volume provides an early measure of activity, while its regulatory expansion points to its strategy for supporting further growth.
As African businesses increasingly operate across borders, the infrastructure required to move money between markets remains an important part of regional and international commerce. Oneremit is positioning itself to serve that demand by combining regulatory coverage with the technology and partnerships needed to facilitate cross-border payments.
