Nigerian fintech startup, Monirates has officially launched direct money transfers between the Nigerian Naira (NGN) and the Ugandan Shilling (UGX).
The company made the announcement via LinkedIn, stating that users can now send and receive funds between Nigeria and Uganda instantly and in local currencies through its platform.
“You can now send and receive Nigerian Naira (NGN) and Ugandan Shillings (UGX) directly on Monirates,” the statement read. “You now have a trusted way to move your money between Nigeria and Uganda, support your loved ones, business partners, and goals across borders.”
What This Means
The launch of the NGN–UGX transfers creates a dedicated financial corridor between two key African economies, according to financial experts.
Until now, individuals and businesses moving money between Nigeria and Uganda relied on expensive intermediaries, dollar conversions, or informal cash carriers.
By offering real-time, Naira-to-Shilling transactions, Monirates wants to bridge a critical gap in the continent’s fragmented payment landscape, especially for migrants, students, SMEs, and cross-border traders.
Why It Matters
Intra-African payments remain one of the biggest barriers to trade and economic integration. Unlike remittance corridors from Europe or North America, payments between African countries often suffer from regulatory roadblocks, and lack of currency liquidity.
According to analysts, the new corridor not only reduces cost and settlement delays, but also enables financial autonomy for Africans operating within the continent.
Experts says it reflects a growing push by fintechs to solve African problems with African-built infrastructure.
What Is Monirates?
Monirates is a Nigerian fintech startup building full-stack infrastructure for intra-African cross-border payments.
Founded by Nnenna Nkata, the company began as a peer-to-peer tool before pivoting to serve both individuals and businesses. It handles collection, FX conversion, and payout in one streamlined system, eliminating third-party dependencies.
Is This Type of Infrastructure Necessary?
The African fintech market is projected to reach $65bn by 2030, representing a 13-fold increase over 2021, according to a new study conducted by consulting firm Boston Consulting Group (BCG) and QED Investors, a global VC based in the US.
By launching local currency rails like NGN–UGX, Monirates says it is helping remove one of the major barriers— currency friction, that stalls trade, investment, and regional mobility across Africa.
Talking Points
It’s encouraging to see Monirates prioritising intra-African connectivity with the launch of NGN–UGX transfers. At Techparley, we recognise this strategic importance of Monirates’ infrastructure-first approach.
The choice to support direct Naira-to-Shilling transfers also aligns with broader trade ambitions under AfCFTA. It opens doors for faster B2B settlements, procurement efficiency, and intra-African supply chain resilience.
But the impact will hinge on more than just infrastructure. Adoption depends on how Monirates localises the user experience, navigates regulatory complexity, and builds trust in new markets.
Looking ahead, partnerships with trade networks, logistics companies, student associations, and digital platforms could help embed Monirates into the everyday flow of commerce, especially for sectors like retail, agriculture, and logistics.
If executed well, this is more than a currency corridor, it’s a building block for a more connected, self-sufficient African financial system. Monirates is showing what’s possible when fintech solutions are built for the continent, by the continent.
