Africa’s financial services have long been fragmented, unreliable, and difficult to navigate, especially when it comes to cross-border payments. Sending money from one country to another still means high fees, black-market rates, or physical cash.
In 2013, Nnenna Nkata experienced this reality firsthand. As a Nigerian student in Ghana, she had to carry ₦150,000, about $750 at the time, across borders in her handbag just to pay tuition. Today, Nkata is the founder and CEO of Monirates.
More than a decade later, she’s solving that exact problem. Through her fintech startup, Monirates, Nkata is building a bold new infrastructure for how Africans send, receive, and convert money, right at the heart of *Africa’s financial services transformation.
From Cross-Border Frustration to Fintech Innovation
Monirates was founded in Lagos in 2022 to fix the pain point Nkata once lived through: how to move money securely, affordably, and efficiently between African countries without relying on the US dollar or outdated banking systems.
“As an undergraduate, I didn’t really realise the effect of this. I took it as a norm. It felt like you were smuggling gold when traveling with cash. It came with a lot of risk and stress,” Nkata said.
That “normal” is exactly what Monirates wants to change. According to the company, it enables cross-border payments and currency exchanges in local currencies without depending on black-market rates or traditional correspondent banks.
A Homegrown Engine for Africa’s Financial Services
Monirates is a full-stack financial infrastructure provider. Unlike most startups that rely on third-party APIs or off-the-shelf FX engines, Monirates built its infrastructure from the ground up.
“We built our infrastructure from scratch. Every single line of code. Eventually, we agreed that there was no point plugging into a system we couldn’t control,” Nkata said.
“The idea for Monirates came when we realised that we could see different fintech startups out there and the various means of sending money from the diaspora to Africa.”
With Monirates, users no longer need to worry about sourcing US dollars or relying on black-market rates. Its infrastructure enables direct local currency conversion, cutting out the inefficiencies that often plague intra-African transactions.
Who Uses Monirates?
The platform serves a wide user base:
- Individuals sending funds to family across borders
- Students paying international tuition
- Traders moving goods between Ghana, Nigeria, and Uganda
- Startups and platforms needing stable currency conversion rails
- SMEs and corporations managing cross-border payments for operations or suppliers
And while Monirates continues to serve consumers, it is increasingly leaning into B2B financial infrastructure, with business users already responsible for the majority of its transaction volumes.
“Businesses move more money. And when they trust you with their payment needs, it forces you to build more reliable systems,” Nkata said.
Expanding Corridors: Nigeria to Uganda
Recently, Monirates launched direct transfers between Nigeria and Uganda. This new corridor allows users in Nigeria to send money to Uganda in local currency, without unnecessary intermediaries, inflated fees, or long delays.
“You can now send and receive Nigerian Naira (NGN) and Ugandan Shillings (UGX) directly on Monirates,” the company announced. “From school fees to trade payments, you now have a trusted way to move your money between Nigeria and Uganda.”
According to the company, the move reflects Monirates’ core strategy: to unlock regional commerce by rebuilding the underpinnings of Africa’s financial services, starting with the currencies and corridors most often overlooked.
Africa’s Financial Services Market Is Booming—But Broken
According to a recent report by Boston Consulting Group (BCG) and QED Investors, Africa’s fintech market is projected to reach $65 billion by 2030—a 13x jump from its 2021 size.
But while remittance apps and mobile money have become household names, the infrastructure that underpins them remains patchy and incomplete. That’s the gap Monirates is filling.
“We’re not just enabling payments,” Nkata said. “We’re building the rails for Africa’s economy to move forward.”
In a continent with over 40 currencies, and dozens of underdeveloped FX markets, the next generation of Africa’s financial services, according to analysts, will depend on the solid infrastructure that makes those apps possible.
The Vision Going Forward
As part of its expansion strategy, Monirates says it is integrating digital assets like USDC and USDT into its platform. These stablecoins will enable users to send money digitally and have funds settle in local currencies.
“Stablecoin is the quickest and easiest bridge right now,” said Nkata. “It helps us operate even in markets where we’re still building local networks.”
Alongside innovation, Monirates is also investing in robust fraud prevention and regulatory compliance. The platform’s internal systems track unusual transfer patterns, enforce KYC standards, and flag suspicious activity.
According to industry experts, it is encouraging to see what Monirates is doing. But the impact of the company will hinge on more than just infrastructure.
Analysts further cite more partnerships could help Monirates grow and become a focal point for many African, especially for sectors like retail, agriculture, and logistics.
