In a climate where foreign exchange (FX) scarcity continues to cripple Nigeria’s private sector, fintech startup ZitraPay is emerging as a vital bridge for businesses locked out of official dollar access.
Founded in June 2025, the company provides a compliant and transparent alternative to the black market, enabling small and medium-sized enterprises (SMEs) to trade globally without the delays and restrictions imposed by traditional banks.
“Banks are slow, bureaucratic, and restrictive, while parallel market operators are risky, opaque, and unsuitable for wire transfers,” said Teniola Tayo-Olugbode, ZitraPay’s founder and CEO.
In just three months, ZitraPay has already processed over $1 million in transactions and is targeting $10 million by the first quarter of 2026, displaying strong trust and demand among Nigerian businesses navigating a volatile FX environment.
What Solution ZitraPay Offers
At its core, ZitraPay tackles a persistent challenge: limited dollar access for Nigerian businesses. Many firms secure government-approved import permits, known as Form M, but still cannot obtain foreign currency through banks.
ZitraPay steps in to close this gap, providing liquidity and treasury solutions that allow companies to source dollars swiftly and legally.
Through its platform, businesses can buy foreign currency, repatriate funds, and manage cash flow across borders, all while maintaining transparency and compliance.
“Other fintechs provide FX services, but very few focus on underserved SMEs and mid-sized businesses locked out of direct bank supply,” Tayo-Olugbode said. “ZitraPay differentiates itself by combining speed, trust, and compliance for this market segment.
How It Works
ZitraPay’s model revolves around speed, security, and legal compliance. The platform connects businesses in need of foreign currency with trusted liquidity sources, ensuring quick turnaround and secure fund movement across jurisdictions.
By using modern fintech infrastructure, ZitraPay enables same-day transactions, seamless fund repatriation, and end-to-end treasury management, all without the bottlenecks typical of Nigeria’s banking system.
For many SMEs, this means reduced reliance on informal FX dealers and lower risk exposure in international trade. The system also enhances cross-border trust, a crucial advantage for businesses dealing with global partners wary of irregularities in Nigeria’s FX market.
Who Is Teniola Tayo-Olugbode?
Behind ZitraPay’s mission is Teniola Tayo-Olugbode, a seasoned risk and compliance professional with over 14 years of experience spanning Africa, the United States, and international markets.
A veteran of African startups, including Yala and Float, Tayo-Olugbode brings deep insight into regulatory systems and financial infrastructure.
His approach blends compliance with innovation, a balance he believes is key to unlocking Africa’s financial potential.
“ZitraPay was founded to give businesses a fair, fast, and transparent channel to access foreign exchange,” he noted, emphasizing the platform’s role as a compliant alternative to the black market.
Why ZitraPay Is Unique
While several fintechs offer currency exchange services, ZitraPay’s focus on SMEs and mid-sized enterprises makes it distinct.
These businesses form the backbone of Nigeria’s economy but are often the most affected by FX bottlenecks, given banks’ preference for larger corporate clients.
By addressing this underserved market, ZitraPay is helping restore confidence in cross-border transactions.
The startup’s commitment to compliance and transparency also positions it as a safer option in an ecosystem often plagued by informal operators and inconsistent regulation.
How ZitraPay Generates Revenue
ZitraPay’s business model is straightforward and sustainable. The company earns primarily through FX spreads, the small margin between the buying and selling rates of foreign currency.
This allows it to maintain low transaction costs while ensuring liquidity for clients.
Beyond that, ZitraPay provides additional services such as treasury management, fund repatriation, and liquidity support, which generate secondary income streams.
According to Tayo-Olugbode, the company is “currently focused on scaling transaction volumes and building trust rather than prioritizing short-term profitability.”
Milestones and Future Plans
Since its launch, ZitraPay has processed over $1 million in FX transactions and built a diverse client base across industries including technology, pharmaceuticals, textiles, car dealerships, and advertising.
The company reports high customer retention and repeat usage, a sign of growing credibility in a market that values reliability above all.
Looking ahead, ZitraPay aims to expand across Africa, targeting countries facing similar FX challenges.
“We’re focused on consolidating operations in Nigeria by strengthening liquidity networks, building credibility, and ensuring compliance,” said Tayo-Olugbode. “In the long term, we plan to expand into other African markets where similar FX bottlenecks exist.”
Why This Matters
Nigeria’s ongoing FX crisis has left thousands of businesses struggling to import goods, pay suppliers, or meet global obligations.
The Central Bank of Nigeria’s tight dollar supply has pushed many toward informal markets, where exchange rates can fluctuate by more than 35% above official rates.
ZitraPay’s emergence speaks of a tech-driven approach to stabilizing trade and business operations, particularly for SMEs that drive nearly 50% of Nigeria’s GDP.
By offering compliant liquidity and cross-border trust, the fintech is not only easing a systemic financial burden but also reshaping how African businesses connect to global markets.
In a country where access to dollars can determine survival or closure, ZitraPay represents more than innovation, it’s a financial lifeline.
Talking Point
ZitraPay’s emergence underscores the growing importance of fintech innovation in addressing Nigeria’s chronic foreign exchange crisis and its wider impact on business survival.
By offering a compliant, transparent, and technology-driven alternative to the black market, the startup is not only bridging a critical liquidity gap but also restoring trust in cross-border transactions for SMEs long sidelined by bureaucratic banking systems.
Its early traction, processing over $1 million in transactions within three months, shows strong market validation and highlights how private fintechs are increasingly stepping in where traditional financial institutions falter.
Yet, ZitraPay’s long-term success will hinge on its ability to maintain regulatory compliance, deepen liquidity networks, and scale sustainably across volatile African FX environments.
If executed effectively, its model could become a blueprint for how Africa leverages technology to democratize access to global finance, strengthening both trade resilience and financial inclusion.
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