Maplerad Rebuilds Infrastructure for Africa's $92 Billion Remittance Problem
Lagos-based Maplerad has developed a new real-time payment network aimed at reducing the high costs of remittances to Africa, which exceeded $92.2 billion in 2024.
Maplerad, a Lagos-founded real-time payment network, is working to lower the high costs associated with the over $92.2 billion in annual remittances to Africa. The World Bank reported that remittances to the continent reached this figure in 2024.
The cost of sending money within Sub-Saharan Africa averaged 8.45%, significantly higher than the global average, due to complex correspondent banking networks. These multi-step processes, where each intermediary bank adds fees, particularly impact lower-volume corridors between African nations.
Maplerad's platform bypasses traditional correspondent banking. It provides businesses, banks, and fintechs with APIs for cross-border transactions, enabling direct transfers. Originally founded as Wirepay in 2020, the company pivoted to focus on building the underlying infrastructure for these payments.
The company now operates in eight countries and has processed over $500 million in transactions. Maplerad claims its platform allows businesses to launch compliant fintech products in under five minutes. It recently secured $6 million in seed funding from Valar Ventures to support its infrastructure development.