Rebuilding Financial Infrastructure for African Remittances

Millions of Africans working abroad send money home annually, creating one of the continent’s largest financial inflows. Yet, these remittances often carry exorbitant fees – particularly within Sub-Saharan Africa.

According to World Bank data, remittances to Africa totaled over $92 billion in 2024. But sending just $200 within the region cost an average of 8.45%, compared to a global average of 6.4%. In some corridors, fees reached as high as 12.7% – effectively wiping out an entire month’s remittance.

The root cause? Most transfers still rely on complex correspondent banking networks where multiple banks each take a cut along the way. While competition has lowered costs in popular transfer routes, less-traveled connections between African countries remain expensive due to limited competition and incumbent resistance to change.

Maplerad’s Solution

Enter Maplerad, a Lagos-based payment network founded by Obinna Chukwujioke and Miracle Anyanwu. The company started as Wirepay in 2020 but pivoted to focus on the underlying infrastructure needed to reduce remittance costs.

Maplerad provides businesses, banks, and fintechs with APIs that allow them to move money across African borders directly – bypassing correspondent banking chains entirely. This approach cuts out multiple intermediaries, reducing fees significantly.

Since its 2022 relaunch, Maplerad has expanded to 8 countries (Nigeria, Ghana, Kenya, Côte d’Ivoire, Benin, Cameroon, Uganda, and Tanzania) with partnerships like MTN and Orange extending its reach further.

The company has already processed over $500 million in transactions, serving more than 3,000 businesses including Chipper, Remitly, and Nombank. New fintech products can be launched on Maplerad’s platform in minutes rather than months – a significant time savings for entrepreneurs.

The Impact of Infrastructure Investment

The link between Maplerad’s infrastructure and the fees families pay isn’t always visible but is direct. When businesses can move money across borders more efficiently, those savings eventually reach consumers through lower transfer costs.

With $500 million processed and thousands of businesses already using its platform, Maplerad represents a tangible shift toward rebuilding the financial rails that support African economies.