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African businesses operating across borders continue to face significant financial and operational costs from opaque foreign exchange spreads, lengthy correspondent banking processes and complex compliance requirements that often fail to align with the needs of regional trade.
For a business making a $20,000 supplier payment, for instance, a hidden 1.5 per cent foreign exchange spread could translate into a cost of more than N400,000 without clear pricing upfront. Settlement delays can also stretch into several days, creating pressure on vendor relationships and leaving corporate finance teams to resolve stalled transactions without immediate support.
FX volatility adds pressure to cross-border trade
The payment challenges come amid persistent foreign exchange volatility and liquidity constraints across sub-Saharan Africa.
Businesses in major markets such as Nigeria have faced additional pressure from foreign currency availability challenges, with commercial banks sometimes unable to meet corporate import demand promptly.
For companies seeking to expand under the African Continental Free Trade Area (AfCFTA), these constraints can make cross-border commerce more expensive and difficult to manage.
Businesses often have to contend with transaction charges, clearing fees and multiple currency conversions when settling invoices with suppliers and other trading partners across the continent.
Oneremit expands cross-border payment operations
Against this backdrop, cross-border payments platform Oneremit says it is working to reduce some of the friction faced by African businesses operating internationally.
Founded in 2024 by Hammed Afenifere, Olusola Carter and Bolaji, the company said it has expanded its operations to serve more than 1,000 businesses and has processed over $200m in outbound commercial transactions.
Speaking in a statement made available to The PUNCH on Friday, co-founder Olusola Carter said the continent’s payment infrastructure has not developed at the same pace as its expanding trade ambitions.
“Running a business in Africa is already hard. Payments shouldn’t be,” Carter said.
She added that Oneremit was established around the belief that African businesses should be able to participate more effectively in global markets despite existing limitations in payment infrastructure.
Platform works with banks and payment providers
Oneremit co-founder Bolaji said the company does not intend to replace traditional banks or correspondent banking networks.
Instead, the platform works with banks, international payment providers and other partners to improve how liquidity is routed across borders.
“We’re not trying to replace the banks or the correspondent networks,” Bolaji said. “We’re working with them, a network of international providers, banks, and partners we’ve built relationships with over time, so that our customers don’t have to think about any of it. They send a payment; we handle the routing.”
The approach combines compliance-focused infrastructure with what the company describes as a human concierge service model.
Oneremit said partnerships with international payment firms, including OwlPay, TerraPay and Blockradar, are helping to support faster settlement, expand payment corridors and strengthen transaction monitoring.
Regulatory expansion supports growth strategy
The company currently holds regulatory licences in Canada, the United States and Nigeria, while licensing approvals are underway in the United Kingdom, Ghana and Tanzania.
The planned approvals form part of Oneremit’s broader expansion strategy across European and African markets.
As cross-border commerce continues to grow, payment providers are under increasing pressure to offer faster settlement, transparent pricing and robust compliance controls without adding further complexity for businesses.
For African companies seeking to participate more actively in regional and international trade, improvements in payment infrastructure could play a significant role in reducing transaction costs and making cross-border operations more efficient.
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