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Top Fintechs Transforming Money Transfers in Africa

Top Fintechs Transforming Money Transfers in Africa

Africa has been the largest unserved market in the formal financial services sector, making money transfers quite slow and expensive. However, the growing number of financial technology companies has transformed money transfers in Africa by easing digital transactions. The most popular and widely used financial technology is mobile money which is used across almost 40 African countries. The following are some of the top fintechs transforming money transfers in Africa:

Lemonade Finance

Lemonade Finance is a fintech app that allows Africans in Canada and the U.K to send money back home instantly and for free. It offers instant local and international money transfers to Ghana, Nigeria, and Kenya. International money transfers are done at the real market exchange rate.

Nala Money

Nala Money is a mobile money transfer fintech for Africans worldwide. It provides fast, safe, and affordable international money transfers to Kenya, Rwanda, Uganda, Ghana, and Tanzania from the UK and US. Nala Money instant mobile transfers have great rates with no hidden fees. The time Nala takes to deliver your funds depends on the type of transfer you make.


Wave is a money transfer fintech popular for its high transaction speeds in Africa. the fintech has a mobile app that makes money transfers easy. Those abroad can send money to Kenya, Uganda, Nigeria, Ghana, and Tanzania. However, the fintech plans to expand its reach to more African countries. The service is free to use except for the percentage charged on the exchange rate.


M-PESA is a subsidiary of Vodafone. It is Kenya and Tanzania’s most popular mobile-based money transfer system. The service enables you to transfer, deposit, and withdraw money. M-PESA has several services including M-Shwari, a loan product that allows you to borrow funds depending on your savings, Lipa na M-PESA for merchants to accept payments, and Fuliza, an overdraft facility that allows you to make transactions even when they have insufficient funds.

Upesi Money Transfer

Upesi Money Transfer is a Kenyan-based money transfer fintech that supports money transfers across East and West African countries only. However, the fintech plans to expand to the rest of Africa. Upesi offers money transfer services such as cash pickups from authorized agents in Kenya, Tanzania, Uganda, Rwanda, and Ethiopia, and bank deposits. Upesi Money Transfer has partnered with online money transfer fintechs like Transfast, Xoom, Cash Express, Moneytrans, and WorldRemit.


Afriex is a fintech that provides mobile money transfer services in Africa through its app. it operates in Kenya, Nigeria, and Ghana. The fintech supports money transfers both into and out of African countries. The Afriex app includes a free multicurrency account that allows users to have an easy experience.

Mukuru Africa

Mukuru is one of the largest money transfers fintechs in Africa. It helps you to move money around Africa whether you are sending cash for instant collection or topping up a bank account or mobile wallet. You can initiate money transfer via WhatsApp, the Mukuru App, free USSD, and their website. Apart from money transfers, Mukuru offers the Mukuru wallet, Mukuru Groceries, Mukuru Card, and the Mukuru Funeral Cover.

Chipper Cash

Chipper Cash is a fintech company that facilitates free peer-to-peer money transfers and instant cross-border payments in Africa via the Chipper Cash App. It does not impose any money transfer fees or limit of the amount you can send or receive per transaction. Chipper Cash works with various mobile money networks such as MTN, M-PESA, an Airtel Money.

Final Thoughts on Top Fintechs Transforming Money Transfers in Africa

Africa has always been a cash-driven continent, making payments much slower. However, fintech has revolutionized the African financial sector and has made money transfers a breeze. Fintechs have built up services and products that have digitized transactions making it possible to send and receive money in Africa anytime, anywhere.

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