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REMX COMES OUT OF STEALTH

May 5, 2022
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RemX is a multi-currency payment processing start-up that was born out of the cross-border currency challenges experienced by companies and governments operating in different African markets. Since its conception in 2020, RemX has penetrated the Nigerian FinTech industry and expanded to Kenya. Through its Kenya expansion, RemX has broken into East Africa enhancing the ability of Corporates and FinTech in the region to meet their cross-border payment processing obligations with ease.

RemX Capital Ltd, the first multi-currency payment processing startup founded in 2020 is out of stealth mode. RemX was created by Eghosa Nehikhare, with the backing of two main shareholders and investment partners, Olubunmi Akinyemiju and Olufemi Olukunmi Demuren. It’s been suspected that the good work of these three financial technology tycoons has been evident across multiple establishments including the Africa Courier Express and Venture Garden Group.

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The idea for RemX came while its founder, Eghosa Nehikhare, was at Africa Courier Express (ACE) and realized, upon further probing, that ACE faced major challenges in collecting payments to be wired in other African currencies and remitting the same to Nigerian merchants.

RemX Capital focuses on solving a single problem: cross-border currency and transfer challenges experienced by companies operating across the African continent. RemX’s typical customers are powerful companies who are currently doing business in multiple African countries, companies that have a plan to expand across Africa, and companies that need a multi-currency payment processor.

As such, RemX is a B2B company and the payment processing services are not enjoyed by individual customers or politicians. In its first year, RemX processed $166 million in Nigeria alone. The company has reached a payment processing of $806 million and experienced a 250% growth over the course of two years. In the first quarter of 2022 alone, RemX had processed almost $221 million. These indicate a rapid growth that’s unmatched for payment processing companies. RemX has also partnered with banks with a presence across Africa including Equity Bank, United Bank for Africa, and more to ensure the security of funds and fast processing timelines.

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RemX is a unique company serving B2B clients and tackling the illiquid nature of African currencies to ensure that transactions within Africa are swift and pan African countries are better able to build their businesses.

 

 

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