Cross-border payments in Africa face significant hurdles that slow down transactions. Innovative solutions are essential to streamline these payments and boost economic growth across the continent.

Latin American cross-border B2B payment platform Conduit announced on Monday, August 12, it raised $6 million in funding led by Helios Digital Ventures to expand into Africa.

The fintech, founded in 2021, will use the money to offer its services to African businesses struggling with high costs, slow speeds, and complex currency conversions.

Conduit has been operating in Kenya and Nigeria since December and processed more than $5 billion in annualized transaction volume, with 20% originating from those countries. The company plans to enter Ghana and South Africa soon.

The expansion comes as Sub-Saharan Africa remains the world’s most expensive region for sending money, with average costs of 7.9% per $200 transfer, according to the World Bank.

Conduit's expansion into Africa aims to address critical cross-border payment needs for businesses on the continent. By offering solutions that reduce costs, speed up transaction times, and simplify currency conversions, Conduit could become a key player in enhancing the financial efficiency of African businesses.

Samira Njoya