A Nigerian start-up in the financial technology (fintech) space, Rendcore, has taken a significant step to tap into the Nigerian $20.5 billion annual remittance landscape.
The firm has already sealed a strategic partnership with Monirates and Safe Haven Microfinance Bank (MFB) to achieve this goal.
With the assistance of the two other companies, Rendcore intends to play big in the remittance flow market through its peer-to-peer (P2P) foreign currency exchange, cross-border remittance, and tuition payment services.
It will rely on Safe Haven MFB for its FX and payment operations in Nigeria in compliance with regulations of the Central Bank of Nigeria (CBN) and use Monirates to attract forex from the international customers who intend to send funds to their loved ones in the country being a licensed International Money Transfer Operator (IMTO).
The chief executive of Rendcore, Mr Gabriel Iruaga, in a statement, said the use of its platform will benefit customers.
“Nigerians lose billions yearly to high charges, poor FX access, and delays in cross-border payments. This partnership is a turning point.
“By combining our P2P technology with Safe Haven’s regulatory backing and Monirates’ international network, Rendcore is giving users a trusted channel to move money globally at lower cost,” Iruaga stated.
“Rendcore’s P2P FX marketplace delivers exchange rates up to 15 per cent cheaper than traditional banks, helping users save significantly on transfers and tuition payments,” Mr Iruaga noted.