Afriex, a money-transfer platform that allows users to make instant and affordable money transfers locally and abroad, has expanded into Asia’s three biggest remittance markets, China, India, and Pakistan to meet rising demand for seamless cross-border payments.
The move strengthens Afriex’s position to serve African merchants and diaspora communities engaged in foreign trade or sending money home.
Speaking on the expansion, Afriex’s co-founder and CEO Tope Alabi said,
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“Our money transfers to India and Pakistan are instant, just like sending money to a friend or paying your Uber driver, and 90% of our transactions are completed in under two seconds. Although on China’s side, we are not yet at the same level of instant, but we’re getting close.”
Asia’s remittance market is a critical component of the global financial landscape, driven by high migration rates and the economic contributions of diaspora communities.
The global remittance market was valued at approximately USD 796.74 billion in 2023 and is projected to reach USD 1,334.69 billion by 2032, with a CAGR of 5.9%. Asia-Pacific holds the largest share, accounting for a significant portion of global inflows due to its high migrant population.
In 2022, Asia received USD 302.1 billion in remittances, the largest share of the global total of USD 682.6 billion. The Asia-Pacific digital remittance market was valued at USD 49.85 billion in 2018 and is expected to reach USD 269.78 billion by 2026, with a CAGR of 23.5%, driven by mobile money ecosystems and digital platforms.
India alone received $120 billion in remittances in 2023, followed by China with $50 billion and Pakistan with $27 billion three of the world’s top five recipient countries.
Afriex’s expansion to Asia’s biggest remittance markets comes amid a global surge in cross-border payments, fueled by migration, trade, and remote work. This move reflects the startup’s ambition to bridge financial connectivity between Africa and Asia, driven by increasing trade, migration, and global payment trends.
Afriex’s entry will facilitate smoother money transfers between Africa and Asia, benefiting African traders importing from Asia and diaspora communities supporting families.
Afriex was founded in 2019 by Alabi and John Obirine to fix a broken system where cross-border transfers were slow, expensive, and unfair. The company began as a simple MVP for friends and family.
Currently, the startup enables users to send and receive money in local currencies between Africa and other regions without relying on traditional payment rails like SWIFT. Its multi-currency payment infrastructure settles transactions in real time through a mobile app integrated with local banks.
Afriex enables real-time, low-cost money transfers through its mobile app, bypassing traditional systems like SWIFT. It waives fees on transfers above USD 10, earning revenue via foreign exchange spreads, and integrates with local banking systems for seamless settlements.
Afriex’s services target African traders and global diaspora populations that import goods or support families across these markets. To encourage adoption, Afriex waives transaction fees on transfers above $10, generating revenue from foreign exchange spreads.
The company currently has over 600k active users, serves over 50+ countries, and is backed by leading investors which include Y Combinator, Dragonfly, Sequoia Capital, and GoldenTree Asset Management.
Afriex aims to achieve instant payments to China by the end of 2025, matching its capabilities in India and Pakistan. The company partners with local firms in each country to navigate regulatory requirements efficiently.
The startup joins other African fintechs expanding globally, which include Flutterwave, which entered India through a local banking partnership in 2023, and LemFi, which secured $53 million in 2025 to scale operations across Asia and Europe. However, its focus on African-Asian corridors differentiates it, offering tailored solutions for underserved trade and remittance routes.
Notably, while its approach has evolved over the years, the company’s long-term goal is to build a global bank that enables people to send money to anyone instantly.