The founders of Pesa, a leading remittance fintech company, have firsthand experience with the high costs, inaccessibility, and unreliability of traditional remittance services. This drove them to create innovative solutions to address these issues, particularly after noticing the widespread use of informal channels like WhatsApp groups among Africans living in the diaspora. Inspired by their own experiences, Tolulope Osho, Yusuf Yakubu, and Adewale Afolabi, all Nigerian innovators, launched Pesa in late 2021, focusing initially on the Canada-to-Africa remittance market with plans for global expansion.
The surge in remittances to low-and-middle-income countries (LMICs), reaching $656 billion by the end of 2023, reflects the increasing demand for efficient, affordable, and secure cross-border money transfer services. The World Bank predicts further growth in the coming years, emphasizing the role of digital remittance tools in enhancing financial access and reducing transaction costs.
With a vision of enabling secure and rapid money transfers while breaking barriers, Pesa aims to empower users to send, receive, and hold multiple currencies through its innovative multi-currency wallet. This seamless experience allows users to maintain financial continuity across different countries without interruptions, ensuring hassle-free transacting no matter where they are.
Global Expansion and Strategic Partnerships
Pesa’s strategic expansion plans involve acquiring licenses to operate in key markets like the United States and European Union countries while forming partnerships in regions like the U.K. The startup’s pursuit of an Electronic Money Institution (EMI) license will enable it to provide a full suite of financial services, offering cost-effective solutions and developing innovative products for its growing user base.
By expanding its reach to five African markets, including Nigeria and Ghana, as well as India, a top remittance destination, Pesa aims to cater to a broader audience and tap into evolving remittance flows. The company’s recent profitability and impressive transaction volumes demonstrate its rapid growth and potential impact on the global remittance landscape.
As Pesa continues to scale its operations and introduce new products like multi-currency cards, the team remains optimistic about the company’s future growth and revenue prospects. With a focus on expanding across continents and enhancing user experiences, Pesa is poised to become a key player in the competitive digital remittance market.
