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Afriex, a fast-growing money transfer startup headquartered in Lagos and San Francisco, has announced its expansion into Asia’s three largest remittance corridors—China, India, and Pakistan—as it seeks to meet the increasing demand for low-cost, near-instant cross-border payments.
The strategic expansion enables Afriex to better support African traders, SMEs, and diaspora communities engaged in international commerce or remittances to families across Asia.
“Our transfers to India and Pakistan are now instant—just like sending money to a friend or paying for a ride. More than 90% of our transactions complete in under two seconds,” said Tope Alabi, Afriex’s Co-founder and CEO. “Transfers to China are not yet fully real-time, but we’re making strong progress.”
Founded in 2019 by Alabi and John Obirije, Afriex provides a mobile-based platform that allows users to send and receive money in local currencies across borders, bypassing traditional banking networks like SWIFT. The startup has built a proprietary real-time, multi-currency infrastructure with local banking integrations to facilitate seamless transactions.
The company’s latest market entry comes amid growing global demand for faster, more affordable cross-border transfers—driven by rising migration, trade, and the global digital workforce. In 2024, the Asia-Pacific region accounted for roughly 26% of the global US$190 trillion in cross-border transaction volume. India alone received an estimated US$120 billion in remittances in 2023, followed by China with US$50 billion and Pakistan with US$27 billion.
Afriex’s services are designed for underserved users—particularly African businesses and diaspora populations that import goods or remit funds to Asian countries. Alabi noted that high remittance costs and fragmented financial infrastructure have long hampered efficient cross-border payments.
To drive adoption, Afriex waives transaction fees for transfers above US$10, instead earning revenue through foreign exchange spreads. “We source the best exchange rates and offer them to our users with a modest margin. This keeps our service competitive while sustaining the business,” Alabi explained.
However, navigating regulatory environments in new markets presents challenges. China, in particular, poses obstacles due to complex documentation, strict verification processes, and linguistic barriers. “Sending money to China is not yet as seamless. Multiple vendors may share the same name, and documentation is often only available in Mandarin,” Alabi noted.
In contrast, Pakistan’s financial landscape—marked by parallel exchange markets and low SME digitisation—offers a smoother integration path due to its similarities with Nigeria’s own banking ecosystem.
Afriex is targeting real-time payment capabilities for China by the end of 2025 and is actively collaborating with local partners in each country to meet regulatory and operational requirements.
Having previously raised US$1.2 million in seed funding in 2020 and secured a US$10 million Series A round in 2022 at a US$60 million valuation, Afriex is preparing for its next funding phase.
“We are in ongoing conversations with investors and anticipate raising another round, potentially early next year,” Alabi confirmed. “The focus will be on expanding our footprint and accelerating growth.”
As Afriex deepens its reach across Africa-Asia corridors, it is positioning itself as a transformative force in the cross-border payment landscape—offering faster, more inclusive financial services to businesses and individuals alike.
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